MIRA
INFORM REPORT
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Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SEVERSTAL
EXPORT GMBH |
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Registered Office : |
Fischergasse 3 6362
Stansstad/NW |
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Country : |
Switzerland |
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Date of Incorporation : |
08.05.2001 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trade in Steel |
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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Maximum Credit Limit : |
EUR
250.000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of the company
SeverStal
Export GmbH
Line of Business
Stahlhandel
Legal domicile
Fischergasse 3
6362
Stansstad/NW
Switzerland
Telephone: 041 6197710
Fax: 041 6197719
Homepage: www.severstal.com
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overall
assessment: |
300 |
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Business connections are
permissible. |
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detail
assessment: |
payments: |
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No complaints |
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individual credit
limit*: |
EUR 250.000,-- |
This credit
advice is based on information available at the time of conducting the
research,
being the
above indicated date.
All amounts in
this report are given in Swiss Francs (CHF) unless otherwise stated.
GENERAL COMPANY DATA
OFFICIAL DATA:
Legal
form: Limited liability company
Registration: 08-05-2001
First
Publication: 14-05-2001
Last
Publication: 16-02-2007
Created
by: The company was created by a change in legal status
Previous
company: Nova Steel AG
6362 Stansstad/NW
Year founded: 1999
Legal form: Joint stock company
Original
capital: 500.000
Paid up: 500.000
Direct Parent com.
Severstal
Trade Ges.m.b.H, Wien, Austria/AT with a share of 100.
Company Management
Whithold
Skrotzki
ACTIVITY
Line of
business: Trade in steel
Sector: Wholesale
Activity:
The scope of activity
encompasses the international (transit) trading of steel. Based on the
information available to us, the steel is purchased in Russia and resold to
various countries worldwide.
Trading
area: International
EMPLOYEES
The Severstal
Group employs more than 100,000 co-workers.
PAYMENT AND FINANCIAL DATA
PAYMENT
EXPERIENCES:
Legal
actions: Information only
available against proof of interest.
There are no
complaints about the mode of payment and business conduct.
Since the company
conducts most of its business activities on an international basis, there is a
lack of comprehensive experience as regards the local payment conduct.
For
large-scale finanical transaction the company should however be capable of
providing appropriate capital guarantees or securities.
FINANCIAL DATA
Financial
position: The financial affairs are
considered good and in order.
Financial
Statements: The company does not disclose any financial statements.
Consolidated key figures (in USD 1.000.000):
Severstal Gruppe
31.12.2007 31.12.2006 31.12.2005
12 Months 12 Months 12 Months
Sales 15'244.9 12'449.0 10'451.6
Operating Profit/Loss 2'842.4 2'314.1 2'305.9
Cost of employees 1'890.8 1'634.1 1'278.2
Depreciation 802.7 603.7 496.6
Profit/Loss 1'973.6 1'510.0 1'625.2
Cash-Flow 3'348.8 2'621.3 2'691.3
Investments 1'561.9 1'243.8 1'204.4
Shareholder funds 10'210.7 8'554.0 5'715.2
Balance sheet total 16'717.4 14'713.7 11'812.1
Key results of
the Severstal Group for the first six months of fiscal 2008 (at 30.06., in US$
thousands, unaudited):
30.06.2008 30.06.2007
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Revenues 10'547'092 7'738'594
Operating result 2'254'455 1'678'259
Net result 1'991'679 1'188'663
Cash flow 1'580'898 1'667'579
Takeover
from: Nova Steel AG
6362
Stansstad/NW
Type: Takeover as a result of reorganisation
Registered
on: 08-05-2001
Balance Sheet
per: 31-12-2000
Assets: 181.616.086
Liabilities: 164.635.107
Banker(-s)
Various major
banks local branches
Auditors
KPMG AG,
Zuerich
The group owns
valuable real estate property. The acqusition value and
the net book
value of the land and buildings amount to (at 31.12., in
USD):
Acquisition value Net book value
----------------- --------------
2007 2.305.426.000.-- 1.725.222.000.--
2006 2.114.076.000.-- 1.712.263.000.--
2005 1.479.021.000.-- 1.230.055.000.--
COMPANY AND PERSON RELATIONS
COMPANY CONNECTIONS:
Direct Parent
com.: Severstal Trade Ges.m.b.H, Wien,
Austria/AT with a share of 100.
Ultimate
Parent com.: Severstal, Moskau, Russia/RU.
The former
Nova Steel AG was formerly wolly owned by Nova Steel Group
Ltd in Dublin,
Ireland.
Since 2006 the
Russian industrial holding Severstal is a public company
and listed on
the Russian and London stock exchanges. The Company
consists of
steel and car manufacturers, as well as mining companies. In
2006,
Severstal acquired 20 steel works from Lucchini, Italy's
second-largest
steel group. The Company is comprised of the segments
Russian Steel,
Severstal North America, Lucchini, Metalware and Mining.
Investments: No investments apparent. Approximately
73
companies belong to the
group of which 1 are in
Switzerland.
PARTNER:
Severstal Trade
Ges.m.b.H. , in Wien/Austria,
Partner, without signing
authority.
Capital share: CHF
500'000.--.
Withold Skrotzki, from
Germany, in
Buergenstock/NW/Switzerland,
Partner, General
Manager, collective signature.
MANAGEMENT:
Andrei Drovossekov, from
United Kingdom, in
Buochs/NW/Switzerland,
General Manager,
collective signature.
Juerg Zentner-Murer,
from Urnaesch, in
Sarnen/OW/Switzerland,
Authorised signatory,
collective signing
authority.
PERSONNEL
INFORMATION:
Withold
Skrotzki lives at the address La Maison in 6363 Buergenstock.
He was
managing director of the Nova Steel AG, Stansstad, which has been
acquired by
Severstal Export GmbH.
There are no detrimental
reports on the responsible persons' business
conduct.
FURTHER
MANDATES:
Withold
Skrotzki:
- W. Skrotzki
& Cie, International Business Development, Hergiswil
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.71 |
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UK Pound |
1 |
Rs.83.57 |
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Euro |
1 |
Rs.65.90 |
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%)