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Report Date : |
13.11.2014 |
IDENTIFICATION DETAILS
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Name : |
SULB COMPANY BSC CLOSED |
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Formerly Known As : |
UNITED STEEL
COMPANY BSC (SULB) |
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Registered Office : |
Hidd Industrial Area, Building 277, Road 17 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 BSC |
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Line of Business : |
Manufacture of
steel and steel products, including H beams, angles, sections for high rise
buildings, bridges and other structural steel uses. |
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No. of Employees : |
150 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Bahrain |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 made great
efforts to diversify its economy; 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. In
2012, petroleum production and refining accounted for 77% of Bahrain's export
receipts, 87% of government revenues, and 19% 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 Bahrain experienced economic setbacks as a result of domestic unrest,
however, the economy recovered in 2012-13, partly as a result of improved
tourism. Some 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 long-term economic challenges - youth
unemployment and the growth of government debt - more difficult to address.
|
Source
: CIA |
Company Name : SULB
COMPANY BSC CLOSED
Previously Known As : UNITED STEEL
COMPANY BSC (SULB)
Country of Origin :
Bahrain
Legal Form :
Bahraini Shareholding Company BSC
Registration Date : 12th
February 2009
Commercial
Registration Number : 71012-1,
Manama
Issued Capital : US$
705,000,000
Paid up Capital : US$
705,000,000
Total Workforce :
150
Activities :
Manufacturers of steel and steel products
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Nasser Al
Muktash, General Manager
SULB COMPANY BSC
CLOSED
UNITED STEEL
COMPANY BSC (SULB)
Location : Hidd Industrial Area, Building 277, Road 17
PO Box : 50177
Town : Hidd
Country : Bahrain
Telephone : (973-17) 359331 / 359359 /
464380 / 464307 / 464222 / 464138
Facsimile : (973-17) 359331 / 673364
Email : delip.geoege@foulath.com.bh
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Hidd.
Name Position
·
Khalid
Abdulla Al Sulaiman Al Bassam Chairman
·
Khalid Ahmed Mohamed Al Qadiri Managing
Director
·
Hiroyuki
Inoue Director
·
Yousef
Abdulla A Q Al Emadi Director
·
Mikio
Kobayashi Director
·
Takafumi
Yoshida Director
·
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
History : Subject was originally established in 2009
under the name of “United Steel Company BSC (SULB)”. However, on 9th
May 2013 the company re-registered under the current style of “Sulb Company BSC
Closed”
Legal Form :
Bahraini Shareholding
Company BSC
Commercial Reg. No. : 71012-1,
Manama
Issued Capital : US$ 705,000,000
Paid up Capital : US$ 705,000,000
·
Foulath
Holding 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 was 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 150 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.61.48 |
|
|
1 |
Rs.97.92 |
|
Euro |
1 |
Rs.76.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
Report Prepared
by : |
NIT |
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.