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MIRA
INFORM REPORT
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Report Date : |
09.08.2007 |
IDENTIFICATION DETAILS
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Name : |
Libyan Iron and Steel Company / Lisco |
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Registered Office : |
Near the coastal city of |
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Country : |
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Date of Incorporation : |
18/09/1979 |
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Legal Form : |
State Owned Concern |
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Line of Business : |
Manufacture of steel pipe and tubes. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
Libyan Iron and Steel Company / Lisco
Registration Briefing
Registration Number: 254
Registration Date: 18/09/1979
Legal Form: STATE OWNED CONCERN
Latest Financials: N/A
Financial Briefing
Nominal Capital: 1,270,000,000 Libyan Dinar
Issued Capital: All
Turnover: 670,000,000 Libyan Dinar
Net Profit: 67,000,000 Libyan Dinar
Net Worth: N/A
Rating Briefing
Current Recommended Credit: 9,163,367 EUR
Former Recommended Credit: N/A
Rating Trend: POSITIVE
Payment Record: NO COMPLAINTS
Original
Investigation Details
Company Name: LYBIAN IRON & STEEL CO
Country: LI
Street Name:
City Code: BP 17858 MISRATA
Phone Number: 21851613778
Fax Number: 51613777
Company Details
Company Name: Libyan Iron and Steel Company / Lisco
Company acronym: LISCO
Headquarter Address: Near
the coastal city of
Misurata,
Postal Address
Misurata
Telephone: +21851 2613713
+21851 2613778
+21851 2613792
+21851 2613793
+21851 2613809
+21851 2613810
+21851 2619680
+21851 2742623
Fax: +21851 2613777
+21851 2613793
+21851 2613810
+21851 2619680
+21851 2741681
+21851 2742851
E‑Mail: info@libyansteel.com, hairman@libyansteel.com, prod_dir@libyansteel.com,
admin‑dir@libyansteel.com,a
Web Site: www.libyansteel.com
Company was originally started on 09/09/1989
Registration &
Legal Details
Current Legal Form: STATE OWNED CONCERN
Registration Address: Near
the coastal city of
Misurata
Registration Number: 254
Registration Date: 18/09/1979
Year/Date Company Established: 09/09/1989
Capital
Currency: Libyan Dinar
Nominal Capital: 1,270,000,000
Issued Capital: All
Paid Up Capital: All
Shareholders
Information on Shareholders is not available/applicable
Principals
Name: Dr. Mohamed Ziedan
Position within the company: Chairman
Country of Birth:
Nationality: Libyan
Can fluently speak: English & Arabic
Education:
Name: Mr. Mohamed Abdelmalik Elfighi
Position within the company: Technical Director
Country of Birth:
Nationality: Libyan
Can fluently speak: English & Arabic
Education:
Name: Mr. Ali Elsanusi
Position within the company: Production Manager
Country of Birth:
Nationality: Libyan
Can fluently speak: English & Arabic
Education:
Name: Mr. Hassan Milad Debbek
Position within the company: Administration Director
Country of Birth:
Nationality: Libyan
Can fluently speak: English & Arabic
Education:
Name: Mr. Abd El Fattah Abu Rawy
Position within the company: Marketing General manager
Country of Birth:
Nationality: Libyan
Can fluently speak: English & Arabic
Education:
Name: Mr. Mohamed El‑Auf
Additional Information: Materials General Manager
Country of Birth:
Nationality: Libyan
Can fluently speak: English & Arabic
Education:
Name: Mr. Ali Abumais
Position within the company: Foreign Marketing Manager
Country of Birth:
Nationality: Libyan
Can fluently speak: English & Arabic
Education:
Name: Mr. Abu Baker Ghanimi
Position within the company: Research and development Manager
Country of Birth:
Nationality: Libyan
Can fluently speak: English & Arabic
Education:
Name: Mr. Abd Al Mutalib Alkmeshi
Additional Information: Computer, System Manager
Country of Birth:
Nationality: Libyan
Can fluently speak: English & Arabic
Education:
Name: Mr. Said Salama
Additional Information: Training Manager
Country of Birth:
Nationality: Libyan
Can fluently speak: English & Arabic
Education:
Name: Mr. Abd Allah Al Khoga
Position within the company: Finance Manager
Country of Birth:
Nationality: Libyan
Can fluently speak: English & Arabic
Education:
Company Activities
Sic Codes : 3317 Manufacture of steel pipe and tubes ‑ 100%
The company comprises the following production facilities :
1‑ direct Reduction Plant.
2‑ Steel Melt Shop No. 1.
3‑ Steel Melt Shop No. 2.
4‑ Bar and Rod Mills.
5‑ Light and Medium Section Mill.
6‑ Hot Strip Mill.
7‑ Cold Rolling Mill.
8‑ Galvanizing Line.
9‑ Continuous Coating Line.
In addition, to several auxiliary and supporting facilities, which include :
1‑ Port & Pellet stock yard.
2‑ Power & Desalination plant.
3‑ Oxygen & Compressed air plant.
4‑ Sedada Quarry & Calcimine plant.
5‑ Central Workshop.
6‑
7‑ Quality Control Laboratories.
The company exports the following:
1‑ HBI.
2‑ Bars and Rods.
3‑ HR Coils & Sheets.
