Comprehensive Report: Gorman Manufacturing Company,
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COPYRIGHT 1999 DUN & BRADSTREET INC. - PROVIDED UNDER CONTRACT
FOR THE EXCLUSIVE USE OF SUBSCRIBER 034-004303.
ATTN: vm
COMPREHENSIVE REPORT
DUNS: 80-473-5132
GORMAN MANUFACTURING COMPANY,
INC FINANCIAL STRESS CLASS: 5
CREDIT SCORE CLASS: 5
492 KOLLER STREET
AND BRANCH(ES) OR DIVISION(S) KEY
SAN FRANCISCO CA 94110 =============================
TEL: 650 555-0000 LOWEST RISK HIGHEST RISK
1 2 3 4 5
SIC: 27 52
LINE OF BUSINESS: COMMERCIAL PRINTING
CONTROL DATE: 1965 DATE PRINTED: AUG 18 1999
CHIEF EXECUTIVE: LESLIE SMITH, PRES
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EXECUTIVE SUMMARY
- The Financial Stress Class of 5 for this company shows that during the
previous year, firms with this classification had a failure rate of
6.98% (698 per 10,000), which is 10.73 times higher than the national average
- The Credit Score Class of 5 for this company shows that during the previous
year, 67.6% of the firms with this classification paid one or more bills
severely delinquent, which is 4.25 times higher than the national average.
- Subject company pays its bills an average 26 days beyond terms.
- Subject company's industry pays its bills an average 8 days beyond terms.
- Subject company pays its bills slower than the average for its industry.
- Operations are profitable.
- Special events are reported for this business.
- UCC filing(s) are reported for this business.
- Financing is secured.
- Under present management control 34 years.
- Evidence of open Suit(s), Lien(s) and Judgment(s) in the D&B database.
- History is clear.
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CREDIT CAPACITY SUMMARY
D&B Rating: 3A3 Payment Activity
(based on 110 experiences):
Average High Credit: $46,369
# of Employees Highest Credit: $1,000,000
Total: 105 Total Highest Credits: $2,865,650
(100 Here)
As of 12/31/97 Worth: $2,838,982
Working Capital: $1,213,839
Note: The Worth amount in this section may have been adjusted by D&B to reflect
typical deductions, such as certain intangible assets.
===============================================================================
SPECIAL EVENTS
04/06/99 On Mar 26, 1998 the subject experienced a fire due to an
earthquake. According to Leslie Smith, president, damages amounted to
$35,000 which were fully covered by their insurance company. The
business was closed for two days while employees settled personal
matters.
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FINANCIAL STRESS SUMMARY
The FINANCIAL STRESS CLASS for this firm was derived using D&B's Model for the
MANUFACTURING industry group. The Financial Stress Model uses statistical
probabilities to classify businesses into one of five classifications and
percentile rankings. These are based on the likelihood of a business
experiencing financial stress within an eighteen month period.
Companies experiencing financial stress are those that cease doing business
without paying all creditors in full, or reorganize or obtain relief from
creditors under state or federal law.
Financial Stress Class: 5
Incidence of Financial Stress Among
Companies with this Classification: 6.98% (698 per 10,000)
Incidence of Financial Stress: 0.65% (65 per 10,000)
- National Average
Incidence of Financial Stress: 0.87% (87 per 10,000)
- MANUFACTURING Industry
Financial Stress Score: 1
- National Percentile
Financial Stress Score: 1
- MANUFACTURING Industry Percentile
Note:
- Based on 1995 failure statistics.
- Percentiles are based on a 100 point scale.
The Financial Stress Class for this company is based on the following factors:
Key Business Commentary
- 25% of trade experiences indicate slow payment(s) are present.
- Payment experiences exist for this firm which are greater than 60 days past
due.
- Control age or date entered in D&B files indicates lower risk.
- Payment information indicates negative payment comments.
- Evidence of open Suit(s), Lien(s) and Judgment(s) in the D&B database.
- Quick ratio is 0.6.
- Business does not own facilities.
- D&B files indicate a net worth for this firm of $2,838,982.
- Financial condition is FAIR or UNBALANCED.
Key Financial Commentary
- Accounts payable to sales ratio is in the lower quartile for this
industry.
- Quick ratio is in the lower quartile for this industry.
- Positive net worth is present for this firm indicating lower risk of
financial stress.
- Return on assets is between the median and upper quartiles for this
industry.
