Document 1y0ebRV5Nj84O6MojdrYeEZ1j

2ww 2 {/J fftts/sf/y'/. tX _ /y/uCuJi'f YfM/X 'i .'<"<(. RATING CHANGE 17 43 SUMMARY TRADE FINANCE RICHARDSON. T(LE CO. CD 44 AUG 27 1962 M CERAMIC TILE CCWRACTOR 1955 204 FORT WORTH ST. WICHITA FALLS U'X CLYDE G. RICH} J. KENNETH RIC!IV.9S0;[) PARTNERS TRADE FALLS LOR HI EIPLS C2 Former ly c 2{ DISC-PET $780,661 $156,997 20 OPERATIONS PROFITABLE, AFFAIRS IN SATISFACTORY ORDER. HC 18000 200 30000 OVfE P DUE TERMS 16500 50 5 10 30 July 30 1962 Disc Disc Ppf SOLO Over 3 yrs to 6-62 2 mos to 6-62 3 yrs Auci 29 1939 (Inlet' ii ' Curr Assets $ 79.035 Curr Liab 22,731 Working Capital 56,304 Worth Sales 6$,353 `- . Other Assets 8,050 Statement Dec 31 1961 Cash in Bk $ 28,250 Accts Roc 133,503 Mdse 31,972 Dec 31 1960 it f SCO / j $ 132,081 50,430 74,451 90,217 250,000 17,011 Accts Pay Nofcs Pay Texes (Fed 6 State} Dec 3! 1961 , (Fiscal) " $ 193,725 67,780 127,945 150,997 788,661 29,121 $ 41,218 25,000 J ,561 Total Current Fixed Assets Advances $ Loans 195,725 25,775 3,3'-6 Total Current Accts Pay-Partners NET WORTH 67,780 70 156,997 Total Assets 224,848 Tota 1 224,848 Sales WOO,661 Jan I 196! to Doc 31 1961; salaries end drawings of owner $22,552; not profit over and above withdrawals $60,778; monthly rent $300, lease expires May I I960; fire insuranco on mdse and fixt $50,000 (monthly reporting form). Signed Apr 5 1962, RICHARDSON TILE CO., by Shirley Steiner, office mgr. Cash confirmed at statement dote. Fixed assets consists of auto mobiles, and trucks at appraised value $12,500; equipment $(3,275 at cost less depreciation. Dotes payable were to a local commercial bank unsecured. In 1961 a sizeable amount of government contracts was handled and the volume increased r-:?>lcsriaUy. Accounts receivable at years end were unusually high, end while seme slowness has boon experienced, have been collected in a reasonably satisfactory manner. Rot included in the foreging financial statement it is the equity in new hemus of each partner built in i960 and their interest in VI iI sen Manufacturing Company Ltd,, Fort Worth. After the December 31, 1961 figures wore propored, a floor covering department which handled $15,900 in sales in 1961 v:cs sold to Arrow Floors, Inc. Inventory of $21,000 and equipment was sold to that corporation, partly for cash and partnership took a note in the amount of $16,394, to bo collected $400 monthly, unsocured. C. G. and J. K. Richardson own 20;j interest in that corporation, which has paid in capital $17,500. July I, 1962 a separate corporation was formed (CONTINUED N18814 MfASE NOTE WHITHER NAME. CL002029^ FINANCE (COUT'D) OPERA!ION HISTORY RICMARD50M TILE CO. WICHITA FALLS TEX AUG 27 1962 Pago 2 at EI Paso, Texas* under style. Cun CiIy Tile Company, to toko ovor operations which have been. sfuried 'iiirre by I ho subject partnership as a branch. The purl pars own At,000 interest in that corporation, August 24, 1902, Shirley Steiner, office manager, furnished tho following estimates: Cash 5 35,n OO Acc^s Pay $ 15,000 Accts Pee 40,000 Rotes Pay Bk15,000. Inventory 25,000 Fixed Assets 25,000 Other receivables $15,000. Sales for the first six r'.nths of 1952 wore $352,060. Mrs. Steiner said a complete profit end less statement is not available, but expressed the opinion profits have been realized. At bank cash balances average in moderate to middle five figures. Loans in middle five figures have been extended, partly secured and partly unsecured, all relatione satisfactory. Operates as contractor;, retting and installing cornuic tile. Work is done on government contracts at military installations, for commercial building contractors and housing developers. Usual titr.o of terms arc 30 days. Have an average of twenty employees now, but extra part time help is hired as needed and anticipate having as nv.sny os 60-70 employees later. LOCATION: May l 1961 business removed frern 4005 Seymour Highway to present address. Roms a 4,CC0 square foot masonry one-story building located in an industrial area. Premises attractive and well maintained. Style registered February 2, 1961 by C. G. and J. K- Richardson. Used for buying and selling. Partnership formed to start business at Devine, Texas in 1955 with nominal capital. Headquarters moved to Wichita Falls March, 1959. C. G. Richardson, born 1930 in Texas, is married. Prior to starting subject business scent several years in U. S. Army. J. K. Richardson, born 1927 in Texas, is married. After several years of experience in U. S. Air Force, formsd present partnership. The brothers were reared in Sc.ivrsot, Texas. During 1961, the brothers bec.ar; j special partners in Wilson Manufactur ing Co., Ltd., Fort Worth. That partnership manufactures adhesives used in installation of linoleum and tile. Its worth at May 31 I960 was $53,885. Clyde G. Richardson is president and J. K. Richardson executive vicepresident of Arrow Floors, |nc., which is discussed under copition ''Finance". Owning 20% of tho capita! stock of ihot corporation that concern does business from tho soma location as RichardsonTi !o Co., it soils and installs under- contract res Hunt floor covering, docs floor sand ing and finishing and torrazzo work. Financial statement da fed-January I 1962 reflects current assets $22,933, current nubilities $T,C00, n- worth $17,500. There is merchandising between tho 1 wo companies, but is directly stated there are no inter-company endorsements or guarantees. Arrow Floors, Inc,, continues to evio Richardson file Company a note cn the purchase price of certain ir.venlory and equipment. July t, 1962, those partners became incorporators . long with Lawton LeRoche and Larry Robinson, a local attorney, in Sun City Tile Company, El Paso, Texas. That corporation took over about $2,000 in inventory from the subjoct partnership, end continues to operate the tile business in El Paso. Its authorized paid in canitnl stock is $12,500. 8-27 (25 59) GLD020295 <1