MIRA INFORM REPORT
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Report Date : |
26.04.2011 |
IDENTIFICATION DETAILS
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Name : |
LESLIE CONTROLS, INC. |
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Registered Office : |
Corporation Trust Center 1209 Orange Street, Wilmington, New Castle De
19801 |
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Country : |
United States |
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Date of Incorporation : |
14.05.2009 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Valves, regulators, and heaters manufacturing |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Poor |
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Payment
Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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United States |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GEOPOLITICS - UNITED STATES
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: USD |
IDENTIFICATION
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Ordered as: |
Leslie Controls Inc |
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Address in the order: |
12501 Telecom Drive Tampa FL 33637 |
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Legal Name: |
LESLIE CONTROLS, INC. |
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Legal Address |
CORPORATION TRUST CENTER 1209 ORANGE STREET, WILMINGTON, NEW CASTLE DE
19801, USA (incorporators) |
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Operative Address |
12501 TELECOM DRIVE, TAMPA, FL 33637, USA (headquarters) |
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Telephone: |
(800) 253-7543 |
ID : |
4687057 |
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Fax: |
(800) 933-7543 |
Legal Form: |
Corporation for Profit |
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Email: |
Registered in: |
Delaware |
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Website: |
Date Created: |
1900 |
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Manager: |
David A Bloss Sr, President |
Date Incorporated: |
May 14th, 2009 |
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Staff: |
225 |
Stock: |
100 |
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Value: |
USD 0.01 |
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Activity: |
Valves, regulators, and heaters manufacturing. |
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BUSINESS
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HISTORY |
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The company was created in 1900. The company is present in Canada and Netherlands. On July 12, 2010, Leslie Controls, Inc. filed a voluntary petition
under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for
the District of Delaware (the “Bankruptcy Court”) and, simultaneously, filed
a pre-negotiated plan of reorganization (as amended, the “Reorganization
Plan”) in an effort to permanently resolve Leslie’s asbestos liability and
all current and future derivative claims against CIRCOR or its affiliates. On February 7, 2011, the U.S. Federal District Court for the District
of Delaware affirmed the Bankruptcy Court’s order confirming the
Reorganization Plan, thus clearing the way for Leslie to emerge from bankruptcy. |
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PRINCIPAL ACTIVITY |
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The company manufactures control valves, solenoid valves, butterfly
valves, regulators, steam water heaters, strainers, and accessories. |
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Products/Services description: |
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The company offers linear, rotary, and 3-way control valves, as well
as on/off valves, as well as actuators and positioners. |
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The subject employs 225 employee(s) |
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PAYMENTS |
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regular |
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LOCATION |
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Headquarters |
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The legal address of the company is that of the registrant officer:
Corporation Trust Center 1209 Orange Street, Wilmington, New Castle DE 19801,
USA However, it is headquartered at: 12501 Telecom Drive, Tampa, FL 33637,
USA |
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Surface area: |
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Comments on location: |
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The company was incorporated in Delaware due to tax purposes, however,
it is headquartered in Florida. |
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Branches: |
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The company has branches in California and New Jersey. |
Shareholders - Manager - Related Companies
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Listed at the stock exchange: |
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NO |
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Shareholders Parent Company(ies): |
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The company is privately held. Leslie Controls, Inc. operates as the subsidiary of CIRCOR International,
Inc., which trades at the New York stock exchange under symbol
"CIR". CIRCOR International, Inc The company employs 2,950 people worldwide, and had a net result of
USD |
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Management: |
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David A Bloss Sr, President Glenn Purchell, Controller Aileen Diaz, IT Executive |
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Related Companies: |
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Affiliated: CIRCOR Aerospace, Inc., a Delaware Corporation CIRCOR Energy Products, Inc., an Oklahoma Corporation CIRCOR Luxembourg Holdings Sarl, a Luxembourg limited liability
company CIRCOR, Inc., a Massachusetts Corporation Dovianus B.V., a Netherlands Corporation Industria S. A., a French limited liability company Among others |
Financials - COMMERCIAL TRENDS AND FORECAST
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As a private company the subject does not publish any financial
statements. |
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We have contacted the company and left a message in the voice mail of
Ms. Vicky, Accounting Department, which kept unanswered. |
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Legal Fillings |
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There are 12 UCC** files listed with the
Secretary of State of Delaware. At 2/24/2011, the subject company was a
named defendant in approximately 1,340 active, unresolved asbestos-related
claims filed in California, Texas, New York, Massachusetts, West Virginia,
Rhode Island, Illinois and 23 other states The last annual report was filed on
04/01/2011. 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
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The company is in Good Standing. This
means that all local and federal taxes were paid on due date. |
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Final Opinion |
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This is a medium sized American company.
It employs 225 people and has been in business for 110 years. On July 12, 2010, Leslie Controls, Inc.
filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in
the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy
Court”) and, simultaneously, filed a pre-negotiated plan of reorganization
(as amended, the “Reorganization Plan”) in an effort to permanently resolve
Leslie’s asbestos liability and all current and future derivative claims
against CIRCOR or its affiliates. The case number is 10-12199. On February 7, 2011, the U.S. Federal
District Court for the District of Delaware affirmed the Bankruptcy Court’s
order confirming the Reorganization Plan, thus clearing the way for Leslie to
emerge from bankruptcy. Therefore, we suggest CAUTION and a
follow-up report within the next 6 months. |
SUMMARY
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Profitability |
N.A. |
Public Records |
NO |
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Indebtedness |
N.A. |
Payments |
N.A. |
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Cash |
N.A. |
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APPENDIX
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Comments |
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We have contacted the company several times but could not speak to any
of their representatives. We left a message in the voice mail of Ms. Vicky,
Accounting Department, which kept unanswered. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.45 |
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UK Pound |
1 |
Rs.73.35 |
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Euro |
1 |
Rs.64.78 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.