MIRA INFORM REPORT
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Report Date : |
29.03.2011 |
IDENTIFICATION DETAILS
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Name : |
UNION SPECIALTIES INC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
05.03.1946 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Waterbased polyurethane dispersions manufacturer and leather and coatings industries products supplier |
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 110,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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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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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: |
Union Specialities Inc |
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Address in the order: |
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Legal Name: |
UNION SPECIALTIES INC |
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Legal Address |
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Telephone: |
(978) 465-1717 |
ID : |
042074787 |
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Fax: |
(978) 465-4194 |
Legal Form: |
Corporation for Profit |
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Email: |
Registered in: |
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Website: |
Date Created: |
1941 |
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Manager: |
William Greene, President |
Date Incorporated: |
March 5th, 1946 |
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Staff: |
33 |
Stock: |
N.A. |
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Value: |
N.A. |
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Activity: |
Waterbased polyurethane dispersions manufacturer and leather and
coatings industries products supplier. |
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BANKS
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Name of the Bank |
CITIZENS BANK OF |
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Location |
28 STATE ST BOSTON MA 02109- 1775 |
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Name of the Bank |
CENTURY NORTH SHORE BANK AND TRUST COMPA |
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Location |
2 STATE ST LYNN MA 01901- 1505 |
BUSINESS
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HISTORY |
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The company was created in 1941. The company changed names several times. The company`s name has been
UNION SPECIALTIES, INC. since 3/10/1986. |
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PRINCIPAL ACTIVITY |
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The company is a manufacturer of waterbased polyurethane dispersions
and specialty products to the leather and coatings industries worldwide. |
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Products/Services description: |
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The company provides: FILLERS MISCELLANEOUS RETANNING UNI-SLIP PRODUCTS BASECOATS RESINS TOP COATS RESINS URETHANES OILS AND WAXES ADDITIVES MISCELLANEOUS |
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Operations area: |
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International |
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The subject employs 33 employee(s) |
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PAYMENTS |
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made on a 55 days basis - monitored over the last 12 months |
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LOCATION |
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Headquarters |
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The company is headquartered at: |
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. The major shareholder appears to be Mr. William Greene. However, this
information was not verified by the company. |
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Management: |
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William Greene, President Kevin Rodden, Vice President John Sullivan, Finance Executive |
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Related Companies: |
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The company has presence worldwide |
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 which kept
unanswered. |
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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 |
2009 |
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Turnover |
6,800,000 |
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The cash flow is |
normal |
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Currency |
DATE |
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USD |
2008 |
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Turnover |
5,400,000 |
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Operating Income |
89,000 |
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Net Income |
65,000 |
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Net worth |
215,000 |
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Liabilities |
45,000 |
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The cash flow is |
normal |
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Legal Fillings |
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There
are several UCC** files listed with the Secretary of State of Massachusetts. 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 ** 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 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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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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This is a small sized American company. It employs 33 people and has been
in business for 69 years. A credit line may be considered for USD 110,000 |
SUMMARY
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Profitability |
CORRECT |
Public
Records |
NO |
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Indebtedness |
CONTROLLED |
Payments |
REGULAR |
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Cash |
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APPENDIX
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Person Interviewed |
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Voice mail |
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Comments |
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We contacted the company and left a message in John Sullivan`s voice
mail 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.44.78 |
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1 |
Rs.71.64 |
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Euro |
1 |
Rs.62.96 |
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 |
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.