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10-Q - 10-Q - MFRI INCmfri2011q210q.htm
EXCEL - IDEA: XBRL DOCUMENT - MFRI INCFinancial_Report.xls
XML - IDEA: XBRL DOCUMENT - MFRI INCR4.htm
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EX-32 - SECTION 1350 - MFRI INCmfri32q220111.htm
EX-31.1 - DAVID UNGER - MFRI INCmfri311q220111.htm
EX-31.2 - MICHAEL BENNETT - MFRI INCmfri312q220111.htm
XML - IDEA: XBRL DOCUMENT - MFRI INCR11.htm
v2.3.0.11
Debt
6 Months Ended
Jul. 31, 2011
Debt  
Debt Disclosure [Text Block]
Debt. On July 11, 2002, the Company entered into a secured loan and security agreement with a financial institution ("Loan Agreement"). Under the terms of the Loan Agreement as amended, which matures on November 30, 2013, the Company can borrow up to $38.0 million, subject to borrowing base and other requirements, under a revolving line of credit. The Loan Agreement covenants restrict debt, liens, investments, do not permit payment of dividends and require attainment of levels of profitability and cash flows. At July 31, 2011, the Company was in compliance with all covenants under the Loan Agreement. Interest rates are based on options selected by the Company as follows: (a) a margin in effect plus a prime rate; or (b) a margin in effect plus the LIBOR rate for the corresponding interest period. At July 31, 2011, the prime rate was 3.25% and the margins added to the prime rate and the LIBOR rate, which are determined each quarter based on the applicable financial statement ratio, were 0.50 and 2.75 percentage points, respectively. Monthly interest payments were made during the six months ended July 31, 2011 and 2010. As of July 31, 2011, the Company had borrowed $23.3 million and had $7.8 million available to it under the revolving line of credit. In addition, $125 thousand of availability was used under the Loan Agreement primarily to support letters of credit to guarantee amounts committed for inventory purchases. The Loan Agreement provides that all domestic receipts are deposited in a bank account from which all funds may only be used to pay the debt under the Loan Agreement. At July 31, 2011, the amount of such restricted cash was $1.5 million. Cash required for operations is provided by draw-downs on the line of credit.