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Report Date : |
15.09.2014 |
IDENTIFICATION DETAILS
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Name : |
MULTITECH INDUSTRIES, INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
09.04.1993 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
·
Subject is engaged in the manufacture and assembly
of engineered metal commodities. ·
Subject offers fasteners, stampings, springs,
wire forms, special cold headed products, nuts, value added tube products,
and mechanical assemblies. |
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No of Employees : |
70 + Part Time |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UNITED STATES - ECONOMIC OVERVIEW
The
|
Source
: CIA |
MULTITECH
INDUSTRIES, INC.
Address:
Telephone: +1
630-784-9200
Fax: +1 630-784-9225
Website: www.multitechind.com
Corporate ID#: 57262036
State:
Judicial form: Corporation – Profit
Date incorporated: April
9, 1993
Stock: -
Value: -
Name of manager: RAHUL PARIKH
Business:
MultiTech Industries, Inc. engages in the manufacture and assembly of
engineered metal commodities.
It offers fasteners, stampings, springs, wire forms, special cold headed
products, nuts, value added tube products, and mechanical assemblies.
The company also assembles various metal, cold formed, machined, cast,
forged, stamped, extruded metal, and plastic parts.
It supplies its products to automotive, industrial, electronic, and
energy markets worldwide through distribution facilities in
MultiTech Industries, Inc. was incorporated in 1993 and is based in
The company has assembly facilities in North America; and
In addition, MultiTech Industries, Inc. has locations in the
Office of the Foreign
Assets Control (OFAC):
The company is not listed on the OFAC list.
The Specially Designated Nationals (SDN) List is a publication of OFAC
which lists individuals and organizations with whom
Suppliers include:
TPC CO., LTD.
120-3, SEONHWA-RI, JILLYANG-EUP, GYEONGSAN-CITY, GYEONGBUK, 712-831,
P AND E GLOBAL CO LTD
10 DALGUBEOL DAERO 226 GILDALSEO GU DAEGU 704 919
EIN: 36-3917513
Staff: 70 + part time
Operations & branches:
At the headquarters, we find
a factory, warehouse and office, owned.
The group maintains
branches located:
MultiTech Industries
Distribution / Assembly
MultiTech Industries
Distribution / Assembly
MultiTech Industries
Distribution / Assembly
MultiTech Metal Forming
Metal Stamping
Woodstock
MultiTech Machining
Screw Machine Divison
MultiTech Cold Forming
Cold Heading Division
(opened in August 2014)
MultiTech Spring Division
Spring Division
MultiTech Wire Forming
Wire Form & Fourslide
Shareholders:
This is a PARIKH family
owned company.
Management:
Rahul PARIKH is the President, Director and CEO.
Thomas FALCONE is Secretary.
As far as we know, they are involved in other corporations, including:
MULTITECH COLD FORMING, LLC
Incorporated in
ID# 03385574
MULTITECH METAL FORMING LLC
Incorporated in
ID# 01934961 and others.
In
On a direct call, a
financial assistant controlled the present report but deferred any financials.
We sent a fax but no answer
received at this time.
Outside sources (bank) gave
sales for year 2013 in the range of
USD 50,552,332=
The business is profitable.
Banks: Wells Fargo Bank
JPMorgan Chase Bank
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts
summary (UCC):
|
File
Number |
Filing
Date |
Secured
Party |
|
07/28/2014 |
WELLS FARGO BANK, N.A. |
|
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03/21/2014 |
WELLS FARGO BANK, N.A. |
|
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07/18/2013 |
SUSQUEHANNA COMMERCIAL FINANCE,
INC. |
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07/09/2013 |
JPMORGAN CHASE BANK, N.A. |
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08/29/2012 |
JPMORGAN CHASE BANK, N.A. |
|
|
07/24/2012 |
WELLS FARGO BANK, N.A. |
|
|
04/20/2011 |
WELLS FARGO BANK, N.A. |
|
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03/15/2011 |
JPMORGAN CHASE BANK, N.A. |
|
|
03/15/2011 |
JPMORGAN CHASE BANK, N.A. |
|
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05/01/2000 |
JPMORGAN CHASE BANK, N.A. |
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05/01/2000 |
JPMORGAN CHASE BANK, N.A. |
TRADE REFERENCES:
Date reported: August 2014
High credit: USD 30,000
Now owing: 0
Past due: 0
Last purchase: July 2014
Line of business: Office supply
Paying status: 20 days beyond terms
Date reported: August 2014
High credit: USD 200,000
Now owing: 0
Past due: 0
Last purchase: July 2014
Line of business: Payroll
Paying status: As agreed
Date reported: August 2014
High credit: USD 4,000
Now owing: 0
Past due: 0
Last purchase: July 2014
Line of business: Telecommunications
Paying status: 15 days beyond terms
DOMESTIC CREDIT HISTORY:
Domestic credit history appears as follow:
|
Monthly Payment
Trends - Recent Activity |
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|
|
We noted a net increase in delays of payments since July 2014.
According to our credit analysts, during the last 6 months, domestic
payments were made with an average of 20 to 30+ days beyond terms.
INTERNATIONAL
CREDIT HISTORY:
Payments of imports are currently made with an average of 5 days beyond
terms.
The Company is improving
its payments, but the cash is low, due to high inventories and conditions of
the market.
OTHER COMMENTS:
The bank confirmed late
payments.
The Company is in good
standing.
This means that all local
and federal taxes were paid on due date.
Last report was filed on
May 9, 2014.
The risk is medium/high.
OUR OPINION:
We suggest you to be
careful.
Standard & Poor’s
|
|
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our opinion that the fiscal
consolidation plan that Congress and the Administration recently agreed to
falls short of what, in our view, would be necessary to stabilize the
government's medium-term debt dynamics.
·
More broadly, the downgrade reflects our view that
the effectiveness, stability, and predictability of American policymaking and
political institutions have weakened at a time of ongoing fiscal and economic
challenges to a degree more than we envisioned when we assigned a negative
outlook to the rating on April 18, 2011.
·
Since then, we have changed our view of the
difficulties in bridging the gulf between the political parties over fiscal
policy, which makes us pessimistic about the capacity of Congress and the
Administration to be able to leverage their agreement this week into a broader
fiscal consolidation plan that stabilizes the government's debt dynamics any
time soon.
·
The outlook on the long-term rating is negative. We
could lower the long-term rating to 'AA' within the next two years if we see
that less reduction in spending than agreed to, higher interest rates, or new
fiscal pressures during the period result in a higher general government debt
trajectory than we currently assume in our base case.
The transfer and
convertibility (T&C) assessment of the
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially Paragraphs 36-41).
Nevertheless, we view the
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by delays
to raising the government's debt ceiling. In addition, we believe that the act
provides sufficient clarity to allow us to evaluate the likely course of
The political
brinksmanship of recent months highlights what we see as
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent with
a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011, especially Paragraphs 36-41). In
our view, the difficulty in framing a consensus on fiscal policy weakens the
government's ability to manage public finances and diverts attention from the
debate over how to achieve more balanced and dynamic economic growth in an era
of fiscal stringency and private-sector deleveraging (ibid). A new political
consensus might (or might not) emerge after the 2012 elections, but we believe
that by then, the government debt burden will likely be higher, the needed
medium-term fiscal adjustment potentially greater, and the inflection point on
the U.S. population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant peers--Canada,
France, Germany, and the U.K.--we also observe, based on our base case
scenarios for each, that the trajectory of the U.S.'s net public debt is
diverging from the others. Including the
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.84 |
|
|
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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Report Prepared
by : |
TPT |
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 |
|
-- |
NB |
New Business |
-- |
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.