MIRA
INFORM REPORT
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Report Date : |
14.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
METINVEST
INTERNATIONAL SA |
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Formerly Known As : |
LEMAN COMMODITIES SA |
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Registered Office : |
Rue Vallin 2
1201 Geneve/GE |
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Country : |
Switzerland |
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Date of Incorporation : |
04.04.1997 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trade in steel, mainly from Ukrainian mills. |
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 : |
Regular |
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Litigation : |
Clear |
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Overall assessment:
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Business
connections are permissible |
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Detail assessment: |
Payments: |
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Regular
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Individual credit
limit*: |
EUR 200.000,-- |
Name
Metinvest
International SA
Line of Business
Commerce d'aciers
Legal domicile
Rue Vallin 2
1201 Geneve/GE
Switzerland
Telephone: 022 9061828
Fax: 022 9061829
All amounts in
this report are given in Swiss Francs (CHF) unless otherwise stated.
GENERAL COMPANY DATA
OFFICIAL DATA:
Legal form : Joint stock company
Registration : 04-04-1997
First
Publication : 18-04-1997
Last
Publication : 12-12-2007
Share capitat : 50.000.000
Paid up : 50.000.000
Divided into : 50.000 Registered shares
of 1.000
History : 23-01-2006 50.000.000 Capital increase
29-07-2002 7.500.000
Capital increase
100.000 Capital by incorporation
Direct Parent
com. : Metinvest BV, Amsterdam,
Netherlands/NL with a share of 100.
Company
Management : Alla Ferreiro Hermida
Registered
name 12-12-2007 Metinvest
International SA
Previous Leman Commodities SA
ACTIVITY
Activity:
Leman
Commodities SA is devoted to the trade in steel, mainly from Ukrainian mills.
The Company
has exclusive export agreements with major Ukrainian mills, such as Azovstal
and Enakievo.
Major trading
markets of Leman Commodities are the Middle and Far East, Africa, Europe and
the Americas.
Sales growth
over the past few years in metric tonnes:
2005:
9'569'256
2004:
9'631'561
2003:
6'709'700
2002:
4'998'301
2001:
5'142'278
2000:
4'583'577
Products:
Leman
Commodities SA supplies the following groups of products:
- Iron Ore
- Pig Iron
- Slabs
- Billets
- Rebars
- Wire rods
- Rails
- Profiles
- Plates
- Coils
- Structurals
- Oil and gas
line pipes
Locations:
In addition to
Geneva Leman Commodities has representative offices in Donetsk/Ukraine,
Moscow/Russia, Istanbul/Turkey, Beyrouth/Lebanon, Beijing/China, Shanghai/China,
Singapore, Santo Domingo/Dominican
Republic,
Belgrade/Serbia and Montenegro, Teheran/Iran, Vilnius/Lithuania, Abuja/Nigeria,
Assago/Italy, Atmaty/Kazakhstan, Ashkhabad/Turkmenistan and Khartoum/Sudan.
EMPLOYEES
Number of
employees: 45
PAYMENT AND FINANCIAL DATA
PAYMENT
EXPERIENCES:
Legal actions :No legal actions, distraints
or loss certificates registered.
Report from 13-11-2003, in 1200 Geneve.
Report from 04-08-2003, in 1200 Geneve.
Report from 30-01-2003, in 1200 Geneve.
A current check
of the legal actions requires a document of justification with a legitimate
signature.
There are no
complaints about the mode of payment and business conduct.
FINANCIAL DATA
Financial
position: The financial affairs are
considered good and in order.
Key figures
(in USD 1.000):
31.12.2006 31.12.2004 31.12.2003 31.12.2002
Sales 3'467'945.5 3'843'964.0 1'805'479.0 1'021'245.5
Leman
Commodities SA is now the largest exporter of steel products from
Ikraine with
annual sales in excess of 3'800'000'000 US Dollars.
In 2004 alone,
Leman Commodities SA exported in excess of 11.1 million
metric tons of
steel.
Banker(-s)
UBS Ltd, 1200
Geneve
Credit Suisse
(CS), 1200 Geneve
BNP Paribas (Suisse)
SA, Geneve
Auditors
BDO
International SA, Geneve
Premises
The premises
at the above mentioned address are rented.
Fiscal taxation
No information
is available due to the local tax authority regulation.
COMPANY AND PERSON RELATIONS
COMPANY
CONNECTIONS:
Direct Parent
com.: Metinvest BV, Amsterdam,
Netherlands/NL with a share of 100.
In October
2005, Lean Commodities SA was acquired by the Dutch company METINVEST BV, which
in turn is fully owned by SYSTEM CAPITAL MANAGEMENT (SCM), based in Donetsk
(Ukraine).
Founded in
2000, the company SCM is a major industrial holding, which plays a vital role
in economics in the Ukraine and Eastern Europe.
The SCM Group
directly and indirectly controls more than 90 companies with activities in steel
and coal, production and distribution of energy, insurance and banking, food
and beverages catering and
gastronomy
services.
In addition
SCM is also major sponsor of the football club "FC Shakhtar", which
regularly participates in UEFA Cup and the Champions League.
BOARD OF
DIRECTORS:
Andrey
Parkhomchuk, from Russia, in
Donetsk/Ukraine,
President,
sole signature.
Patrick Burki,
from Geneve, in
Barbengo/TI/Switzerland,
Member.
Raymond
Liefooghe, from Geneve, in
Geneve/GE/Switzerland,
Member, sole
signature.
Sergiy
Novikov, from Ukraine, in Donetsk/Ukraine,
Member.
Joseph Eric
Riedweg, from Geneve, in
Confignon/GE/Switzerland,
Member, sole
signature.
MANAGEMENT:
Hermida Alla
Ferreiro, from Geneve, in
Geneve/GE/Switzerland,
Authorised
signatory, sole signing authority.
PERSONNEL
INFORMATION:
Andrey
Parkhomchuk and Sergiy Novikov have no other assignement in Switzerland.
Raymond
Liefooghe is former general director of UEB United European Bank in Geneva.
Joseph Eric Riedweg,
born on the 31 January 1949, is a certified accountant by profession. In
addition he is the founder and sole board member with individual signature of
Audiconsult SA, at the address Rue
du Cendrier 15
in Geneva. He features on the board of more than 40 companies.
FURTHER MANDATES
Patrick Burki:
- Connecting
Nature Sarl, Geneve
Raymond Liefoogh:
- SUCAFINA
INGREDIENTS SA, Geneve
- Sucafina SA,
Geneve
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%)