MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
AJAX TOCCO MAGNETHERMIC CORPORATION |
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Registered Office : |
1745 Overland Avenue, Warren, Ohio, 44483 |
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Country : |
United States |
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Date of Incorporation : |
20/09/2002 |
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Legal Form : |
Corporation – Private |
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Line of Business : |
Induction heating and melting equipment manufacturer |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name: AJAX TOCCO MAGNETHERMIC CORPORATION
Address: 1745 OVERLAND AVENUE
City: WARREN
State/Province: OHIO
Zip Code: 44483
Country: UNITED STATES
Telephone: 330 372-8511
Facsimile: 330 372-8608
Legal Form: Corporation - Private
As of:
Sales / Revenue:
Net Income:
Total Equity:
Number of Employees: 700
Website: www.ajaxtocco.com
Maj. Shareholder: Park-Ohio Holdings Corp.
Business Activity: AJAX
TOCCO MAGNETHERMIC is an induction heating and melting equipment
manufacturer,
whose products are used for varying purposes and in various industries.
NOTE TO CLIENT
Contact Person: Mr. Steve
White
Position: CFO
Mr. Steve White was not available after many attempts; thus voice
messages were left and a written request was sent. If he responds the report will be amended. The information in the report was retrieved
from the Company's website and outside sources and has not been confirmed by
management.
LEGAL
Legal Form: Corporation
- Private
Since (D/M/Y): 20/09/2002
State/Province of Incorporation: OH
Status:
ACTIVE
Previous Legal Form:
Corporation – Public
Company is NOT required to publish an annual financial report.
The Company is incorporated in the State of Ohio under the following
registration:
Name Searched: AJAX TOCCO MAGNETHERMIC
Property Address: DID NOT RECEIVE CONSENT TO USE PROTECTED NAM
PRINCIPAL LOCATION IS EUCLID
Business Description: DOMESTIC
ARTICLES/FOR PROFIT
Filing Date: 9/20/2002
Filing Number: 1341803
History: File Date: 12/6/2004
Type: DOMESTIC AGENT ADDRESS CHANGE
Document Number: 200501301310
File Date: 8/11/2004
Type: DOMESTIC AGENT ADDRESS CHANGE
Document Number: 200422500934
File Date: 10/1/2002
Type: MERGER/DOMESTIC
Document Number: 200227501074
File Date: 9/20/2002
Type: DOMESTIC ARTICLES/FOR PROFIT
Document Number: 200226600194
Registered Agent: CSC-LAWYERS INCORPORATING
SERVICE (CORPORATION SERVICE COMPANY)
Status: ACTIVE
Creation Date: 12/6/2004
AGENT ID: 200501301310
Registered Office: 50 W. BROAD ST
SUITE 1800
COLUMBUS, OH 43215
Status Date: 1/13/2005
Status: IN
GOOD STANDING
Type: CORPORATION FOR PROFIT
Managers/Key
Personnel
Mr. Thomas Illencik
President
Mr. Steve White
Chief Financial Officer
OWNERS
Park-Ohio Holdings Corp. 100.00%
Majority
Parent Companies
Parent Company: Park-Ohio
Holdings Corp.
OH
UNITED STATES
Parent Company: PARK-OHIO
HOLDING CORPORATION
The financial details of AJAX TOCCO MAGNETHERMIC are consolidated into
its parent company PARK-OHIO HOLDING CORPORATION.
Summarized Consolidated Financial Data expressed in thousands of US$
12/31/2006 12/31/2005
Total
Assets: $784,142 $665,983
Total
Current Assets: $485,826 $393,029
Total
Current Liabilities $217,392 $188,107
Total
Liabilities: $645,405 $562,462
Long
Term Debt: $371,490 $135,005
Total
Equity: $138,737 $103,521
Net
Income: $24,179 $30,808
Total
Revenue: $1,056,246 $932,900
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PARK-OHIO HOLDING CORPORATION's stock trades on the NASDAQ under the
symbol PKOH and recently closed at US $18.91.
Over the past year, the stock has traded the 52 weeks range of US $21.36 to US $12.72. There are approximately 11,374,000 shares of
common stock outstanding.
Other Affiliates
Park-Ohio Industries Corp.
OH
UNITED STATES
BANKS
OH
Telephone:
Facsimile:
Account Number:
Account Manager:
The name of the primary bank could not be obtained directly from
management.
