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Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
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Name : |
UNITED STEEL COMPANY BSC (SUCB) |
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Registered Office : |
Hidd Industrial Area, P
O Box 50177, Hidd |
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Country : |
Bahrain |
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Date of Incorporation : |
12.02.2009 |
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Com. Reg. No.: |
71012-1, Manama |
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Legal Form : |
Bahraini Shareholding Company |
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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 : |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Bahrain |
B1 |
B1 |
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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 |
Bahrain ECONOMIC OVERVIEW
Bahrain has taken great strides in diversifying its economy and its highly developed communication and transport facilities make Bahrain home to numerous multinational firms with business in the Gulf. As part of its diversification plans, Bahrain implemented a Free Trade Agreement (FTA) with the US in August 2006, the first FTA between the US and a Gulf state. Bahrain's economy, however, continues to depend heavily on oil. Petroleum production and refining account for more than 60% of Bahrain's export receipts, 70% of government revenues, and 11% of GDP. Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain competes with Malaysia as a worldwide center for Islamic banking and continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. In 2011 and 2012, Bahrain experienced economic setbacks as a result of domestic unrest, however, several factors indicate that the economy is beginning to recover, such as the return of the formula one race and tourist cruise ships to Bahrain. Economic policies aimed at restoring confidence in Bahrain's economy, such as the suspension of an expatriate labor tax and frequent bailouts of Gulf Air, will make Bahrain's foremost long-term economic challenges - youth unemployment and the growth of government debt - more difficult to address.
|
Source : CIA |
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
·
Tad
Takashi Chief
Executive Officer
·
Nasser Al Muktash General
Manager
·
Vani Marlerati Project
Manager
·
Mohamed Siddiqi Production
Manager
·
Roddy
Clayton Marketing
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 risebuildings, bridges and other structural steel
uses. Full production is expected to be reached during 2012.
In May 2012, United Steel Company (Sulb) signed a US $ 373 million loan agreement with BNP Paribas and Societe Generale (SGCIB). The loan will help Sulb complete its facilities including a direct reduction iron plant with a nameplate capacity of 1.5 million tonnes per year (tpy), a melt shop with a capacity of 1 million tpy and two rolling mills with a total capacity of 1.2 million tpy and capability to manufacture light, medium and heavy sections and beams.
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.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
|
UK Pound |
1 |
Rs.96.57 |
|
Euro |
1 |
Rs.82.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 |
|
---- |
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.