MIRA INFORM REPORT

 

 

Report Date :           

03.06.2011

 

IDENTIFICATION DETAILS

 

Name :

MODERN MFG CO INC

 

 

Registered Office :

1424 Marlene Place  Jee S Oh, De Soto, TX 75115

 

 

Country :

United States 

 

 

Date of Incorporation :

16.06.1988

 

 

Com. Reg. No.:

0108024000

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Commercialization of equipment for oilfield and offshore use as well as marine industries

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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

 

 Bottom of Form

 

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Stable

 

IDENTIFICATION

 

Ordered as:

Modern MFG

Address in the order:

1655, Lauisiana St., Beaumount TX 77701

 

 

Legal Name:

MODERN MFG CO INC

 

 

Legal Address

1424 MARLENE PLACE  JEE S OH

DE SOTO, TX 75115 (registered address)

Operative Address

1655 Louisiana St.

Beaumont, TX 77701

Telephone:

409-833-2665

Registration Number :

0108024000

Fax:

409-833-3170

Legal Form:

Corporation for Profit

Email:

N.A.

Registered in:

Texas

Website:

www.modernusa.com (group)

Date Created:

N.A.

Manager:

Will Crenshaw - President of the group

Date Incorporated:

June 16, 1988

Staff:

N.A.

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Commercialization of equipment for oilfield and offshore use as well as marine industries

 

 

BUSINESS

 

PRINCIPAL ACTIVITY

 

The company operates in the commercialization of equipment for oilfield and offshore use as well as marine industries.

LOCATION

Headquarters

 

1655 Louisiana St.

Beaumont, TX 77701



Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

The subject is part of the MODERN GROUP located in Texas.

Management:

 

Will Crenshaw is the President of the group.



Financials - COMMERCIAL TRENDS AND FORECAST

 

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

Legal Fillings

 There are no UCC** files listed with the Secretary of State of Texas.

 

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.



Rating

 

The company is not in Good Standing. This means that some local and federal taxes were not paid on due date.

 Final Opinion

 

The company's status with the secretary of state of Texas is currently NOT IN GOOD STANDING.

 

We suggest caution and not dealing with caution at this moment.

 

 

APPENDIX

 

Comments

 

We called the Modern group in order to sort out why the subject company is Not in Good standing.

However, the operator directed us to answering machines.

As of today, nobody has returned our calls.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.94

UK Pound

1

Rs.73.46

Euro

1

Rs.64.58

 

 

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.