MIRA
INFORM REPORT
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Report Date : |
24.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
UNION ELECTRIC STEEL CORPORATION |
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Registered Office : |
726 Bell Avenue, Carnegie, Pennsylvania 15106 |
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Country : |
United States |
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Date of Incorporation : |
1923 |
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Legal Form : |
Corporation - Private |
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Line of Business : |
Manufacturers of forged steel products, ingots and other forgings |
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 : UNION ELECTRIC STEEL
CORPORATION
Address :
726 BELL AVENUE
City :
CARNEGIE
State/Province :
PENNSYLVANIA
Zip Code : 15106
Country :
UNITED STATES
Telephone : 412
429-7655
Facsimile :
412 426-1711
Founded (D/M/Y) : / /1923
As of :
--
Sales / Revenue : --
Net Income : --
Total Equity : --
Number of Employees : 500
Legal Form :
Corporation - Private
Website :
www.uniones.com
Business Activity :
Manufacturers of forged steel products, ingots and other forgings
NOTE TO CLIENT
Ms. Virginia E. Oberleitner, VP of Finance, provided the following
information contained in this report.
LEGAL
Legal Form :
Corporation - Private
Since (D/M/Y) :
17/09/1974
State/Province of Incorporation :
PA
Status :
ACTIVE
Previous Legal Form:
Company is NOT required to publish an annual financial report.
Name: UNION
ELECTRIC STEEL CORPORATION
Identification Number: 0367533
Filing Date: 09/17/1974
State of Incorporation: PENNSYLVANIA
Date Incorporated: 09/17/1974
Duration: PERPETUAL
Status: ACTIVE
Corporation Type: PROFIT
Business Type: CORPORATION
Address Type: MAILING
Where Filed: SECRETARY OF STATE/CORPORATIONS DIVISION
308 NORTH OFFICE BLDG
HARRISBURG, PA 17120
Managers/Key
Personnel
Mr. Robert G. Carothers President
Mr. Donald E. Brandt
Executive Vice President
Mr. Frank Pearson, IV
Vice President - Sales
Ms. Virginia E. Oberleitner
Vice President - Finance
AFFILIATED ENTITIES
The Company has the following affiliates:
Aerofin Corp. Lynchburg, VA
Buffalo Air Handling ( Amherst, VA
Buffalo Pumps, Inc. North
Tonawanda, NY
The Davy Roll Company Limited
Gateshead, United Kingdom
Parent Companies
Parent Company: AMPCO-PITTSBURGH CORPORATION
600 GRANT STREET, SUITE 4600
PITTSBURGH PA 15219
UNITED STATES
Telephone: 412
456-4400
CONSOLIDATED BALANCE SHEETS FOR AMPCO-PITTSBURGH CORPORATION
(expressed in thousands of USD)
(in thousands USD) 12/31/06
(CONSOLIDATED)
Total sales 301,780
Net income 16,635
Total current assets 186,980
Total assets 381,211
Total current liabilities 74,962
Total liabilities 241,007
NOTE: AMPCO-PITTSBURGH
CORPORATION is traded on the New York Stock Exchange:
Last Trade: $ 26.60
52-week High/Low: $ 37.33 / $ 18.4201
Shares Outstanding: 9,837,000
BANKS
PNC Bank
PA
Telephone:
Facsimile:
Account Number:
Account Manager:
The above bank requires a signed authorization which could not be
obtained from Management.
PAYMENT HISTORY
BUSINESS
DATE LAST PAYMENT CREDIT BALANCE CUR 1- 31- 61-
CATEGORY
REPTD SALE TERMS $
$ % 30
60 90 91+ COMMENTS
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
ADVERTISNG 07-02 00-00 NET 30 0
0 0 0
0 0 0 CUST 2 YR
AIR TRANS
06-12 06-12 0000000 1800
600 100 0 0
0 0 CUST 24 YR
AIR TRANS
06-11 00-00 NET 30 5700 1700
100 0 0 0
0 CUST 21 YR
BUS SERVCS 07-02 00-00 NET 7 3000
2600 100 0 0
0 0
COMPUTERS
07-03 00-00 0000000 0
0 0 0
0 0 0
ELEC EQUIP 07-02 00-00 NET 45 0
0 0 0
0 0 0 CUST 10 YR
EQUIPMENT
07-03 00-00 NET 30 400 0
0 0 0 0 0
CUST 3 YR
FINCL SVCS 07-03 00-00 NET 900
0 0 0
0 0 0 CUST 2 YR
FREIGHT
