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DEBT
3 Months Ended
Apr. 30, 2012
DEBT [Abstract]  
DEBT
NOTE 7 - DEBT

The Company and its subsidiaries have domestic and foreign uncommitted, unsecured lines of credit totaling $4,397,170 which can be used for working capital, of which $1,250,155 has been committed to standby letters of credit as of April 30, 2012.  The standby letters of credit have expiration dates during the fiscal years ending January 31, 2013 and 2014 in the amounts of $1,239,155 and $11,000, respectively. Of the total lines of credit available, the foreign unsecured line of credit totals $397,170 (300,000 Euro).  As of April 30, 2012 and January 31, 2012 the Company had zero outstanding borrowings from its domestic line of credit.  The Company's Mefiag B.V. subsidiary's line of credit, which is with a bank in The Netherlands, had outstanding borrowings of zero as of April 30, 2012 and $265,581, or 202,997 Euro, as of January 31, 2012.

The Company's long-term debt is subject to certain covenants, including maintenance of prescribed amounts of leverage and fixed charge coverage ratios.  The Company was in compliance with all applicable covenants as of April 30, 2012.

The Company has an interest rate swap agreement to hedge against the potential impact on earnings from increases in market interest rates.  Effective April 3, 2006, the Company entered into a fifteen-year interest rate swap agreement for a notional amount equal to the balance on the bond payable maturing April 2021.  The Company swapped the ninety-day LIBOR for a fixed rate of 4.87%.  As of April 30, 2012, the effective interest rate was 6.79% as a result of the swap agreement plus the interest rate floor provision of 250 basis points.  The interest rate swap agreement is accounted for as a cash flow hedge that qualifies for treatment under the short-cut method of measuring effectiveness.  There was no hedge ineffectiveness as of April 30, 2012.  The fair value of the interest rate swap agreement resulted in a decrease in equity of $214,677 (net of tax) as of April 30, 2012 and a decrease in equity of $230,760 (net of tax) as of January 31, 2012.  These results are recorded in the accumulated other comprehensive loss section of shareholders' equity.