MIRA INFORM REPORT

 

 

Report Date :

16.08.2011

 

IDENTIFICATION DETAILS

 

Name :

JESS SMITH & SONS COTTON, LLC

 

 

Registered Office :

2905 F St, Bakersfield, Ca 93302

 

 

Country :

United States

 

 

Year of Establishment :

1943

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Cotton merchants

 

 

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 :

250,000 USD.

Status :

Satisfactory

Payment Behaviour :

Usually Correct

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

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: Medium

 

 

IDENTIFICATION

 

Legal Name:

JESS SMITH & SONS COTTON, LLC

Trade Name:

JSS

Legal Address

2905 F ST,

BAKERSFIELD, CA 93302,

USA

 

 

Mailing Address

P.O. BOX 1178,

BAKERSFIELD, CA 93302,

USA

 

Telephone:

+ 1 (661) 325-7231

Entity  number :

200021610144

Fax:

NA

Legal Form:

Limited Liability Company

Email:

cotton@jesssmith.com

Registered in:

California

Website:

http://www.jesssmith.com

Date Created:

1943

Manager:

Ernie Schroeder Owner

Date Incorporated:

August  02, 2000

Staff:

45

Stock:

NA

 

 

Value:

NA

Activity:

Cotton merchants

 

 

BANKS

 

Name of the Bank

Bank of America

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS

 

HISTORY

 

The company was established in 1970 and incorporated in California.

 

 Since 1983, the Schroeder family has been the sole owner of the firm.

 

PRINCIPAL ACTIVITY

 

Jess Smith & Sons Cotton provide reliable and excellent service to the grower segment in the U.S.

 

The structure is also doing business as JSS.

 

The company offers:

 

Cotton grower and merchandising.

 

Almond grower and merchandisers.

 

Jess Smith & Sons Cotton acquired a warehouse facility in Bakersfield, California.  This allows them to guarantee timely delivery to their mill customers.

 

Sales are:

 

Wholesale

Operations area:

 

National, International

The company export to mostly to China

Trade References:

 

Despite our long efforts, we were unable to confirm any trade reference for this company.

The subject employs 45 employee(s)

PAYMENTS

 

regular

 

 

 

Comments on location:

 

The company is based in Bakersfield California but have locations in:

 

Texas, Arizona, Tennessee, Mississippi

 

 

Shareholders - Manager - Related Companies

 

Shareholders Parent Company(ies):

 

Since 1983, the Schroeder family has been the sole owner of the firm.

 

Management:

 

Ernie Schroeder Owner 

Joe V Boening Chief Operating Officer 

Al Pacini Finance Executive 

Ernie Schroeder Jr Sales Executive 

Related Companies:

 

 

 

Southern California Finance Company,

Bakersfield Cotton Warehouse

Jess Smith & Sons Commodities

 

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements.

However our financial sources could provide us with the following data.

 

Those figures are estimates provided by confidential banking and financial institutions working with the company.

 

Currency

DATE

 

USD

2010

 

Turnover

50 to 100 million (estimated)

 

 

 

Legal Fillings

 There are several recent UCC** files listed with the Secretary of State of California.

 

 

Filing Number:  40000008900112

Filing Date:  03-09-2010

Secured Party:  JESS SMITH & SONS COTTON LLC

Debtor:  GRIFFIN GINS COMPANY, INC.

 

 

 

Filing Number:  097205912641

Filing Date:  08-17-2009

Secured Party:  JESS SMITH & SONS COTTON LLC

Secured Party Address:  PO BOX 1178

Debtor:  MARIO BUONI & SONS

 

 

 

 

Filing Number:  097202209546

Filing Date:  07-13-2009

Secured Party:  JESS SMITH & SONS COTTON LLC

Debtor:  MR GINO BUONI

 

 

 

 

Filing Number:  097185324443

Filing Date:  01-22-2009

Secured Party:  JESS SMITH & SONS COTTON, LLC

Debtor:  MR ROBERT E HICKS

 

 

 

 

 

There are no legal filings listed with the District Court.

 

The last annual report was filed on 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

 

Jess Smith & Sons Cotton is a small company, with 45 employees, with several  years of operations.

 

The company works as growers of cotton and almond.

 

The company turnover is pretty encouraging for the company size.

 

We did not find any adverse situation for the company during our investigation.

 

At this time, we believe that the structure can handle a credit line in the range of 250,000 USD.

 

Because of the company’s legal form a follow up to confirm that the subject remains on a correct shape is advised.

 

 

 



 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

 

Profitability

N.A.

Public Records

NO

 

Indebtedness

CONTROLLED

Payments

REGULAR

 

Cash

NORMAL

 

 

 

 

 

APPENDIX

 

Comments

 

The person contacted confirmed the location.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.53

Euro

1

Rs.64.36

 

 

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

--

NB

                                       New Business

 

--

 

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.