MIRA
INFORM REPORT
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Report Date : |
10th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
MITTAL
CANADA INC. |
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Registered Office : |
4000 Route Des Acieries, Contrecoeur, Quebec J0l
1CO, Canada |
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Country : |
Canada |
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Financials as on: |
31.12.2005 |
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Date of Incorporation : |
25.05.1987 |
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Legal Form : |
Federally Chartered Corp. - Private |
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Line of Business : |
The
company is a steel producer. |
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 : |
Usually
Correct |
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Litigation : |
Clear |
IDENTIFICATION & EXECUTIVE SUMMARY
Company Name :
MITTAL CANADA INC.
Address :
4000 Route Des Acieries
City :
CONTRECOEUR
State/Province :
QUEBEC
Zip Code :
J0L 1C0
Country :
CANADA
Telephone :
450 587-8600
Facsimile :450
587-8649
Legal Form :
Federally Chartered Corp. - Private
Website :
www.mittalsteel.com
@rating Opinion :
@@@ up to $100,000
Business Activity :
Mittal Canada Inc. is a steel producer.
Founded (D/M/Y) :
/ /1928
As of :
Sales / Revenue :
Net Income :
Total Equity :
Number of Employees :
2,800
NOTE TO CLIENT
Ms. Catherine LaBerde, Admin. Assistant to the COO,
confirmed general information.
Coface Rating: @@@ - Credit can be reasonably
accepted up to $100,000. The system for creating @ratings has been developed by
Coface credit insurance underwriters and these ratings serve as credit limits
for some insurance policies. If you require a recommendation in excess of
$100,000, you should order a Customized Credit Opinion through the online system
Cofanet. Please contact service@coface-usa.com if you need ID and password to
access Cofanet.
LEGAL
Legal Form :
Federally Chartered Corp. - Private
Since (D/M/Y): 25/05/1987
Status :
ACTIVE
Previous Legal Form:
Company is NOT required to publish an annual
financial report.
MITTAL CANADA INC.
Corporation #2194431
Old Name(s) and Change Date(s)
ISPAT SIDBEC INC. - 2005/01/10
SIDBEC - DOSCO (ISPAT) INC. - 1997/09/24
SIDBEC-DOSCO INC. - 1995/01/01
Mailing Address:
Street :
4000 ROUTE DES ACTÉRIFS
Location :
CONTRECOEUR
Province :
Quebec
Postal Code :
J0L1C0
Country :
Canada
Registered Office Address:
Street :
4000 ROUTE DES ACIERIES
Location :
CONTRECOEUR
Province :
Quebec
Postal Code :
J0L1C0
Country :
Canada
Country :
Canada
Status Date :
1987/05/25
Active
The Subject was registered in the Province of
Quebec on August 15, 1994.
Managers/Key Personnel
Mr. Richard Leblanc President
& CEO
Mr. Jean-Paul Schaack Vice
President
AFFILIATED ENTITIES
Subsidiaries:
Sidbec Feruni Inc. (Canada)
Mittal Walker Wire Inc (USA)
Mittal Acufil Inc. (Canada)
Sorevco and Company Limited (Canada)
Delta Tubes and Company Limited (Canada)
The parent company, Mittal Steel N.V., recent
anounced a pending merger wtih Arcelor S.A. which will bring togethere the
number one number two steel companies.
Parent Companies
Parent Company:
Mittal Steel Company N.V.
PQ
CANADA
Mittal Steel Company N.V. net income for the twelve
months ended December 31, 2005, was $3.4 billion or $4.90 per share, as
compared to net income of $4.7 billion or $7.31 per share for the twelve months
ended December 31, 2004. Consolidated sales and operating income for the twelve
months ended December 31, 2005, were $28..1 billion and $4.7 billion,
respectively, compared to $22.2 billion and $6.1 billion, respectively, for the
twelve months ended December 31, 2004.
Total steel shipments for the twelve months ended
December 31, 2005, were 49.2 million tons as compared to 42.1 million tons for
the twelve months ended December 31,
2004.