- Total liabilities to net worth ratio is between the median and upper
quartiles for this industry.
Note:
The Financial Stress Class indicates that this firm shares some of the same
business and financial characteristics of other companies with this
classification. It does not mean the firm will actually experience financial
stress.
The Incidence of Financial Stress shows the percentage of companies with this
classification that filed for protection under bankruptcy laws, or ceased
operations entirely over the past year without meeting payment obligations in
full. The National and Industry Averages are provided for comparative
purposes.
The Financial Stress Score - National Percentile ranks a firm relative to
other businesses. For example, a company in the 75th percentile is a better
risk than 74% of the total population of scored companies in D&B's files.
The Financial Stress Score - Industry Percentile reflects the relative ranking
of a firm within its own industry group. For example, a business in the 80th
percentile is a better risk than 79% of scored companies in D&B's files
belonging to the same industry.
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FINANCIAL STRESS NORMS
National
Norms for Companies in the Same ... Percentile
- Region (PACIFIC) 49
- Industry: MANUFACTURING 44
- Employee Range (100-499) 52
- Years in Business Range (26+) 85
- Subject Company 1
Key Comparisons
The subject company has a Stress Score Percentile that shows:
- Higher risk than other companies in the same region.
- Higher risk than other companies in the same industry.
- Higher risk than other companies in the same employee size range.
- Higher risk than other companies with a comparable number of years in
business.
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CREDIT SCORE SUMMARY
The Credit Score Class predicts the likelihood of a firm paying in a severely
delinquent manner (90+ Days Past Terms) over the next twelve months. It was
calculated using statistically valid models and the most recent payment
information in D&B's files.
Credit Score Class: 5
Incidence of Delinquent Payment Among
Companies with this Classification: 67.60%
Percentile: 10
The Credit Score Class for this company is based on the following factors:
- 25% of trade experiences indicate slow payment(s) are present.
- Payment experiences exist for this firm which are greater than 60 days past
due.
- Control age or date entered in D&B files indicates lower risk.
- Payment information indicates negative payment comments.
- Evidence of open Suit(s), Lien(s) and Judgment(s) in the D&B database.
- Quick ratio is 0.6.
- Business does not own facilities.
- D&B files indicate a net worth for this firm of $2,838,982.
- Financial condition is FAIR or UNBALANCED.
Note:
The Incidence of Delinquent Payment is the percentage of companies with this
classification that were reported 90 days past due or more by creditors.
The calculation of this value is based on an inquiry weighted sample.
The Percentile ranks this firm relative to other businesses. For example,
a firm in the 80th percentile is a better risk than 79% of all companies in
D&B's files.
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CREDIT SCORE NORMS
National
Norms for Companies in the Same ... Percentile
- Region (PACIFIC) 48
- Industry: MANUFACTURING 46
- Employee Range (100-499) 62
- Years in Business Range (26+) 67
- Subject Company 10
Key Comparisons
The subject company has a Credit Score Percentile that shows:
- Higher risk than other companies in the same region.
- Higher risk than other companies in the same industry.
- Higher risk than other companies in the same employee size range.
- Higher risk than other companies with a comparable number of years in
business.
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PAYMENT TRENDS
PAYDEX scores below are based on dollar weighted trade in most recent 12 mos.
'97 '97 '98 '98 '98 '98 '98 '98 '99 '99 '99 '99 '99 '99 '99 '99
SEP DEC MAR JUN SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG
FIRM 70 70 73 75 72 72 72 72 72 75 71 69 69 68 58 56
Industry
Quartiles
----------
Upper 80 80 79 80 80 79 79 79
Median 75 75 75 75 76 75 75 75
Lower 67 66 66 66 67 67 67 66
Industry PAYDEX based on: KEY TO PAYDEX SCORES:
SIC: 2752 80 Within terms
1,278 Firms 75 8 Days Beyond Terms
56 26 Days Beyond Terms
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SUMMARY OF PAYMENT HABITS
Dollar Range Comparisons:
Suppliers That Number of Total % of Dollars
Extend Credit of... Experiences: Amount Within Terms
# $ %
OVER $100,000 6 1,650,000 27
$50,000 - 99,999 9 545,000 73
$15,000 - 49,999 10 230,000 82
$ 5,000 - 14,999 16 112,500 44
$ 1,000 - 4,999 11 20,000 72
Under 1,000 7 2,800 36
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PAYMENT ANALYSIS BY INDUSTRY
There are 110 payment experiences in D&B's file for the most recent 12 months,
with 62 experiences reported during the last three month period.