4‑ Pickled Coils.
5‑ CR Coils & Sheets.
6‑ Galvanized Coils & Sheets.
The company imports the following:
1‑ MATERIAL : ( Iron ore pellets ).
2‑ ELECTRODES.
3‑ FERRO‑ALLOYS.
4‑ FEMN HC, FESI, FEMN MC, CASI LUMP
5‑ CONSUMABLES .
AL. BAR (1‑10Kg), INSULATING POWDER, PET. COKE (3‑6mm
LADLE), SAMPLER EAF, SAMPLER LAD (900), THERMOCOUPLE 1200, THERMOCOUPLE 900, OXY
LANCE 6mm, MOULD TUBES 120mm , MOULD TUBES 150mm, MOULD TUBES 175mm , MOULD
TUBES 200mm, CORD 3mm, CORD 8mm, SIL INSUL TAPE, STRAND OIL, D BAR PACKING, SUCTION PROBE, CELOX SAMPLERS, CCM GREASE FO20 .
6‑ REFRACTORIES
LADLES, TUNDISHES, ROOF LINING OF E.A.F, E.A.F LINING, SLIDE GATE AND PROGN LANCE REFRACTORIES, FETTLING MATERIAL FOR ELECTRIC FURNACE, GUNNING MATERIAL FOR E.A.F, INSULATING TUNDISH POWDER, HIGH AND LOW SPEED CASTING POWDER .
60% Importer.
40% Local Purchases.
20% Exporter.
80% Wholesaler.
Local Reporters
consider the investigated company to be LARGE in their field of concern.
Employees
Company Employs: 7000
HQ Premises
Operates from: Owned Offices, Factory, Warehouses
Premises Size: 10000 square meters site
Location: Industrial
Area,
Branches
Branch is: Owned
Description of branch: Factory
These premises operate as: a branch
Imports
Import % and type of product: 60% Raw Materials
Imports From:
Importing Terms: Letters of credit
Additional Information: Cash.
The company purchases 40% locally.
Exports
Export % and type of product: 20%
Exports To:
Exporting Terms: letters of credit
Additional Information: Cash. Exporter of iron and steel products and other products related to the field.
Trading & Selling
Territory: 80% Nationally, 20% International
Type of Customer: Government Bodies, Local Authorities, Wholesalers, Traders, Companies
Related Companies
Affiliates
General Scrap Co.
P.O Box: 17999,
Misurata,
Start Date: 1978
Operates as: Light and heavy iron scrap, cast iron scrap and aluminium scrap.
Other information: Tel: 218‑51619298, 649745/6. Fax: 218‑51614689
Bankers
Libyan Foreign Bank,
Branch: Misurata
Misurata,
Al Goumhorya Bank,
Branch: Misurata
Misurata,
Financial Information
Financial Interview Date: 08/08/2007
Source: Mr. Abd Allah Al Khoga Finance Manager
Figures are: Estimates
Currency: Libyan Dinar
Months Sales Figures Sales Gross Profit/Loss Net Profit/Loss
12 31/12/2007 700,000,000 (Projection) 70,000,000 (Projection)
12 31/12/2006 670,000,000.00 67,000,000
12 31/12/2005 373,000,000.00 37,300,000
12 31/12/2004 530,000,000.00 53,000,000
Payments
Subject's payments reported to be : NO COMPLAINTS
Interview &
Reporter Comments
Name/Title: Mr. Abd Allah Al Khoga Finance Manager
Comment: Subject has offered brief financial data only and refused to provide full financial information.
Reporter Comment: It was reported that the company full name is 'Libyan Iron and Steel Company / Lisco', and
traded as " Lisco ".
It was reported that the company is totally owned by The great Jamahiriya Libyan
government.
The company has established quality council that aims at implementing the requirements of
the international quality system ( ISO ) in all production facilities as one of its major goals .
Thus, The Libyan Iron and Steel Company has acquired the 12th European Award of quality
for the year 1998, and it has obtained the international quality Certificate 9001/2000 ( ISO ) on
25/3/2002.
As per its legal form, the company is owned by the government. The business is run by
employees (employees of the state).
It was reported the leader of the great Al‑fatah
Revolution layed the foundation stone of the
company on the 18/09/1979 .
During the festivities of the 20th anniversary of the great revolution, inaugurated the
production
plants and the company entered the production stage on 09/09/1989.
In the interview conducted with Mr. Abd
Allah Al Khoga, finance manager, he declined bank
account number and further financial information citing the grounds of company confidentiality.
As the company is a state owned concern,
local informants consider that Adequate Resources
should be made available for normal business requirements.
Local company’s registry is inaccessible
to inspect subject's file, therefore, all the information
shown in the report is through a direct contact with the subject you are investigating.
Conclusions
Accounts Comments: Only Brief Financial data has been obtained by the subject, our assessment and ratings
are therefore based on the reliability of the data obtained.
Local Reputation: The
company being investigated is considered by local reporters to be a Fair /
Trade Risk.
General Conclusion: As a State‑owned concern adequate resources should be made available.
Owner/Shareholders
Comments: The owners / shareholders do not have an active role in the running of the business.
Financial
Results
Trend: Financial Information indicates that the business activities of the company are showing
an upward turn.
Age of Business: The company is long established in the local market.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)