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Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
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Name : |
UNITED STEEL COMPANY BSC (SUCB) |
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Registered Office : |
Hidd Industrial Area, |
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Country : |
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Date of Incorporation : |
12.02.2009 |
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Com. Reg. No.: |
71012-1, |
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Legal Form : |
Bahraini Shareholding Company BSC |
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Line of Business : |
Manufacturers of steel and steel products |
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No. of Employees : |
50 |
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 |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Bahrain |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : UNITED STEEL COMPANY BSC (SUCB)
Country of Origin : Bahrain
Legal Form : Bahraini Shareholding Company BSC
Registration Date : 12th February 2009
Commercial Registration Number : 71012-1, Manama
Issued Capital : US$ 464,000,000
Paid up Capital : US$ 464,000,000
Total Workforce : 50
Activities : Manufacturers of steel and steel products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Nasser Al Muktash, General Manager
UNITED STEEL
COMPANY BSC (SUCB)
Registered &
Physical Address
Location : Hidd Industrial Area
PO Box : 50177
Town : Hidd
Country : Bahrain
Telephone : (973-17) 359331 / 359359 /
464380 / 464307 / 464222
Facsimile : (973-17) 359331
Email : delip.geoege@foulath.com.bh
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Hidd.
Name Position
·
Khalid Ahmed Mohamed Al Qadiri Chairman
·
Mohamed Al Jaber Chief
Executive Officer
·
Nasser Al Muktash General
Manager
·
Vani Marlerati Project
Manager
·
Mohamed Siddiqi Production
Manager
·
Delip George Finance
Manager
Date of Establishment : 12th
February 2009
Legal Form :
Bahraini Shareholding
Company BSC
Commercial Reg. No. : 71012-1,
Manama
Issued Capital : US$ 464,000,000
Paid up Capital : US$ 464,000,000
Name of Shareholder
(s) Percentage
·
Gulf
United Steel Holding Company Foulath Bsc Closed 51%
Bahrain
·
Yamato
Kogyo Ltd 49%
Japan
Activities: Engaged in the manufacture of steel and
steel products, including H beams, angles, sections for high rise buildings,
bridges and other structural steel uses. Full production is expected to be
reached during 2012.
Import Countries: Europe and the Far East.
Subject has a
workforce of 50 employees.
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.
·
BNP
Paribas
Government Avenue
PO Box: 5241
Manama
Tel: (973-17) 253119
Fax: (973-17) 242077
No complaints
regarding subject’s payments have been reported.
Local sources report
that payment obligations are met in a generally timely manner and the operating
history is clear. As such the company is deemed a fair trade risk and the above
credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.68 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.