MIRA INFORM REPORT

 

 

Report Date :

23.01.2007

 

IDENTIFICATION DETAILS

 

Name :

UNITED STAINLESS STEEL COMPANY BSC (C)

 

 

Registered Office :

Building No. 3, Road No. 365, Block No. 316, P O Box 50590, Hidd

 

 

Country :

Bahrain

 

 

Date of Incorporation :

26th February 2005

 

 

Com. Reg. No.:

55847

 

 

Legal Form :

Bahraini Shareholding Company Closed BSC (C)

 

 

Line of Business :

Engaged in the manufacture of cold rolled stainless steel sheets and coils.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 250,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

SUMMARY

 

Company Name                         : UNITED STAINLESS STEEL COMPANY BSC (C)

Country of Origin                                    : Bahrain

Legal Form                                            : Bahraini Shareholding Company Closed BSC (C)

Registration Date                                   : 26th February 2005

Commercial Registration Number            : 55847

Membership Number                              : 16928

Issued Capital                                        : US$ 80,000,000

Paid up Capital                                      : US$ 80,000,000

Total Workforce                                     : 210

Line of Business                                    : Manufacturers of cold rolled stainless steel sheets

                                                              and coils.

Financial Condition                                 : Undetermined

Payments                                             : No Complaints

 

 

 

COMPANY NAME

 

UNITED STAINLESS STEEL COMPANY BSC (C)

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Building No. 3, Road No. 365, Block No. 316

PO Box             : 50590

Town                 : Hidd

Country             : Bahrain

Telephone         : (973-17) 359359 / 467626

Facsimile          : (973-17) 359300 / 465806

Email                : edaly@usco.com.bh

 

                         

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Hidd.

 

 

KEY PRINCIPALS

 

·         Khalid Ahmed Mohamed Al Khaideri              Chairman

 

·         Peter Wildbore                                                         Managing Director

 

·         Clive Bailey                                                             Director

 

·         Eman Al Mahfood                                                    Human Resources Manager

 

·         Robert Kevin                                                            Production Manager

 

·         Aftab Siddiqi                                                            Finance Manager

 

·         Ed Daly                                                                   Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26th February 2005

 

Legal Form                  : Bahraini Shareholding Company Closed BSC (C)

 

Commercial Reg. No.  : 55847

 

Membership No.          : 16928

 

Issued Capital              : US$ 80,000,000

 

Paid up Capital            : US$ 80,000,000

 

 

Name of Shareholder (s)

 

·       United Gulf Manufacturing Co

 

·       Gulf Consulting Est

 

·       Mohamed Abdul Mohsen Al Khorafi Co

 

·       Qatar Steel Co

 

·       Abdullah Saad Al Rashad Co

 

·       Local businessmen and private investors

           

Note to the legal form    

 

Under Bahraini Law, a Bahraini Shareholding Company Closed BSC (C) is required to have a minimum capital figure of BD 200,000.

 

 

LINE OF BUSINESS

 

Operations : Engaged in the manufacture of cold rolled stainless steel sheets and coils.

 

Import Countries : Europe and the United States of America.

 

Subject has a workforce of 210 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Companies registered in Bahrain are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Gulf International Bank BSC

     Al Dowali Building

     3 Palace Avenue

     PO Box : 1017

     Manama

     Tel : (973-17) 534000 / 534300 / 530030

     Fax : (973-17) 522633 / 522530

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 2005, subject is involved in the manufacture of cold rolled stainless steel sheets and coils.

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

Maximum suggested credit figure: US$ 250,000

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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