MITTAL STEEL COMPANY N.V. AND SUBSIDIARIES
Consolidated Balance Sheets
December 31,
2004 2005
(Millions of U.S. Dollars,
except share data)
ASSETS
Current Assets:
Cash and cash equivalents $ 2,495 $ 2,035
Restricted cash 138 100
Short-term investments 1 14
Trade accounts receivable, net of allowance
for doubtful accounts of $267 at
December 31, 2004 and $241 at December 31, 2005 2,006 2,287
Inventories 4,013 6,036
Prepaid expenses and other current assets 666 1,040
Deferred tax assets 306 200
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Total Current Assets 9,625 11,712
Property, plant and equipment—net 7,562
15,539
Investments in affiliates and joint ventures 667 1,187
Deferred tax assets 855 785
Goodwill and intangible assets 106
1,439
Other assets 338 380
-------------------------------------------------------------------------------
Total Assets $ 19,153 $ 31,042
-------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Payable to banks and current portion of
long-term debt $ 341 $ 334
Trade accounts payable 1,899 2,504
Dividend payable 1,650 —
Accrued expenses and other liabilities 2,307
2,661
Deferred tax liabilities 33 116
-------------------------------------------------------------------------------
Total Current Liabilities 6,230
5,615
Long-term debt, net of current portion 1,639
7,974
Deferred tax liabilities 955 1,602
Deferred employee benefits 1,931 2,506
Other long-term obligations
809 1,361
-------------------------------------------------------------------------------
Total Liabilities 11,564 19,058
Minority Interest 1,743 1,834
Commitments and Contingencies
Shareholders' Equity
Common Shares:
Class A Shares, (EURO 0.01 par value per share,
5,000,000,000 shares authorized, shares issued
and outstanding: 194,509,790 at December 31,
2004 and 255,401,673 at December 31, 2005)
Class B Shares, (EURO 0.10 par value per share,
721,500,000 shares authorized, 457,490,210 shares
issued and outstanding) 59 60
Treasury Stock (9,225,140 class A shares at
December 31, 2004 and 8,828,784 class A shares
at December 31, 2005, at cost) (123)
(111)
Additional Paid-in Capital 552 2,456
Retained Earnings 4,739 7,891
Accumulated Other Comprehensive Income (Loss) 619 (146)
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Total Shareholders' Equity 5,846 10,150
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Total Liabilities and Shareholders' Equity $ 19,153 $ 31,042
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MITTAL STEEL COMPANY N.V. AND SUBSIDIARIES
Consolidated Statements of Income
Year Ended December
31,
2003 2004 2005
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(Millions of U.S. Dollars,
except share and per share data)
Sales $ 9,567 $ 22,197
$ 28,132
(Including $561 in 2003, $2,235 in
2004 and $2,339 in 2005 of sales
to related parties.)
Costs and expenses:
Cost of sales 7,568 14,694 21,495
(Including $431 in 2003, $1,021 in
2004 and $914 in 2005 of purchases
from related parties and exclusive of
depreciation shown separately below.)
Depreciation 331 553 829
Selling, general and administrative 369
804 1,062
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8,268 16,051 23,386
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Operating income 1,299 6,146 4,746
Other income—net 70 128 77
Income from equity method investments 162
66 69
Financing costs:
Interest expense-net of capitalized
interest of $8 in 2003, $3 in 2004
and $4 in 2005. (200) (265) (339)
Interest income 25 78 110
Net gain (loss) from foreign
exchange transactions 44 (20) 40
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(131)
(207) (189)
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Income before taxes, minority interest
and cumulative effect of change
in accounting principle 1,400
6,133 4,703
Income tax expense:
Current 43 731 663
Deferred 141 86 155
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184 817 818
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Income before minority interest and
cumulative effect of change in accounting
principle (net of tax) 1,216
5,316 3,885
Minority interest (35) (615) (520)
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Income from continuing operations 1,181
4,701 3,365
Cumulative effect of change
in accounting principle 1 — —
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Net income $ 1,182 $
4,701 $ 3,365
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BANKS
Royal
Bank of Canada
PQ
Telephone:
Facsimile:
Account
Number:
Account
Manager:
As
of June, 2006: Current account, Opened: For more than 3 years,
Balance:
Low 7 figures. Returned Check: None. Line of Credit
Details: Authorized Amount: Low 7 figures. Utilized:
Not utilized.
Loan
Details: No Loan.
