MIRA INFORM REPORT

 

 

Report Date :

18.02.2011

 

IDENTIFICATION DETAILS

 

Name :

MAGNA POWERTRAIN USA INC

 

 

Registered Office :

Corporation Trust Center, 1209 Orange ST Wilmington, New Castle DE 19801

 

 

Country :

United States 

 

 

Date of Incorporation :

03.05.2004

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Motor Vehicle Supplies and New Parts

 

 

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

 

Status :

Moderate

 

 

Payment Behaviour :

Regular

 

 

Litigation :

----

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

United States 

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Difficult

 

 

IDENTIFICATION

 

Ordered as:

Magna Powertrain USA, Inc

Address in the order:

6600 New Venture Gear Drive East Syracuse NY 13057

Comments on data supplied:

Dear client:

The address provided in the order (6600 New Venture Gear Drive East Syracuse NY 13057) is that of a branch, we have learned that the headquarters are at 600 Wilshire Drive Troy, Michigan, USA 48084.

Legal Name:

Magna Powertrain USA Inc

Legal Address

Corporation Trust Center, 1209 Orange ST Wilmington, New Castle DE 19801 (registered agent)

 

Operative Address

600 Wilshire Drive Troy, Michigan, USA 48084.

Telephone:

+1 (248) 680-4900

ID :

3790094

Fax:

-

Legal Form:

Corporation for Profit

Email:

-

Registered in:

Delaware

Website:

www.magnapowertrain.com

Date Created:

1966

Manager:

Jake Hirsch, President

Date Incorporated:

May 3rd, 2004

Staff:

2,983 (at group level)

Stock:

N/A

 

 

Value:

N/A

Activity:

Motor Vehicle Supplies and New Parts

 

 

BANKS

 

Name of the Bank

National Bank of Canada

Name of the Bank

National City Bank

 

BUSINESS

 

HISTORY

 

This company was created in the year 1966.

PRINCIPAL ACTIVITY

 

The subject is categorized under Automobile Parts and Supplies-Manufacturers.

Products/Services description:

 

Automotive Parts

Summit Auto Parts

Jegs Auto Parts

Nappa Auto Parts

Dodge Auto Parts

Sales are:

 

Wholesale

Clients:

 

GMC Sierra

Ford Escaoe

Ford F- series

Lincoln MKZ

Mercedes Benz

PAYMENTS

 

regular

LOCATION

Headquarters

 

This company is headquartered at 1775 Research Dr. Troy, MI 48083.

 

Comments on location:

 

This company is incorporated in Delaware for tax purposes, however it is headquartered in Michigan

Branches:

 

The company has the following branches:

 

430 Cochrane Drive Unionville, Ontario L3R 8E3 Canada

 

Steyrer Strasse 32 4300 St. Valentin Austria

 

6363 14 Mile Road Sterling Heights Michigan 48312

 

6600 New Venture Gear Drive East Syracuse NY 13057

Among others.

Business Overview:

 

The US automobile parts wholesale and retail industry includes about 35,000 companies with combined annual revenue of $200 billion. Top companies include Advance Auto Parts, AutoZone, Genuine Parts, O'Reilly Automotive, and The Pep Boys. The wholesale segment of the industry is concentrated: the 50 largest companies have more than 50 percent of the segment's sales. The retail segment is fragmented. Many large companies operate both wholesale distribution centers and retail stores.



Shareholders - Manager - Related Companies

 

Shareholders Parent Company(ies):

 

This company is wholly own subsidiary of Magna International, Inc. traded at the stock exchange NYSE under ticker symbol "MGA" located at 337 Magna Drive Aurora, Ontario Canada L4G 7K1

Phone: 905-726-7035

Management:

 

Jake Hirsch, President

Grant Church, purchasing manager





Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements. Please find enclosed financial statement from its mother company

We have contacted  a male representative who refused to provide us any financial data on grounds of confidentiality without knowing the name of the inquiring party.

 

Currency

DATE

USD

2009(Consolidated from mother company)

Turnover

17,367,000,000

Operating Income

(511,000,000)

Net Income

(493,000,000)

Current Assets

(6,303,000,000)

Net worth

7,360,000,000

Liabilities

4,943,000,000



Legal Fillings

 There are 120 UCC** files listed with the Secretary of State of Delaware.

 

There were three legal filings found against this company:

 

 

Stafford et al v. Magna Powertrain of America, Inc. 

Filed: October 20, 2010 as 2:2010cv14211 Updated: December 22, 2010 00:10:00

Last Document Filed: October 20, 2010

Plaintiffs: Edward E. Stafford  and John L. Watson, Jr. Defendant: Magna Powertrain of America, Inc.Presiding Judge: George Caram Steeh

Referring Judge: Virginia M Morgan

Cause Of Action: Job Discrimination (Age)

 

 

Goodwin v. Magna Powertrain of America Inc et al

Filed: February 5, 2008 as 1:2008cv00043 Updated: February 6, 2008 08:56:33

Plaintiff: Rita M GoodwinDefendants: Dan Quickel and Magna Powertrain of America IncPresiding Judges: Magistrate Judge Roger B Cosbey and Judge Rudy Lozano

Referring Judge: Magistrate Judge Roger B Cosbey

Cause Of Action: Petition for Removal - Employment Discrim

 

 

Hewitt v. DaimlerChrysler North America Holding Corporation et al

Filed: November 20, 2007 as 5:2007cv01228 Updated: November 21, 2007 13:06:50

Plaintiff: Shawn K. HewittDefendants: DaimlerChrysler North America Holding Corporation, Magna Powertrain USA, Inc. and New Process Gear, Inc.Presiding Judge: Judge David N. Hurd

Referring Judge: Magistrate Judge George H. Lowe

Cause Of Action: American Disabilities Act

 

 

The last annual report was filled in December 31, 2009.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

 

 

For information:

 

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

 

 

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. 

 

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

 

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

 

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.



Rating

 

Local credit bureau gave a Low credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 

 Final Opinion

 

This company has been in business for 45 years. It has a staff of 2983 employees at group level which makes it a large sized company.

 

The subject company is subsidiary of a Canadian company that it is also headquartered in Michigan, traded at the stock exchange NYSE under ticker symbol "MGA".

 

There were three legal filings found for this company.

 

We have contacted the company an they refused to provide us with financial information; However the financial figures gathered from its mother company showed a low profitability and a negative income for the year 2009.

 

We suggest working with GUARANTEES.

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

LOW

Public Records

YES

Indebtedness

N.A.

Payments

REGULAR

Cash

LOW

 

 

 

 

APPENDIX

 

Person Interviewed

 

Male Representative

Comments

 

He refused to continue with the conversation without knowing the exact name of the inquiring party due to confidentiality reasons. therefore he refused to provide us with any information about the company or its mother company. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.73.08

Euro

1

Rs.61.60

 

 

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

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

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.