MIRA
INFORM REPORT
|
Report Date : |
23.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TEMPEL PRECISION METAL PRODUCTS INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot D – 6 / IV, Zone B, Phase 2, MEPZ, Tambaram, Chennai – 600045, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
25.10.2005 |
|
|
|
|
Com. Reg. No.: |
057901 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29299TN2005PTC057901 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHETO8979F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCT3274G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of Magnetic Steel Laminations |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9376 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a new company and a part of MNC. Trade relations are fair.
Payments are correct. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. It can be regarded as a promoting business partners in a medium to
long run |
LOCATIONS
|
Registered Office : |
Plot D – 6 / IV, Zone B, Phase 2, MEPZ, Tambaram, Chennai – 600045,
Tamilnadu, India |
|
Tel. No.: |
91-44-43959004 |
|
Fax No.: |
91-44-43959200 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
Tempel Precision
Metal Products India Pvt. Ltd. |
|
|
|
|
|
Tempel
(Changzhou) Precision Metal Products Co. Ltd. 17 Tianshan Road, Changzhou New District Changzhou, Jiangsu Province P.R. China 213022 Phone: +86-519-513-2333 Fax: +86-519-513-3377 |
|
|
|
|
|
Tempel de Mexico
S. de R.L. de C.V. |
|
|
|
|
|
Burlington,
Ontario Canada |
|
|
|
|
|
Western Regional
Sales and Distribution Center |
|
|
|
|
|
Eastern Regional
Sales and Distribution Center |
|
|
|
|
|
Tempel Steel
Company, Libertyville Division |
|
|
|
|
|
Tempel Steel
Company, Steel Services Division |
|
|
|
|
|
Tempel Steel
Company, Chicago Division |
|
|
|
|
|
Tempel Steel Company, Corporate
Headquarters 5500 N. Wolcott Ave. Chicago, IL 60640-1020 USA Phone: +001-773-250-8000 Fax: +001-773-250-8910 |
DIRECTORS
|
Name : |
Mr. Pasupuneti Baburao |
|
Designation : |
Director |
|
Address : |
6-1-654, Lakdikapool, Khairatabad – 500004, Andhra Pradesh |
|
Date of Appointment : |
12.01.2006 |
|
|
|
|
Name : |
Mr. Gary Clifton Wagner |
|
Designation : |
Director |
|
Address : |
RFD Box 5436, Long Grove, Lllinois – 60047, USA |
|
Date of Birth/Age : |
12.07.1952 |
|
Date of Appointment : |
25.10.2005 |
|
|
|
|
Name : |
Mr. Vincent Joseph Buonanno |
|
Designation : |
Director |
|
Address : |
1405, N Dearborn, Chicago, Illnois – 60610, USA |
|
Date of Birth/Age : |
20.03.1943 |
|
Date of Appointment : |
25.10.2005 |
|
|
|
|
Name : |
Mr. Jeffrey Allen Bloxdorf |
|
Designation : |
Director |
|
Address : |
11028, 87th Street, Kanosha, Wisconsin – 53142, USA |
|
Date of Birth/Age : |
24.04.1957 |
|
Date of Appointment : |
25.10.2005 |
|
|
|
|
Name : |
Mr. D. Joseph Ridyard |
|
Designation : |
Director |
|
Address : |
24 W Brookwood Drive, Arlington Heights, Lllnois – 60004, USA |
|
Date of Birth/Age : |
17.12.1958 |
|
Date of Appointment : |
25.10.2005 |
|
|
|
|
Name : |
Mr. William Charney |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Viji Samuel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ronald Bailitz |
|
Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Tempel Steel Company |
|
9990 |
|
Ms. Viji Samuel |
|
10 |
|
|
|
|
|
Category |
|
Percentage of
Holding |
|
Foreign holdings(FIIs, FCs, FFIs, NRIs or OCB or other) |
|
99.90 |
|
Others |
|
0.10 |
BUSINESS DETAILS
GENERAL
INFORMATION
|
Customers : |
˛ Visteon India
Limited ˛ Applicon India
Limited ˛ LG Electronics
India Private Limited ˛ Kirloskar
Electric Company Limited |
|
|
|
|
Bankers : |
˛ Bank of America 748, Anna Salai, Chennai – 600002 ˛ Kotak Mahindra
Bank Limited 555, Anna Salai, Chennai - 600018 |
|
|
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Venkat and Vasan Chartered Accountants |
|
Address : |
44 (old No.27), Parangusapuram Street, Chennai – 600024, Tamilnadu |
|
Tel No.: |
91-44-24832550 / 24735213 |
|
E-Mail : |
|
|
|
|
|
Holding Company : |
Tempel Steel Company 5500 N. Wolcott Avenue, Cicago, Lllinois – 606401020, USA |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
25.10.2005 To 31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.100 |
|
|
2] Share Application Money |
|
|
2.244 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2.344 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
29.542 |
|
|
TOTAL BORROWING |
|
|
29.542 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
31.886 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1.733 |
|
|
Capital work-in-progress |
|
|
0.990 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
17.435 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
19.788 |
|
|
Other Current Assets |
|
|
8.804 |
|
|
Loans & Advances |
|
|
0.000 |
|
Total
Current Assets |
|
|
46.027 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
18.470 |
|
|
Provisions |
|
|
0.276 |
|
Total
Current Liabilities |
|
|
18.746 |
|
|
Net Current Assets |
|
|
27.281 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
1.882 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
31.886 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
25.10.2005 To 31.03.2006 |
|
|
CIF Value of Import |
|
|
|
|
|
|
Raw Materials |
|
|
17.114 |
|
|
Capital Goods |
|
|
0.357 |
|
Total Imports |
|
|
17.471 |
|
Note:
The Subject was incorporated on 25.10.2005, and there are no commercial
activities from 25.10.2005 to 31.03.2006. Hence Profit and Loss is not available.