PAYMENT HISTORY
Supplier's Name/Industry
Terms Amount/Pay Habits/Comments
Rptd Open Credit
Credit High Total
Current Past Due/Pay Period
Date Date Limit
Limit Dt. Credit Owing $
1st 2nd 3rd
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Transportation Serv:
*Oct 0 8,654 8,654 8,654 0
0 0
Trucking:
Merged accts
*Oct 0 102K 102K 70,031 25,192
3,549 3,249
Trucking:
Merged accts
*Oct 0 11,175 11,175 1,432 6,711
3,032 0
Business Services:
*Oct 0 6,553 6,553 5,698 855
0 0
Mfr-Pulp/Paper Mill:
*Oct 0 1,683 1,683 1,683 0 0 0
Business Services:
*Oct 0 21,696 19,815 2,609 10,426
6,780 0
Whlsl-Professnl Equp:
*Oct 0 2,769 2,769 221 0
0 2,548
Mfr-Valve & Pipe Fit:
*Oct 0 6,763
6,763 0 4,880
811 1,072
Mfr-Rubber/Plstc Pro:
*Oct 0 3,705 247 0 247
0 0
Services-Repair:
Merged accts
*Oct 0 43,513 43,513 0 12,610
30,903 0
Transportation Serv:
*Oct 0 3,774 3,774 1,884 1,890
0 0
Wholesale-Elec Equip:
*Oct 0 11,589 11,589 0 11,152
437 0
Wholesale-Elec Appls:
*Oct 0 20,000 3,133 0 2,606
527 0
CITI COMMERCE SOLUTI:
800-233-8619 DLA-2006/09/27 595 #
*Oct Feb/2006 1,000 668 156 156 0
0 0
Transportation Serv:
Merged accts
*Oct 0 3,535 3,535 3,535 0
0 0
Whlsl-Plumbing/Heatg:
*Oct 0 3,592 3,592 0 3,592
0 0
Mfr-Inorganic Chemcl:
*Oct 0 399 399 0 399
0 0
Whlsl Ferrs Nonferrs:
*Oct 0 5,000 135 0 135
0 0
Wholesale-Auto Parts:
*Oct 0 2,500 1,274 0 1,274
0 0
Business Services:
*Sep 1,000K 4,008 4,008 2,481 709
0 818
Whlsl-Plumbing/Heatg:
*Sep 0 5,088 5,088 436 4,652
0 0
INTERSAN CWS INC:
416-227-8578
*Sep 0 114
114 0 0
0 114
Whlsl-Ind Mach Sppls:
Merged accts
*Sep 0 12,424 12,424 1,690 210
2,605 7,919
Mfr-Pump & Pumping
E: Merged accts
*Sep 0 694K 694K 307K
233K 152K 0
Mfr-Heating Equip:
*Sep 0 3,692 3,692 3,077 615
0 0
Mfr-Air Conditioning:
*Sep 0 1,356 1,356 0 1,356
0 0
Transportation Serv:
*Sep 0 209 209 209 0
0 0
Whlsl Ferrs Nonferrs:
DLA-2006/07/12 Merged accts
*Sep May/1994 60,000
Oct/2005 13,899 2,903
0 2,903 0
0
Mfr-Paint, Varnishes:
*Sep 0 74
74 0 74
0 0
Whlsl-Ind Mach Sppls:
*Sep 0 43,866 43,866 39,488 3,892
0 486
Wholesale-Chemicals:
*Aug 0 319 319 48
271 0 0
Whlsl-Constr/Mine Eq:
*Aug 0 3,594 3,594 3,594 0
0 0
Transportation Serv:
*Aug 0 132 132 0 132
0 0
Wholesale-Chemicals:
*Aug 0 467
467 467 0
0 0
Wholesale-Elec Equip:
Merged accts
*Aug 0 875K 313K 170K 107K
30,487 4,442
Whlsl-Ind Mach Sppls:
*Aug 0 296 296 0 0
296 0
Whlsl-Ind Mach Sppls:
*Aug 0 314 314 0 0
314 0
Whlsl-Ind Mach Sppls:
*Aug 0 2,589 1,144 952 192
0 0
PETRO CANADA INC:
905-469-3771
*Aug 0 13,760 13,760 0 13,760
0 0
Manufacturing Indust:
*Jul 0 4,527 4,527 1,003 3,524
0 0
Whlsl-Ind Mach Sppls:
*Jul 0
44,278 12,577 5,356
5,624 536 1,061
Whlsl-Durable Goods:
*Jul 0 2,727 256 256 0
0 0
Personal Services:
*Jul 0 12,797 12,797 0 11,848
949 0
Mfr-Primary Metal:
Merged accts
*Jul 0 61,307 35,096 32,513 2,583
0 0
Mfr-Machine Tool:
*Jul 0 24,793 24,793 0 24,793
0 0
Mfr-Measuring Equip:
*Jul 0 34,126
34,126 29,217 1,434
3,475 0
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P.I. = 23 90 Days 2,119K 1,455K 694K
502K 237K 21,709
Reported
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Mfr Fabricated Metal:
*Jul 0 49,497 49,497 14,912 22,808
11,777 0
Trucking:
*May 0 113 113 0 113
0 0
Mfr-Transport Equip:
*May 0 6,115 6,115 0 0
6,115 0
Business Services:
*May 0 131K 131K 4,673 50,409
44,172 32,056
Whlsl-Plumbing/Heatg:
*Apr 0 1,895 1,895 0
1,130 765 0
Whlsl-Commercial Mch:
*Apr 0 8,000 1,259 1,259 0
0 0
Whlsl-Plumbing/Heatg:
*Mar 0 546 546 546 0
0 0
Contractor-Excavator:
*Mar 0 216 216 0 0
216 0