07-03 05-03 VARIED 100 0
0 0 0 0 0
FRGHT FWRD 07-02 04-11 NET 30 0
0 0 0
0 0 0
HEATNG& A/C 07-02 00-00 NET 30 7800
2000 0 100 0
0 0
MACH DISTR 07-02 00-00 VARIED 1200
0 0 0
0 0 0
OFFC SUPPL 07-02 07-02 NET 21700
3300 39 60
0 1 0 CUST 11 YR
OFFC SUPPL 07-01 00-05 CREDIT 1700
0 0 0
0 0 0
TELECOM
07-02 00-00 NET 30 16200 16200
22 78 0 0 0
DISPUTE
TELECOM
07-03 00-00 NET 30 1300 900
83 0 0 0 17
DISPUTE
TRUCK DLR
07-03 00-00 CONTRCT 800
800 12 75
0 13 0
WAREHOUSE
07-03 07-03 VARIED 10600 1600
100 0 0 0
0 PROMPT
BLDG MATRL 06-09 00-00 VARIED 3800
0 0 0
0 0 0
COMPUTERS
06-06 06-05 0000000 3300
1700 0 58
42 0 0
ELEC DISTR 06-07 03-01 VARIED 0
0 0 0
0 0 0
ELEC DISTR 06-05 00-00 NET 30 0
0 0 0
0 0 0
ELEC MFG
04-03 03-12 NET 30 3500 100
100 0 0 0
0
ELEC MFG
06-05 00-00 VARIED 400 0
0 0 0 0 0
CUST 1 YR
ELEC SUPLR 04-06 98-12 2/10N30 0 0 0 0 0
0 0
ELEC SUPLR 05-04 00-00 VARIED 1500
0 0 0
0 0 0
FRGHT FWRD 05-07 00-00 NET 30 2300
100 0 0
0 0 100
MANUFCTRNG 04-05 96-02 NET 30 0
0 0 0
0 0 0 CUST 11 YR
MANUFCTRNG 06-07 06-05 VARIED 1400
1200 0 100 0
0 0
MED SUPPLY 06-04 00-00 VARIED 0
0 0 0
0 0 0
METAL DIST 05-07 05-06 5/10N30 7600 0
0 0 0 0 0
MISC MANUF 04-05 00-00 0000000 8300 0
0 0 0 0 0
MISC MANUF 05-04 05-03 VARIED 14000
14000 100 0 0
0 0
NEWSPAPERS 06-05 00-00 NET 30 0
0 0 0
0 0 0
PACKAGING
06-09 00-00 NET 30 0 0 0 0
0 0 0 CUST 3 YR
PAINTS
04-12 00-00 VARIED 1600 0
0 0 0 0 0
SAFTY PROD 06-03 00-00 NET 30 0
0 0 0
0 0 0 CUST 2 YR
TELECOM
06-08 06-04 NET 30 800 0
0 0 0 0 0
CUST 8 YR
UTILITY
06-07 00-00 NET 1500 1500
100 0 0 0
0 PROMPT
CURRENT QUARTER 73200
29700 41 58
0 0 1
Payment Trends
INDUSTRY BUSINESS
BALANCE CUR 1- 31- 61-
DATE
CUR DBT DBT $ % 30
60 90 91+
--------
--- --- --- -------- --- --- --- --- ---
20070300
0 11 9 34500 49 48
3 0 0
20070200
0 10 3 31700 87 10
3 0 0
20070100
0 6 6 14900 77 14
8 1 0
20061200
0 7 5 26600 74 21
5 0 0
20061100
0 6 4 20800 84 12
4 0 0
20061000
0 7 4 10200 91 0
8 1 0
Payment History - Quarterly Averages
BALANCE CUR 1- 31- 61-
QUARTER
YEAR DBT $ % 30 60
90 91+
-------- ------ ---
-------- --- --- --- --- ---
Fourth
2006 4 20400 80 16 4
0 0
Third
2006 8 22700 55 41 4
0 0
Second
2006 5 17600 69 29 2
0 0
First
2006 4 17000 76 24
0 0 0
Fourth
2005 5 16900 87 8 1
4 0
FINANCIAL INFORMATION
Management declined to provide financial information.
CURRENT OPERATIONS
NAICS Code: 33 Mfg- Metals, Machinery, Appliances,
Furniture, Equ
Number of Employees:
500
Business Activity:
Manufacturers of forged steel products, ingots and other forgings. The
Company also manufactures cast rolls for Hot and Cold Strip Mills, Medium and
Heavy Section Mills and Plate Mills, in a variety of iron and steel qualities
The above address is the headquarters of the company. There are four
other locations in Burgettstown, Pa; Erie, Pa; Valparaiso, Ind; and
Tessenderlo, Belgium.
PUBLIC RECORD
Name Searched: UNION ELECTRIC STEEL CORP
Debtor Address: UNION ELECTRIC STEEL CORPORATION
USX TOWER SUITE 4600 600 GRANT STREET
PITTSBURGH, PA 15219
Secured Parties: PNC BANK NATIONAL ASSOCIATION
Filing Date: 8/15/2001
Filing Number: 34231214
Filing Type: INITIAL FILING
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No legal actions or bankruptcy petitions.
GENERAL COMMENTS
Union Electric Steel Corporation, incorporated in 1974, are engaged as
manufacturers of forged steel products, ingots and other forgings. The payment
record is satisfactory. We found nothing seriously derogatory about the
subject. The firm is considered
responsible for normal business transactions.
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/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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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%)