Total Dollar Highest Within Slow Slow Slow Slow
Recd Amount Credit Terms 1-30 31-60 61-90 91+
# $ $ --- % of dollar amount ---
Total in D&B's File 110 2,865,650 1,000,000
Industry
Nonclassified 14 430,000 100,000 74 2 0 0 24
Insurance agent 2 250,000 250,000 100 0 0 0 0
Whol roof/side/insul 2 50,500 50,000 99 1 0 0 0
Whol hardware 2 27,500 20,000 27 0 0 73 0
Whol service paper 2 20,500 20,000 100 0 0 0 0
Business consulting 2 10,250 10,000 0 0 0 0 100
Whol industrial equip 2 12,500 10,000 20 0 0 80 0
Personal credit 2 5,000 5,000 0 0 0 100 0
Whol industrial suppl 2 6,000 5,000 0 0 83 0 17
Whol electrical equip 2 6,000 5,000 17 0 83 0 0
Misc business service 2 50 50 0 100 0 0 0
Misc business credit 1 1,000,000 1,000,000 0 100 0 0 0
Management services 1 100,000 100,000 100 0 0 0 0
Mfg organic chemicals 1 100,000 100,000 0 0 0 100 0
Mfg adhesives/sealant 1 75,000 75,000 100 0 0 0 0
Accounting services 1 75,000 75,000 100 0 0 0 0
Mfg prefab metal bldg 1 50,000 50,000 0 100 0 0 0
Misc sanitary service 1 50,000 50,000 0 0 0 0 100
Arrange cargo transpt 1 50,000 50,000 100 0 0 0 0
Truck rental/leasing 1 50,000 50,000 0 100 0 0 0
Mfg home furnishings 1 45,000 45,000 100 0 0 0 0
Mfg wood office furn 1 30,000 30,000 100 0 0 0 0
Mechanical contractor 1 25,000 25,000 100 0 0 0 0
Mfg malt 1 20,000 20,000 0 0 100 0 0
Leather finishing 1 20,000 20,000 100 0 0 0 0
Mfg refrig/heat equip 1 10,000 10,000 100 0 0 0 0
Ret misc merchandise 1 5,000 5,000 0 100 0 0 0
Aluminum foundry 1 5,000 5,000 0 0 0 100 0
Advertising agency 1 5,000 5,000 100 0 0 0 0
Whol scrap material 1 5,000 5,000 100 0 0 0 0
Whol durable goods 1 5,000 5,000 100 0 0 0 0
Coml art/graphic dsgn 1 2,500 2,500 100 0 0 0 0
Electrical contractor 1 1,000 1,000 100 0 0 0 0
Trucking non-local 1 1,000 1,000 0 0 0 100 0
Whol misc coml equip 1 1,000 1,000 0 0 100 0 0
Mfg blankbook/binder 1 500 500 100 0 0 0 0
Ret hardware 1 500 500 0 100 0 0 0
Mfg optical instrmnts 1 500 500 0 0 100 0 0
Whol drugs/sundries 1 0 0 0 0 0 0 0
OTHER PAYMENT CATEGORIES:
Cash Experiences 2 75,000
Paying Record Unknown 12 106,100
Unfavorable Comments 9 134,250
Placed for Collection
with D&B 0 0
other 25 N/A
Accounts are sometimes placed for collection even though the existence or
amount of the debt is disputed.
Indications of slowness can be the result of disputes over merchandise, skipped
invoices, etc.
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PUBLIC FILINGS SUMMARY
The following data includes both open and closed filings found in
D&B's database on the subject company.
Most Recent
Record Type # Filing Date
Bankruptcy Proceedings 0 -
Judgments 1 08/13/1996
Liens 2 08/13/1996
Suits 2 08/13/1996
UCC's 2 10/06/1998
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PUBLIC FILINGS DETAIL
The following data is for information purposes only and is not the
official record. Certified copies can only be obtained from the
official source.