Whlsl Ferrs Nonferrs:
*Mar 0 15,000 10,800 10,800 0
0 0
Whlsl Ferrs Nonferrs: Slow
but OK
*Feb 0 15,741 15,741 15,741
0 0 0
Mfr-Primary Metal:
*Feb 0 172K 149K 138K 10,230
0 0
Wholesale-Lumber:
*Feb 0 11,202 11,202 5,061 0
6,141 0
Mfr Conveyors& Convey:
*Dec 0 2,084 2,084 1,634 450
0 0
Wholesale-Elec Equip:
Within Terms
*Nov 0 99,616 0 0 0
0 0
Wholesale-Elec Equip: Slow
but OK
*Nov 0 56,000
26,326 13,577 12,819
0 0
Wholesale-Elec Equip: Slow
but OK
*Nov 0 33,935 14,306 14,306 0
0 0
Wholesale-Elec Equip: Pays
60/75 D
*Nov 0 172K 63,000 28,000
27,000 6,000 2,000
Wholesale-Elec Equip:
Within Terms
*Nov 0 20,000 0 0 0
0 0
VISA DESJARDINS:
514-397-4400 DLA-2005/08/29 1,090 #
*Oct Mar/1996 13,550 13,550 1,090 1,090 0
0 0
Wholesale-Chemicals:
*Sep 0 14,398 334 0 0
0 334
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P.I. = 24 Total 2,942K 1,940K 943K
627K 312K 56,099
Reported
------- ------- ------- ------- ------- -------
PAYMENT TRENDS
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Payment
C.I. Number of Total
Current Overdue
Quarters Index Score
Suppliers Owing $ 1st 2nd 3rd
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3 Qtr/2006 22 27 48 1,509K
778,033 491,271 221,871
18,485
2 Qtr/2006 21 21 35 1,106K 595,074
325,689 169,631 15,941
1 Qtr/2006 22 16 36 2,169K 1,110K
717,475 323,108 17,766
4 Qtr/2005 17 19 24 1,026K 560,008
410,779 41,742 14,163
3 Qtr/2005 26 26 24 603,695 272,241
225,660 72,441 33,353
2 Qtr/2005 25 14 14 764,114 361,709
267,053 101,378 33,974
1 Qtr/2005 14 18 3 56,548 37,707
15,507 1,228 2,106
FINANCIAL INFORMATION
The
Subject is a subsidiary firm and does not publish financial statements.
Financial figures are reported through the financial statements of the parent
company which are included with this report.
CURRENT OPERATIONS
NAICS
Code : 332999 All Other Miscellaneous Fabricated Metal
Product M
SIC
Code : 3999
Number
of Employees: 2,800
Business Activity
Mittal
Canada Inc. is a steel producer.
Mittal
Canada facilities include a DRI (direct reduced iron) plant, electric arc
furnaces, and continuous billet and slab casting machines. The company's flat
mills (hot or cold rolling) as well as its rod mill and bar mill are certified
ISO 9002. A pipe mill and wire mill complete the facilities. The Company sells
its steel products mainly in Canada and the U.S.for application in many
industries, including the automotive, engineering and construction.
The
subject operates from the heading addressa and there are no other locations.
PUBLIC RECORD
Writ
of Summons:
Defendant MITTAL CANADA INC. Date Aug 18, 2006
Plaintiff BOULANGER CHANTALE
Court Provincial
Court
Amount 38,921 Location Sorel
Reason Contract File
# 001449067
Writ
of Summons:
Defendant MITTAL
CANADA INC Date Sep 16, 2005
Plaintiff ECHAFAUCHAGE
DU FOR INC Court Provincial
Court
Amount 6,263 Location Montreal
Reason Goods
Sold & Delivered File
# 114646055
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There
are no bankruptcy filings traced.
GENERAL COMMENTS
This
is a well established firm, engaged as a producer of steel. The operating
record appears clear and payments are generally prompt, with some slowness at
1- 30, 31-60 and 61-90 days beyond terms on substantial credit extended.
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 |
|
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 |
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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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