PAYMENT HISTORY
BUSINESS
DATE LAST PAYMENT CREDIT BALANCE CUR 1- 31- 61-
CATEGORY
REPTD SALE TERMS $
$ % 30
60 90 91+ COMMENTS
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
AIR TRANS
06-11 00-00 NET 30 100 0
0 0 0 0 0
CUST 20 YR
FACTOR
07-02 99-08 NET 30 0 0 0 0 0
0 0
FINCL SVCS 07-03 05-08 NET 30 2700
0 0 0
0 0 0
FINCL SVCS 07-03 05-06 NET 600
600 0 0
0 0 100 WRITE-OFF
FREIGHT
07-03 05-08 VARIED 100 0
0 0 0 0 0
INDUS SUPL 07-02 00-00 1/10N30 0 0 0 0 0
0 0
MACH DISTR 06-12 00-00 VARIED 0
0 0 0
0 0 0
MACH DISTR 07-02 00-00 VARIED 0
0 0 0
0 0 0
MACHINERY
07-02 07-02 NET 30 0 0 0 0 0
0 0
METAL DIST 07-02 02-07 CIA 0
0 0 0
0 0 0 CIA
PACKAGING
07-01 06-12 NET 30 0 0 0 0 0
0 0 CUST 14 YR
PRNTG& PUBL 07-03 00-00 VARIED 0
0 0 0
0 0 0
RETL TRADE 07-03 02-01 VARIED 0
0 0 0
0 0 0 ACCTCLOSED
TRUCK DLR
07-03 00-00 CONTRCT 3500
100 100 0 0
0 0
BLDG MATRL 04-09 04-04 VARIED 0
0 0 0
0 0 0
CELLUL/PAG 06-07 02-07 NET 30 700
700 0 0
0 0 100 WRITE-OFF
COMMUNICTN 04-06 96-10 NET 20 0
0 0 0
0 0 0 CUST 12 YR
COMMUN SVC 06-08 00-00 NET 20 3800
0 0 0
0 0 0 WRITE-OFF
COMPUTERS
05-05 00-00 VARIED 0 0 0 0 0
0 0 CUST 37 YR
COMPUTERS
04-08 00-00 CREDIT 400 400
63 6 6 6 19
DP EQUIP
05-11 00-00 NET 30 300 300
0 0 0 0 100
ELEC DISTR 06-07 00-05 VARIED 0
0 0 0
0 0 0
ELEC DISTR 06-09 00-00 NET 30 0
0 0 0
0 0 0 PROMPT
ELEC SUPLR 04-06 01-09 2/10N30 0 0 0 0
0 0 0
ELEC SUPLR 05-04 00-00 VARIED 0
0 0 0
0 0 0
FRGHT FWRD 06-01 00-00 NET 30 3500
3500 100 0 0
0 0
INDUS SUPL 06-06 02-12 COD 13200
0 0 0
0 0 0 CUST 10 YR
MED SUPPLY 06-04 00-00 VARIED 0
0 0 0
0 0 0
METAL DIST 05-04 04-12 5/10N30 400 0
0 0 0 0 0
MOTR TRANS 05-12 01-09 NET 30 0
0 0 0
0 0 0
NEWSPAPERS 05-05 00-00 NET 20 0
0 0 0
0 0 0
PACKAGING
06-01 99-12 NET 30 0 0 0 0 0
0 0
PAINTS
04-12 00-00 VARIED 4300 4300
0 0 0 0 100
SAFTY PROD 06-03 00-00 NET 30 0
0 0 0
0 0 0 CUST 5 YR
TRANSPORTN 04-11 00-00 VARIED 0
0 0 0
0 0 0
CURRENT QUARTER 7000
700 12 0
0 0 88
Payment Trends
INDUSTRY BUSINESS
BALANCE CUR 1- 31- 61-
DATE
CUR DBT DBT $ % 30
60 90 91+
--------
--- --- --- -------- --- --- --- --- ---
20070300
0 17 105 600 0 0
0 0 100
20070200
0 18 95 700 0 11
0 0 89
20070100
0 8 93 700 11 0
0 0 89
20061200
0 8 91 700 13 0
0 0 87
20061100
0 8 105 600 0 0
0 0 100
20061000
0 8 105 600 0 0
0 0 100
Payment History - Quarterly Averages
BALANCE CUR 1- 31- 61-
QUARTER
YEAR DBT $ % 30 60
90 91+
-------- ------ ---
-------- --- --- --- --- ---
Fourth
2006 97 700 8 0 0
0 92
Third
2006 58 1100 43 2 0
0 55
Second
2006 35 2100 49 21 0
0 30
First
2006 40 1700 58 5 0
0 37
Fourth
2005 30
2900 37 38
3 0 22
FINANCIAL INFORMATION
The financial details of AJAX TOCCO MAGNETHERMIC are consolidated into
its parent company PARK-OHIO HOLDING CORPORATION.
HISTORY
The operating assets of Ajax Magnethermic Corporation were sold on
September 10, 2002, to a subsidiary of Park-Ohio Holdings Corp. The assets were combined with certain assets
of Tocco to form the Subject.
CURRENT OPERATIONS
NAICS Code: 333414 Heating Equipment (except Electric and Warm
Air Fu
SIC Code: 3569
Number of Employees:
700
Business Activity:
AJAX TOCCO MAGNETHERMIC is an induction heating and melting equipment
manufacturer, whose products are used for varying purposes and in various
industries.