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* * * JUDGMENT(S) * * *
-------------------------------------------------------------------------------
DOCKET NO.: 94CV321
JDGMT AWARD: $5,003 STATUS: Unsatisfied
JDGMT TYPE: Default judgment DATE STATUS ATTAINED: 08/13/1996
AGAINST: GORMAN MANUFACTURING COMPANY, DATE ENTERED: 08/13/1996
INC LATEST INFO COLLECTED: 10/02/1996
IN FAVOR OF: JOHN SMITH
WHERE FILED: CONTRA COSTA COUNTY SUPERIOR
COURT/MARTINEZ, MARTINEZ, CA
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* * * SUIT(S) * * *
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DOCKET NO.: 96CV123
SUIT AMOUNT: $1,000 STATUS: Pending
PLAINTIFF: JOHN SMITH DATE STATUS ATTAINED: 08/13/1996
DEFENDANT: GORMAN MANUFACTURING COMPANY, DATE FILED: 08/13/1996
INC LATEST INFO COLLECTED: 10/02/1996
CAUSE: Civil Rights
WHERE FILED: CONTRA COSTA COUNTY SUPERIOR
COURT/MARTINEZ, MARTINEZ, CA
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DOCKET NO.: SC19951218
SUIT AMOUNT: $20,000 STATUS: Pending
PLAINTIFF: DUN & BRADSTREET, BETHLEHEM, PA DATE STATUS ATTAINED: 12/18/1995
DEFENDANT: GORMAN MANUFACTURING COMPANY, DATE FILED: 12/18/1995
INC LATEST INFO COLLECTED: 12/19/1995
CAUSE: Breach of contract
WHERE FILED: KERN COUNTY MUNICIPAL COURT /
WEST DISTRICT, BAKERSFIELD, CA
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* * * LIEN(S) * * *
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A lienholder can file the same lien in more than one filing
location. The appearance of multiple liens filed by the
same lienholder against a debtor may be indicative of such
an occurrence.
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BOOK/PAGE: 23/506
AMOUNT: $230 Sales and use STATUS: Open
TYPE: State Tax DATE STATUS ATTAINED: 08/13/1996
FILED BY: STATE OF CALIFORNIA DATE FILED: 08/13/1996
AGAINST: GORMAN MANUFACTURING COMPANY, INC LATEST INFO COLLECTED: 10/02/1996
WHERE FILED: CONTRA COSTA COUNTY RECORDERS
OFFICE, MARTINEZ, CA
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BOOK/PAGE: 32/506
AMOUNT: $50,000 Corporate income tax STATUS: Open
TYPE: Federal Tax DATE STATUS ATTAINED: 08/13/1996
FILED BY: INTERNAL REVENUE SERVICE DATE FILED: 08/13/1996
AGAINST: GORMAN MANUFACTURING COMPANY, INC LATEST INFO COLLECTED: 10/02/1996
WHERE FILED: CONTRA COSTA COUNTY RECORDERS
OFFICE, MARTINEZ, CA
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* * * UCC FILING(S) * * *
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COLLATERAL: All Inventory including proceeds and products - All Accounts
receivable including proceeds and products - All Fixtures including
proceeds and products
FILING NO: 123456 DATE FILED: 10/05/1998
TYPE: Original LATEST INFO RECEIVED: 10/12/1998
SEC. PARTY: ABC COMPANY FILED WITH: SECRETARY OF
DEBTOR: GORMAN MANUFACTURING COMPANY, STATE/UCC DIVISION,
INC CA
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COLLATERAL: Specified Equipment and products
FILING NO: 222222 DATE FILED: 10/06/1998
TYPE: Original LATEST INFO RECEIVED: 10/12/1998
SEC. PARTY: XYZ COMPANY FILED WITH: SECRETARY OF
DEBTOR: GORMAN MANUFACTURING COMPANY, STATE/UCC DIVISION,
INC CA
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The public record items contained in this report may have been
paid, terminated, vacated or released prior to the date this
report was printed.
===============================================================================
BUSINESS BACKGROUND
HISTORY
04/06/99
LESLIE SMITH, PRES KEVIN J HUNT, SEC-TREAS
DIRECTOR(S): THE OFFICER(S)
Incorporated California May 21 1965. Authorized capital consists
of 200 shares common stock, no par value.
Business started May 21 1965 by Leslie Smith and Kevin J Hunt.
100% of capital stock is owned by the officers.
LESLIE SMITH born 1926. Graduated from the University of
California, Los Angeles, CA, in June 1947 with a BS degree in Business
Management. 1947-65 general manager for Raymor Printing Co, San
Francisco, CA. 1965 formed subject with Kevin J Hunt.
