MIRA
INFORM REPORT
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Report Date : |
04.01.2013 |
IDENTIFICATION DETAILS
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Name : |
GEORGE KELK CORPORATION |
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Registered Office : |
48 Lesmil Road, Toronto, Ontario M3B 2T5 |
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Country : |
Canada |
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Date of Incorporation : |
1953 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Designs and Manufactures electronic measurement equipment for steel
and aluminum rolling mills, paper mills, and mining applications. |
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No. of Employees : |
170 |
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 : |
No Complaints |
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Litigation : |
Clear |
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 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Canada |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
canada - ECONOMIC OVERVIEW
As an affluent,
high-tech industrial society in the trillion-dollar class, Canada resembles the
US in its market-oriented economic system, pattern of production, and affluent
living standards. Since World War II, the impressive growth of the
manufacturing, mining, and service sectors has transformed the nation from a
largely rural economy into one primarily industrial and urban. The 1989
US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade
Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase in
trade and economic integration with the US its principal trading partner.
Canada enjoys a substantial trade surplus with the US, which absorbs about
three-fourths of Canadian exports each year. Canada is the US's largest foreign
supplier of energy, including oil, gas, uranium, and electric power. Given its
great natural resources, highly skilled labor force, and modern capital plant,
Canada enjoyed solid economic growth from 1993 through 2007. Buffeted by the
global economic crisis, the economy dropped into a sharp recession in the final
months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12
years of surplus. Canada''s major banks, however, emerged from the financial
crisis of 2008-09 among the strongest in the world, owing to the financial
sector''s tradition of conservative lending practices and strong
capitalization. Canada achieved marginal growth in 2010 and 2011 and plans to
balance the budget by 2015. In addition, the country''s petroleum sector is
rapidly becoming an even larger economic driver with Alberta''s oil sands
significantly boosting Canada''s proven oil reserves, ranking the country third
in the world behind Saudi Arabia and Venezuela.
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Source : CIA |
Company name and address
Company name: GEORGE KELK CORPORATION
Address: 48 Lesmil Road, Toronto, Ontario M3B
2T5 - Canada
Telephone: +1
416-445-5850
Fax: +1 416-445-5972
Website: www.kelk.com
Company Summary
Corporate ID#: ON-0000985423
State: Ontario
Judicial form: Corporation – Profit
Date incorporated: March
1, 1992
Date founded: 1953
Stock: -
Value: -
Name of manager: Peter
KELK
ACTIVITIES
& OPERATIONS
Business:
George Kelk Corporation designs and manufactures electronic measurement
equipment for steel and aluminum rolling mills, paper mills, and mining
applications. It offers roll force measurement load cells, strain gage
extensometers, tension measuring equipment, roll fluid pressure transducers,
absolute displacement transducers, strip width measurement equipment, plate
outline gages, laser velocimeters, crop optimization systems, hot metal
detectors, and weighing load cells.
The company sells and markets its products through a worldwide network
of agents. 98% of production is exported mainly to China.
George Kelk Corporation was founded in 1953 and is based in Toronto,
Canada.
Last news:
On December 18, 2012, Vishay Precision Group, a producer of precision
sensors and systems, based on its resistive foil technology, announced the
signing of a definitive agreement to acquire the assets of George Kelk
Corporation of Toronto Canada, a privately held company. The acquisition is
expected to close by January 31, 2013,
subject to the satisfaction of customary conditions.
The purchase price for this business is approximately $50 million
Canadian. VPG will finance the acquisition through a combination of cash on
hand and third party borrowings. Kelk experienced an average of approximately
$30.0 million Canadian in annual net sales and an average of approximately $8.0
million Canadian in annual EBITDA over the last two years.
Staff: 170
Operations & branches:
At above address, we find a large factory, warehouse and office, owned.
SHAREHOLDERS & MANAGERS
Shareholders:
VISHAY PRECISION GROUP, INC.