The Subject also provides maintenance, equipment repair and parts, coil
repair facilities, and installation services.
The Company's headquarters is located at the above address. The premises are leased and consist of
240,000 square feet of office, manufacturing, and warehousing space.
An additional manufacturing plant consisting of 120,000 square feet of
space is located in the state of Alabama.
Support centers are located in the states of Ohio, Indiana, Texas, and
Alabama, and also internationally in Canada, Mexico, England, Japan, China, S.
Korea, and Germany.
A development and support center is located in Detroit, Michigan.
PUBLIC RECORD
Name Searched: AJAX TOCCO MAGNETHERMIC
Debtor Address: AJAX TOCCO MAGNETHERMIC CORPORATION
1745 OVERLAND AVENUE N.E.
WARREN,
OH 44482
Secured Parties: NIBCO OF VIRGINIA, INC.
Filing Date: 5/20/2004
Filing Number: OH00077493337
Filing Type: INITIAL FILING
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Name Searched: AJAX TOCCO MAGNETHERMIC
Debtor Address: AJAX TOCCO MAGNETHERMIC CORPORATION
1745
OVERLAND AVE., N.E.
WARREN,
OH 44483
Secured Parties: DANA CORPORATION
Filing Date: 12/8/2003
Filing Number: OH00071540968
Filing Type: INITIAL FILING
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Name Searched: AJAX TOCCO MAGNETHERMIC
Debtor Address: AJAX-TOCCO MAGNETHERMIC CORPORATION
1745
OVERLAND AVE. N.E.
WARREN,
OH 44483
Secured Parties: DANA CORPORATION - TORQUE TRACTION TECHNOLOGIES, INC.
Filing Date: 10/15/2003
Filing Number: OH00069588732
Filing Type: INITIAL FILING
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Name Searched: AJAX TOCCO MAGNETHERMIC
Debtor Address: AJAX TOCCO MAGNETHERMIC CORPORATION
1506
INDUSTRIAL BLVD
BOAZ,
AL 35957
Secured Parties: IBM CREDIT LLC
Filing Date: 4/7/2003
Filing Number: OH00061952585
Filing Type: INITIAL FILING
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Name Searched: AJAX TOCCO MAGNETHERMIC
Debtor Address: AJAX TOCCO MAGNETHERMIC CORPORATION
23000
EUCLID AVENUE
CLEVELAND, OH 44117
Secured Parties: BANK ONE, NA
Filing Date: 7/30/2003
Filing Number: OH00066802139
Filing Type: INITIAL FILING
------------------------------------------------------------------------
Name Searched: AJAX TOCCO MAGNETHERMIC
Debtor Address: AJAX TOCCO MAGNETHERMIC CORPORATION
1745
OVERLAND AVENUE
WARREN,
OH 44482
Secured Parties: THE TIMKEN COMPANY
Filing Date: 11/12/2002
Filing Number: OH00056459986
Filing Type: INITIAL FILING
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Name Searched: AJAX TOCCO MAGNETHERMIC
Debtor Address: AJAX TOCCO MAGNETHERMIC
1745
OVERLAND AVE NE
WARREN,
OH 44483
Secured Parties: US BANCORP
Filing Date: 10/11/2005
Filing Number: OH00094241991
Filing Type: INITIAL FILING
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Name Searched: AJAX TOCCO MAGNETHERMIC
Debtor Address: AJAX TOCCO MAGNETHERMIC CORP
1745
OVERLAND AVE NE
WARREN,
OH 44483
Secured Parties: US BANCORP
Filing Date: 10/10/2005
Filing Number: OH00094099453
Filing Type: INITIAL FILING
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Name Searched: AJAX TOCCO MAGNETHERMIC
Debtor Address: AJAX TOCCO MAGNETHERMIC CORPORATION
1745
OVERLAND AVENUE
WARREN,
OH 44483
Secured Parties: U.S. BANCORP OLIVER-ALLEN TECHNOLOGY LEASING
Filing Date: 4/22/2005
Filing Number: 20051150402
Filing Type: AMENDMENT
Original Filing Number: OH00087452171
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Name Searched: AJAX TOCCO MAGNETHERMIC
Debtor Address: AJAX TOCCO MAGNETHERMIC CORPORATION
1745
OVERLAND AVENUE
WARREN,
OH 44483
Secured Parties: U.S. BANCORP OLIVER-ALLEN TECHNOLOGY LEASING
Filing Date: 3/18/2005
Filing Number: OH00087452171
Filing Type: INITIAL FILING
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A nationwide search of bankruptcy courts revealed no filings related to
the Subject.
GENERAL COMMENTS
AJAX TOCCO MAGNETHERMIC, designs and manufactures induction heating and
melting equipment for various industries and applications throughout the world.
The Company's payment record shows significant late payments. The operating history is clear, and the
Subject is considered responsible for normal trade relations.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)