However, the total expenditure on project construction incurred during the
period i.e. from 25.10.2005 to 31.03.2006 amounted to Rs.1.854 millions and the
same has been carried over to Balance Sheet for allocation
KEY RATIOS
|
PARTICULARS |
|
|
|
25.10.2005 To 31.03.2006 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
7.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
2.45 |
LOCAL AGENCY
FURTHER INFORMATION
As Per Web Details
Attached
Company Profile:
Subject was founded by Tempel Smith in 1945 and today is still managed by members of the Smith family. Their family business has grown to over $400 million in sales with 1800+ associates still dedicated to original vision of their founder.
Today, 60 years later, the company is still focused on providing superior electrical steel products and services as it was when founded and because of that focus has always attracted and retained the best motor and transformer manufacturing customers in the world.
The world has changed in 60 years and the market for their products has become a global market and therefore their customers expect that they will provide their products and services globally. Their customers expect them to bring the same standards of quality and service for electrical steel products to developing countries.
The company recognized that the marketplace they serve was changing and they began to pursue global expansion. In 1996 Subject acquired BCL Magnetics in Canada. Then in 1998, Subject built a new plant in Monterrey, Mexico. In 2004, they added a plant in Changzhou, China. And this year, Subject expanded its operations into Chennai, India. Their company is stronger and more competitive today because of these global endeavors.
They hope that you will take the time to learn more about their company and how they can help you with your needs for electrical steel, laminations for motor and transformers.
History
Tempel Smith founded Subject Manufacturing Company on the north side of Chicago in 1945. The name was changed to Tempel in 1958. Their Corporate Headquarters and Motor Lamination Division reside on this original site.
The company currently has manufacturing plants in Chicago and Libertyville, Illinois in the United States and in Mexico, Canada, China and India. Distribution centers are located on the East and West Coasts of the United States to better serve their customers. Before his death in 1980, Tempel Smith had led his company to become the world's largest producer of magnetic steel laminations.
They hope you will take a moment to review their history of their founding days and their successes over the last 60 years as they move into their next decade of accomplishments.
Scope of Business
Subject is a manufacturer of motor and transformer laminations used by a broad range of OEM and aftermarket manufacturers.
They manufacture laminations used in a wide range of automotive products including actuators, alternators, electric power steering, fuel pumps, hybrid drive motors, ignition cores, seat adjusters, starters, generators and window lifts.
They produce motor laminations for use in appliances, power tools, pumps, other sub-fractional, fractional, integral motor applications; axial gap and linear motors; generators and traction motors for trains, using both progressive, blank and notch stamping technology.
They manufacture transformer laminations used in a wide range of application uses such as lighting HID, florescent ballasts, relays, RF, power, signal, instrument, current, toroidal, distributed gap, voltage transformers and cut-to-length for distribution type transformers.
Their specialty Helical Wound (Slinky) Stator cores are used in automotive alternators and PM motor stator applications.
They also provide added value products such as powder coating, die-casting, welding and slot paper insertion and they also sell electrical steels.
If you have not seen the product you are interested in purchasing laminations for, please contact their Applications Engineering department. Subject manufactures a wide range of laminations for specialty custom products not listed above.
To read more about their capabilities or their Added Value operations just click on the links above to learn more.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.41 |
|
UK Pound |
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.58.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|