KEVIN J HUNT born 1925. Graduated from Northwestern University,
Evanston, IL in June 1946. 1946-1965 was general manager for Raymor
Printing Co, San Francisco, CA. 1965 formed subject with Leslie
Smith.
AFFILIATE: The following is related through common principals,
management and/or ownership. Gorman Affiliate Ltd, San Francisco, CA,
started 1965. DUNS #80-480-0217. Operates as commercial printer.
Intercompany relations: None reported by management.
OPERATIONS
04/06/99 Commercial printing specializing in advertising posters,
catalogs, circulars and coupons.
ADDITIONAL TELEPHONE NUMBER(S): Facsimile (Fax) 415 555-1000;
Toll-Free (800) 555-5555.
Has 175 account(s). Net 30 days. Sells to commercial concerns.
Territory : United States.
Nonseasonal.
EMPLOYEES: 105 which includes officer(s). 100 employed here.
FACILITIES: Rents 55,000 sq. ft. in a one story cinder block
building.
LOCATION: Central business section on well traveled street.
BRANCHES: Subject maintains a branch at 1073 Boyden Road, Los
Angeles, CA.
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BANKING RELATIONSHIPS REPORTED
(03-98) Balances average in a low 7 figure amount. At Dec 31
1997, a low 7 figure was outstanding under short-term lines of credit
which are secured by accounts receivable and inventory.
===============================================================================
FINANCIAL SUMMARY
KEY BUSINESS RATIOS
Based on Fiscal Consolidated Statement Dated December 31, 1997
(Industry Norms Based on 31 Establishments)
Profitability Short-Term Efficiency Utilization
% Solvency (%) (%)
Return Return Curr Quick Assets/ Total Liabs/
on Sales on Net Ratio Ratio Sales Net Worth
Worth
Firm 3.3 20.6 1.3 0.6 47.3 194.4
Industry 2.6 16.0 1.5 1.2 51.0 194.1
Median
Industry 2 2 3 4 2 3
Quartile
04/06/99 Fiscal Fiscal Fiscal
Dec 31 1995 Dec 31 1996 Dec 31 1997
Curr Assets 4,825,611 5,425,125 5,735,650
Curr Liabs 3,625,000 4,125,718 4,521,811
Current Ratio 1.33 1.31 1.26
Working Capital 1,200,611 1,299,407 1,213,839
Other Assets 1,485,440 2,191,690 2,623,143
Worth 1,912,112 2,125,499 2,838,982
Sales 10,325,582 13,007,229 17,685,297
Net Profit (Loss) 213,387 26,014 584,077
Fiscal statement dated DEC 31 1997:
Cash $ 745,000 Accts Pay $ 2,556,211
Accts Rec 1,814,925 Bank Loans 910,000
Inventory 1,500,725 Notes Pay 400,000
Other Curr Assets 1,675,000 Other Curr Liabs 655,600
--------------- ---------------
Curr Assets 5,735,650 Curr Liabs 4,521,811
Fixt & Equip 1,987,812 L.T. Liab-Other 998,000
Other Assets 635,331 CAPITAL STOCK 50,000
RETAINED EARNINGS 2,788,982
--------------- ---------------
Total Assets 8,358,793 Total 8,358,793
From JAN 01 1997 to DEC 31 1997 sales $17,685,297; cost of goods
sold $14,229,558. Gross profit $3,455,739; operating expenses
$2,871,662. Operating income $584,077. Net income $584,077.
Submitted APR 30 1998 by Leslie Smith, President. Prepared from
statement(s) by Accountant: Johnson, Jordan and Jones, CPA's.
ACCOUNTANTS OPINION: A review of the accountant's opinion
indicates the financial statements meet generally accepted accounting
principles and that the audit contains no qualifications.
--0--
Statement Item Explanations:.
OTHER CURRENT ASSETS: Consist of prepaid expenses $74,471 and
$1,600,529 of a loan from an affiliated concern.
OTHER ASSETS: Consists of deposits.
BANK LOANS: Due to bank at prime interest rate, are secured by
accounts receivable and inventory and mature in 3 years.
NOTES PAYABLE: Are due on printing equipment in monthly
installments of $37,500.
OTHER CURRENT LIABILITIES: Consist of accrued expenses and
taxes.
LONG TERM DEBT: Consists of the long term portion of the
equipment note.
On APR 06 1999 Leslie Smith, president, referred to the above
figures.
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CUSTOMER SERVICE
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END OF COMPREHENSIVE REPORT