63 Lancaster Avenue
Malvern, PA 19355 - USA
Vishay Precision Group, Inc. designs, manufactures, and markets
components based on resistive foil technology, sensors, and sensor-based
systems in the United States, Europe, and Asia. The company’s products include
precision foil resistors, foil strain gages, transducers and load cells,
modules, instruments, weighing and control systems, and PhotoStress coatings
and instruments; and sensors that convert mechanical inputs into an electronic
signal for display, processing, interpretation, or control by the company’s
instrumentation and systems products. Its products are used in waste
management, bulk hauling, logging, scales manufacturing, engineering systems,
pharmaceutical, oil, chemical, steel, paper, and food industries, as well as in
military/aerospace, medical, agriculture, and construction markets. The company
sells its products through original equipment manufacturers, electronic
manufacturing services companies, and independent distributors, as well as
directly to end-use customers.
Vishay Precision Group, Inc. was founded in 1962 and is headquartered in
Malvern, Pennsylvania.
The Company is listed with the NYSE under symbol VPG.
On November 6, 2012, Vishay Precision Group, Inc. reported unaudited
consolidated earnings results for the third quarter and nine months ended
September 29, 2012.
For the quarter, the company reported net revenues of $55,430,000
against $60,037,000 a year ago. Operating income was $3,093,000 against $4,710,000
a year ago. Income before taxes was $2,723,000 against $3,877,000 a year ago.
Net earnings attributable to stockholders were $1,942,000 or $0.14 per diluted
share against $3,300,000 or $0.24 per diluted share a year ago. Capital
expenditures were $1,600,000 as compared to $5,200,000 in the third quarter of
2011 and $1,600,000 in the second quarter of 2012.
For the nine months, the company reported net revenues of $166,606,000
against $181,695,000 a year ago. Operating income was $9,547,000 against
$14,394,000 a year ago. Income before taxes was $9,346,000 against $13,538,000
a year ago. Net earnings attributable to stockholders were $6,526,000 or $0.47
per diluted share against $9,576,000 or $0.69 per diluted share a year ago. Net
cash provided by operating activities was $13,518,000 against $9,700,000 a year
ago. Purchase of property and equipment was $5,805,000 against $10,347,000 a
year ago. The company provided earnings guidance for the fourth quarter of
2012. For the period, due to the macroeconomic conditions and uncertainties the
company anticipates the business will result in overall revenues in the range
of $49 million to $54 million.
Management:
Peter KELK is the President and CEO.
Graduate from Johns Hopkins University in 1973.
Wes LEEWIS is Vice President of Engineering and R&D
Subsidiaries &
Partnership: None
FINANCIALS
In Canada, privately held corporations
are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report.
Sales declared for year
2011 is in the range of CAD 30,000,000+
The business is profitable.
Banks: Scotia Bank
LEGAL FILINGS
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: None
COMPANY
CREDIT HISTORY
Trade references:
Date reported: December 2012
High credit: CAD 30,000
Now owing: 0
Past due: 0
Last purchase: November 2012
Line of business: Office supply
Paying status: 2 days beyond terms
Date reported: December 2012
High credit: CAD 400,000+
Now owing: 0
Past due: 0
Last purchase: November 2012
Line of business: Payroll
Paying status: As agreed
Date reported: December 2012
High credit: CAD 1,000
Now owing: 0
Past due: 0
Last purchase: November 2012
Line of business: Telecommunications
Paying status: On terms
Domestic credit history:
Domestic credit history appears
as follow:
|
Monthly Payment Trends - Recent Activity |
|
Date |
Up to 30 DBT |
31-60 DBT |
61-90 DBT |
>90 DBT |
||
|
06/12 |
$35,200 |
98% |
2% |
0% |
0% |
0% |
|
07/12 |
$37,100 |
97% |
3% |
0% |
0% |
0% |
|
08/12 |
$32,600 |
98% |
2% |
0% |
0% |
0% |
|
09/12 |
$35,500 |
96% |
4% |
0% |
0% |
0% |
|
10/12 |
$34,800 |
98% |
2% |
0% |
0% |
0% |
|
11/12 |
$34,300 |
97% |
3% |
0% |
0% |
0% |
National Credit Bureaus
gave a satisfying credit rating.
International
credit history:
Payments of imports are currently made on beyond terms.
Other comments:
The Company maintains its
business.
The bank confirmed a
regular account and its satisfaction with the purchase.
The Company is in good
standing.
This means that all local and
federal taxes were paid on due date.
The risk is low.
Our opinion:
A business connection may
be conducted.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.42 |
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UK Pound |
1 |
Rs.88.29 |
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Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.