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MIRA INFORM REPORT
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Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
QATAR STEEL COMPANY LTD (QASCO) |
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Registered Office : |
Mesaieed Industrial City,
Street No. 149, Umm Al Said Area, P O Box 50090, Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.10.1974 |
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Com. Reg. No.: |
32 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Operators of a steel mill |
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No. of Employees : |
1650 |
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 : |
US$ 6,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Qatar |
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 |
SUMMARY
Company Name : QATAR STEEL COMPANY LTD (QASCO)
Country of Origin : Qatar
Legal Form : Limited Liability Company
Registration Date : 14th October 1974
Commercial Registration Number : 32
Issued Capital : QR 300,000,000
Paid up Capital : QR 300,000,000
Total Workforce : 1,650
Activities : Operators of a steel mill.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 6,000,000
COMPANY NAME
QATAR STEEL COMPANY LTD (QASCO)
company ADDRESS
Registered &
Physical Address
Location : Mesaieed Industrial City
Street : Street No. 149
Area : Umm Al Said Area
PO Box : 50090
Town : Doha
Country : Qatar
Telephone : (974) 44778778
Facsimile : (974) 44771424 / 44771888
Email : commercial@qatarsteel.com.qa
Premises
Subject operates
from a large suite of offices, production plant and warehousing facilities that
are owned and located in the Industrial Area of Doha.
Branch Office (s)
Location Description
·
PO Box:
689 Owned
Sales Office
Tel: (974) 44770011
Fax: (974) 44771405
KEY PRINCIPALS
Name Position
·
Yousuf Hussain Kamal Chairman
·
Dr
Mohammed Saleh Al Sada Vice
Chairman
·
Sheikh Nasser Bin Hamad Al Thani Managing
Director
·
Abdel
Rahman Ahmed Al Shaibi Director
·
Fahad
Hamad Al Mohannadi Director
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Dr
Nasser Mubarak Shafi Al Shafi Director
·
Mohamed
Hitmi Ahmed Al Hitmi Director
·
Ali Bin
Hassan Al Muraikhi General
Manager
·
Ali
Sherif Al Emadi Facility
Manager
·
Saad Rashid
Al Mohannadi Purchasing
Manager
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Reemi
Maseeh Rouhani Finance
Manager
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Ahmed
Al Ansari Sales
Manager
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Hussein
Hassan Murrar Business
Development Manager
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Malek
Hamdieh IT
Manager
LEGAL FORM & OWNERS
Date of Establishment : 14th
October 1974 (Production commenced in 1978)
History : Subject was originally established in 1974
between the following partners:
1. Government of
2.
3.
The production plant was inaugurated on 16th
July 1978 and was managed primarily by
Kobe Steel. However in January
1989 the Qatari government took over management
responsibility for the plant.
On 24th May 1997 a decree was
issued by Amir Sheikh Hamad Bin Khalifa Al Thani,
formalising the Qatari government buy-out of
the 2 Japanese shareholders, with the
Finance Economy & Trade Ministry taking
over the 30 percent stake, making the subject a 100 percent state owned entity.
In 2004 the Qatari government
sold all the shares in QASCO to Industries of Qatar which also holds 75% of the
shares in Qatar Fertiliser Co (QAFCO), 50% of Qatar Fuel Additives Co (QAFAC)
and 80% of Qatar Petrochemical Co (QAPCO).
Legal Form :
Limited Liability Company
Commercial Reg. No. : 32
Issued Capital : QR 300,000,000
Paid up Capital : QR 300,000,000
Name of Shareholder
(s) Percentage
·
Industries
of Qatar 100%
AFFILIATED COMPANIES
·
Qatar
Steel Company FZE
PO Box: 18255
Jebel Ali Free Zone
Dubai
United Arab Emirates
Tel: (971-4) 8053111
Fax: (971-4) 8053222
·
South
Steel Company
Saudi Arabia
OPERATIONS
Activities: Qatar Steel Company Ltd (Qasco) operates a steel mill. The plant consists primarily of four units: Direct Reduction, Electric Arc Furnace, Continuous Casting, and a Rolling Mill. Other auxiliaries include the Material Receiving/Handling, Main Power Substation, Quality Control Centre, Maintenance Shops, and other facilities such as sea/fresh water, compressed air, natural gas and a clinic.
The plant with its offices, occupies an area of 707,000 square metres - adjacent is a further area of 375,000 square metres reserved for future development and expansion.
During 2001 the company obtained the ISO 9002 certificate.
In January 2005 QASCO signed an agreement with Brazilian firm Samarco Mineracao for the supply of 2 million tons of Iron Ore Pellets between 2005 and 2010. This additional requirement of Iron Ore Pellets is to meet the demand of QASCO’s capacity expansion from 700,000 tons per year of Direct Reduced Iron (DRI) to 1.5 million tons per year.
On 28th February 2005 QASCO signed an agreement with Kobe Steel Japan to build a new Direct Reduction Plant which can annually produce 1.5 million tons of iron.
On 8th of March 2011 Mr Ali Bin Hassan Al Muraikhi Director and General Manager of Qatar Steel and Mr. Norbert Petermaier, Senior vice president of Siemens VAI signed a contract for 1.1 million tons/ year Steel Making Plant.
The plant will have Siemens VAI’s Ultra High Power 110 Tons
Electric Arc Furnace, 110 T Ladle Furnace and 6 strand High Speed Billet Caster coupled with Sophisticated Fume
Extraction System for zero emissions.
Import
Countries: Europe, the
United States of America and Japan.
Export Countries : Mainly GCC region, but also
Operating Trend: Steady
Subject has a
workforce of approximately 1,650 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Qatari
Riyals (QR)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales QR 1,270,000,000 QR 1,380,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Qatar
National Bank
Government
PO Box: 1002
Tel: (974) 44413511 / 44407407
Fax: (974) 44415020
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Al Khaleej Insurance Building
Grand
PO Box: 559
Tel: (974) 44409409
Fax: (974) 44412700
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Doha
Bank Ltd
PO Box: 3818
Tel: (974) 44435444
Fax: (974) 44416631 / 44410625
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Banque
Paribas
PO Box: 2636
Tel: (974) 44430346 / 44430344
Fax: (974) 44430121
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction April 1999 March 2005
Credit amount 450,000 104,000
Amount overdue 0 0
Payment terms 90
days 30
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling Pounds
Sterling
GENERAL COMMENTS
On its inauguration in 1974, Qatar Steel Company became the first
integrated steel plant in the whole Arabian Gulf.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.23 |
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UK Pound |
1 |
Rs.80.84 |
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Euro |
1 |
Rs.66.79 |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.