MIRA INFORM REPORT
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Report Date : |
21.06.2011 |
IDENTIFICATION DETAILS
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Name : |
TOTAL LUBRICANTS USA |
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Formerly Known As : |
Keystone Lubricants |
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Registered Office : |
5 N Stiles St, Linden, NJ, 07036-4208 |
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Country : |
United States |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1868 |
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Com. Reg. No.: |
0100531701 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Oil Additives-Manufacturer |
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 : |
800 000 USD |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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: |
Total Lubricants USA |
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Address in the order: |
Elna Internatioal Keystone Lubricants Legal Address 5 N Stiles St
Linden NJ 07036 4208 |
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Legal Name: |
TOTAL LUBRICANTS USA |
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Legal Address |
5 N Stiles St Linden, NJ, 07036-4208 USA |
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Telephone: |
(908) 862-7344 |
Registration Number : |
0100531701 |
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Fax: |
908-862-5374 |
Legal Form: |
Corporation for Profit |
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Email: |
Registered in: |
New Jersey |
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Website: |
Date Created: |
1868 |
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Manager: |
Dave Townsend |
Date Incorporated: |
N.A. |
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Staff: |
115 |
Stock: |
N.A. |
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Value: |
N.A. |
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Activity: |
Oil Additives-Manufacturer |
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BANKS
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Name of the Bank |
BANK OF AMERICA |
BUSINESS
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HISTORY |
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Total Lubricants USA, Inc. was formerly known as Keystone Lubricants. |
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PRINCIPAL ACTIVITY |
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It engages in the development, manufacture, and marketing of lubrication
products. |
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Products/Services description: |
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The company provides lubricants and coatings, including shear sprays,
I.S. machine lubricants, delivery coatings, ring dopes, pre-coats, mold
lubricants, blank swabbing lubricants, cold end coatings, pressware spray
products, and blank sprays. |
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Sales are: |
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Wholesale |
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Clients: |
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It offers products for glass bottle manufacturing, marine, food
processing, wood, paper, board, chemical, construction/infrastructure,
energy, mining and materials, rubber, textile, and metalworking industries.
The company provides its products through distribution and direct sales
channels. |
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Operations area: |
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National, International |
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The company imports from worldwide |
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The company export to Worldwide |
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Competitors: |
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Exxon Mobil Corporation Chevron Corporation Conocophillips |
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The subject employs 115 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 company is headquartered at the above address. |
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The property is: |
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Owned |
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Branches: |
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The company has branches in: Rockingham, NC 28379 709 Airport Road Knoxville, TN 37914 3315 Riverside Frive Plan, TX 75075 400 Chilsholm Place Ste 418 |
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Shareholders - Manager - Related Companies
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Listed at the stock exchange: |
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NO |
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Management: |
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Dave Townsend Manager, Glass Business Unit Karen Lin Product Manager Jim Zelko Technical Manager |
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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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Its parent company, Total SA is a public
company traded at the NYSE under the ticker TOT. Please find enclosed the
financial statements. |
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Legal Fillings |
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There are no UCC** files listed
with the Secretary of State of New Jersey. |
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There are no legal filings listed with the District Court. |
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THE COMPANY IS NOT LISTED ON THE OFAC LIST.* |
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For information: |
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* 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. |
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** 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. |
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The UCC deals primarily with transactions involving personal property
(movable property), not real property (immovable property). |
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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. |
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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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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 company has 143 years in the business. It is a medium sized American company, evolving in a satisfying
sector. Profitability is correct, indebtedness is high, cash is good and
payments are regular. We did not find a specific adverse record against the subject. A credit line may be considered for 800 000 USD. |
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SUMMARY
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Profitability |
CORRECT |
Public Records |
NO |
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Indebtedness |
HIGH |
Payments |
REGULAR |
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Cash |
GOOD |
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Financial
Currency in USD.
