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DEBT
9 Months Ended
Oct. 31, 2012
DEBT [Abstract]  
DEBT
NOTE 7 – DEBT

The Company and its subsidiaries have domestic and foreign uncommitted, unsecured lines of credit totaling $4,388,740 which can be used for working capital, of which $600,596 has been committed to standby letters of credit as of October 31, 2012.  The standby letters of credit have expiration dates during the fiscal year ending January 31, 2014.  Of the total lines of credit available, the foreign unsecured line of credit totals $388,740 (300,000 Euro).  As of October 31, 2012 and January 31, 2012 the Company had zero outstanding borrowings from its domestic line of credit other than the amounts committed to standby letters 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 $16,171 or 12,479 Euro as of October 31, 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 October 31, 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 October 31, 2012, the effective interest rate was 6.91% 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 October 31, 2012.  The fair value of the interest rate swap agreement resulted in a decrease in equity of $211,719 (net of tax) as of October 31, 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.