MIRA
INFORM REPORT
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Report Date : |
09.12.2011 |
IDENTIFICATION DETAILS
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Name : |
CARDOLITE CORPORATION FACTORY |
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Registered Office : |
500 Doremus Avenue, Newark, NJ 07105 |
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Country : |
United States |
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Date of Incorporation : |
August, 1984 |
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Com. Reg. No.: |
0100234352 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Manufacturing of coating and friction products based on
cashew nutshell liquid |
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No. of Employees : |
71 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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: |
Cardolite Corporation Factory |
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Address in the order: |
North and South America 500 Doremus Avenue Newark NJ 07105 |
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Comments on data supplied: |
The correct name of the company is CARDOLITE CORPORATION. |
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Legal Name: |
CARDOLITE CORPORATION |
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Legal Address |
500 Doremus Avenue Newark, NJ 07105 USA |
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Operative Address |
500 Doremus Avenue Newark, NJ 07105 USA |
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Telephone: |
201-344-5015 / (973) 344-5015 |
Registration Number : |
0100234352 |
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Fax: |
201-344-1197 / 973-344-1197 |
Legal Form: |
Corporation for Profit |
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Email: |
N.A. |
Registered in: |
New Jersey |
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Website: |
www.cardolite.com |
Date Created: |
1984 |
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Manager: |
Anthony M. Stonis - President |
Date Incorporated: |
August 1984 |
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Staff: |
71 |
Stock: |
N.A. |
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Value: |
N.A. |
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Activity: |
Manufacturing of coating and friction products based on
cashew nutshell liquid |
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BANKS
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Name of the Bank |
BANK OF AMERICA |
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Location |
208 HARRISTOWN RD GLEN ROCK NJ
07452- 3308 |
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Name of the Bank |
PNC BANK |
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Location |
249 5TH AVE PITTSBURGH
PA 15222- 2707 |
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BUSINESS
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HISTORY |
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The company was created in 1984. The development of the use of cashew nut shell liquid (CNSL)
in commerce can be traced from Cardolite Corporation to its predecessors 3M
Company and Irvington Varnish and Insulator Company. Dr. M. T. Harvey through his research company, Harvel Corporation,
imported the first commercial quantity of CNSL in 1926 in the United States. Harvel then entered into a joint venture with Irvington
Varnish and Insulator Company for the purpose of developing commercial uses
of CNSL. In 1946 the business was large enough to justify
construction of a dedicated factory to the production of derivatives of CNSL
in Newark, New Jersey. 3M Company acquired Irvington in 1953. In 1984-5, the CNSL business and the Newark plant were
acquired from 3M by a management buyout led by Anthony Stonis, the company's
current president. The new corporation was named "Cardolite" from
the Irvington trade name. |
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PRINCIPAL ACTIVITY |
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The company manufactures coating and friction products based
on cashew nutshell liquid (CNSL). Cardolite's products are used in adhesives, concrete,
intermediates, resins, inks, and electrical goods for the industrial,
specialty coatings, automotive, printing, rubber, and polymer industries; it
supplies about 50 countries worldwide. |
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Products/Services
description: |
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Product offerings: Epoxy Curing Agents Epoxy Resins & Diluents Friction Particles Friction Resins |
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Sales
are: |
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Wholesale |
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Clients: |
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The company’s customer base includes all types of
companies ranging from large Fortune 500 corporations to small specialty
manufacturers. |
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Operations
area: |
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National, International |
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The company export to
worldwide |
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Competitors: |
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Ferro Corporation Momentive Specialty Chemicals, Inc. SI Group, Inc. |
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The subject employs 71 employee(s) |
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Comments on staff: |
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The staff number could not be verified. It would be the staff only at the headquarters location. |
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LOCATION |
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Headquarters |
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500 Doremus Avenue Newark, NJ 07105 United States of America |
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Comments on location: |
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At this address can be found the administrative offices
and a factory. |
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Branches: |
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Cardolite operates manufacturing facilities in the US and
China, as well as sales and distribution facilities in Belgium and Singapore
(see Related Companies section). Both Cardolite facilities are ISO 9000 registered. R&D Center: 11 Deer Park Drive Suite 124 Monmouth Junction, NJ 08852 |
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 owned. Anthony Stonis is one of the shareholders. |
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Management: |
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Anthony M. Stonis - President Joe Wenson - CFO |
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Related Companies: |
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Cardolite Specialty Chemicals Europe NV Wijmenstraat 21K / 2 B-9030 Mariakerke (Gent) Belgium Cardolite Specialty Chemicals India Pvt. Ltd. No. S21, 2nd Floor, Empire Mall Kodialbail, M.G. Road Mangalore 575003 India Cardolite Chemical Zhuhai Ltd. (Factory) Biyang Road Harbor Industrial Zone Zhuhai, Guangdong 519050 P.R. China |
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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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. |
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Currency |
DATE |
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USD |
2010 |
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Turnover |
21,000,000 |
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Legal Fillings
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There are several UCC**
files listed with the Secretary of State of New Jersey. There are no legal filings listed with the District Court.
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. |
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Rating
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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. |
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Final Opinion
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The subject is a well established company, in business for
more than 25 years. It operates as a manufacturer of coating and friction
products based on cashew nutshell liquid (CNSL). Its products are sold worldwide, and it has branches and
affiliated companies in Asia and Europe. Also, it operates its own factories. We found several UCC files, showing that the company
obtains loan from financial entities. Based on the information gathered, a credit line may be
considered for USD 300,000. |
SUMMARY
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Profitability |
N.A. |
Public Records |
NO |
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Indebtedness |
CONTROLLED |
Payments |
REGULAR |
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Cash |
NORMAL |
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APPENDIX
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Comments |
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We called the company several times and were transferred
to various departments. We left a message to the accounts payable answering
machine. As of today, nobody has returned our calls. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.77 |
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1 |
Rs.81.32 |
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Euro |
1 |
Rs.69.42 |
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.