Income Statement Annual Data
Figures in thousands of USD
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Period Ending |
Dec 31, 2010 |
Dec 31, 2009 |
Dec 31, 2008 |
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Total Revenue |
188,457,000 |
160,913,000 |
226,018,611 |
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Cost of Revenue |
- |
- |
157,587,544 |
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Gross Profit |
188,457,000 |
160,913,000 |
68,431,067 |
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Operating Expenses |
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Research Development |
1,159,000 |
1,001,000 |
- |
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Selling General and Administrative |
25,453,000 |
27,656,000 |
26,926,680 |
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Non Recurring |
- |
- |
190,310 |
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Others |
11,297,000 |
9,587,000 |
8,341,195 |
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Total Operating Expenses |
- |
- |
- |
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Operating Income or Loss |
25,553,000 |
20,718,000 |
32,972,883 |
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Income from Continuing Operations |
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Total Other Income/Expenses Net |
47,000 |
428,000 |
1,392,784 |
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Earnings Before Interest And Taxes |
25,600,000 |
21,146,000 |
16,850,144 |
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Interest Expense |
- |
- |
1,409,700 |
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Income Before Tax |
25,600,000 |
21,146,000 |
15,440,444 |
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Income Tax Expense |
13,721,000 |
11,121,000 |
19,941,616 |
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Minority Interest |
(14,182,000) |
(12,119,000) |
- |
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Net Income From Continuing Ops |
2,937,000 |
2,617,000 |
15,440,444 |
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Non-recurring Events |
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Discontinued Operations |
- |
- |
- |
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Extraordinary Items |
- |
- |
- |
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Effect Of Accounting Changes |
- |
- |
- |
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Other Items |
- |
- |
- |
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Net Income |
317,000 |
261,000 |
15,440,444 |
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Preferred Stock And Other Adjustments |
- |
- |
- |
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Net Income Applicable To Common Shares |
317,000 |
261,000 |
15,440,444 |
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Balance Sheet Annual Data Figures
in thousands of USD
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Period Ending |
Dec 31, 2010 |
Dec 31, 2009 |
Dec 31, 2008 |
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Assets |
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Current Assets |
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Cash And Cash Equivalents |
19,438,000 |
16,732,000 |
17,368,914 |
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Short Term Investments |
- |
- |
263,614 |
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Net Receivables |
24,361,000 |
22,553,000 |
34,130,247 |
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Inventory |
20,928,000 |
19,896,000 |
13,562,724 |
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Other Current Assets |
13,359,000 |
12,208,000 |
1,012,165 |
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Total Current Assets |
78,087,000 |
71,389,000 |
66,337,663 |
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Long Term Investments |
24,116,000 |
22,685,000 |
25,555,042 |
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Property Plant and Equipment |
73,738,000 |
74,019,000 |
65,046,377 |
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Goodwill |
- |
- |
1,514,018 |
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Intangible Assets |
11,963,000 |
10,781,000 |
6,015,190 |
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Accumulated Amortization |
- |
- |
- |
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Other Assets |
4,903,000 |
4,420,000 |
889,521 |
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Deferred Long Term Asset Charges |
- |
- |
1,423,797 |
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Total Assets |
192,807,000 |
183,295,000 |
166,781,607 |
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Liabilities |
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Current Liabilities |
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Accounts Payable |
40,836,000 |
39,156,000 |
37,282,336 |
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Short/Current Long Term Debt |
12,950,000 |
10,035,000 |
11,108,436 |
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Other Current Liabilities |
477,000 |
176,000 |
- |
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Total Current Liabilities |
54,263,000 |
49,367,000 |
48,390,772 |
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Long Term Debt |
27,882,000 |
27,887,000 |
22,824,453 |
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Other Liabilities |
15,119,000 |
16,386,000 |
13,912,329 |
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Deferred Long Term Liability Charges |
13,345,000 |
12,838,000 |
11,239,538 |
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Minority Interest |
1,150,000 |
1,416,000 |
- |
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Negative Goodwill |
- |
- |
- |
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Total Liabilities |
111,757,000 |
107,895,000 |
96,367,092 |
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Stockholders' Equity |
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Misc Stocks Options Warrants |
- |
- |
- |
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Redeemable Preferred Stock |
- |
- |
- |
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Preferred Stock |
- |
- |
- |
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Common Stock |
7,880,000 |
8,423,000 |
8,359,521 |
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Retained Earnings |
81,215,000 |
79,446,000 |
- |
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Treasury Stock |
(4,699,000) |
(5,197,000) |
(7,061,187) |
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Capital Surplus |
- |
- |
74,639,386 |
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Other Stockholder Equity |
(3,347,000) |
(7,273,000) |
(5,523,205) |
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Total Stockholder Equity |
81,049,000 |
75,400,000 |
70,414,515 |
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Net Tangible Assets |
69,086,000 |
64,619,000 |
62,885,307 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.99 |
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UK Pound |
1 |
Rs.72.60 |
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Euro |
1 |
Rs.64.01 |
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 |
|
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 |
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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.