MIRA
INFORM REPORT
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Report Date : |
14th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
MACSTEEL INTERNATIONAL FAR EAST LTD. |
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Registered Office : |
Rm 1921, 19/F, Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong |
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Country : |
Hong Kong |
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Date of Incorporation : |
28-5-1997 |
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Com. Reg. No.: |
609775 |
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Legal Form : |
Private limited company |
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Line of Business : |
Engaged in trading of ferrous metal |
RATING & COMMENTS
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MIRA’s Rating : |
A |
RATING
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME & ADDRESS
MACSTEEL INTERNATIONAL FAR EAST LTD.
RM 1921, 19/F, SUN HUNG KAI CENTRE,
30 HARBOUR ROAD, WANCHAI, HONG KONG.
TEL: 852 25456661
FAX: 852 28150149
EXECUTIVE SUMMARY
INCORPORATION DATE : 28-5-1997
REGISTRATION NO. : 609775
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : THORNTON GORDON STANLEY (MANAGING
DIRECTOR)
STAFF STRENGTH : 32.
AUTHORIZED
CAPITAL : HKD 10M = 10M SHARES @ HKD 1.-
PAID-UP
CAPITAL : HKD 10M
BUSINESS LINE : TRADING OF FERROUS METAL
TURNOVER :
N/A (AS OF DEC. 31, 2004)
EQUITIES :
N/A (AS OF DEC. 31, 2004)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : FAIRLY LARGE AMOUNT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : GOOD
EXCHANGE RATE : HKD 7.75459 = USD1 AS OF 2006-04-28
SC is a
private limited company registered under incorporation file no. 609775 on
28-5-1997.
SC's
shareholders & directors are shown to be as follows:
Shareholders
(as at 28-5-2005) Number of shares
held
Macsteel
International Holdings B.V.
9,999,999
Thornton
Gordon Stanley 1
------------
10,000,000
========
Directors
(as at 28-5-2005)
Price
Leon William / K728091(2)
Poon Pun
Wing / E650184(6)
Lai Yuet
Sin Raina / D185750(A)
Thornton
Gordon Stanley / K611329(A)
Kemp
Jeffrey Mark Hunt / K685405(2)
Bertoli
Sylvio Fernao Caldira / R228835(3)
Faulkner
Peter Langley / R338928(5)
The above
registration information is based on SC's annual return filed at Companies
Registry within the last 2 years.
No
material change or amendment regarding SC has been traced & noted within
last 2 years.
SC
maintains its registered office address at 19/F of the captioned building.
Total
number of employees: 32.
Location: Maintaining its office at the
heading business address, which occupies a gross area of 1,500 square feet at a
commercial building in a commercial district.
Condition
inside the premises during our visit: Normal.
Office/factory
layout: Well-furnished.
The
premises is rented.
This
section will contain the civil litigations & winding-up petitions filed
against SC for the last 6 years (as stored in our database), and the
mortgage/charge filed by SC for the last 2 years. In Hong Kong, creation of such mortgages/charges by an unlimited
co is not required to be registered in the public records.
Civil
litigation/winding-up petitions: None in our database.
Mortgage/charge
record(s): None filed within the last 2 years as per
our current search.
SC is a
subsidiary of Macsteel International Holdings B.V. whose partial information is
as follows:
Year
established: NA
Registered/business
address: Strawinskylaan 3011, 1077 Zx Amsterdam, The Netherlands.
Business
line: As a holding co. with core interest in trading of ferrous metal.
No. of
employees: 100
Civil
litigation & winding-up petition records: None in our database
Turnover:
NA
Sources
indicated that Macsteel International Holdings B.V. is affiliated to Macsteel
International USA Corporation, a private co. in USA, whose partial information
is as follows:
Year
established: NA
Registered/business
address: Suite S101, 333 West Chester Ave., White Plains, NY 10604, USA.
Business
line: It is engaged in trading of alloy, carbon rod & wire.
No. of
employees: 31
Civil
litigation & winding-up petition records: None in our database
Turnover:
US$10M (year ended 31-12-2004)
Thornton
Gordon Stanley, managing director:
- In his
mid 50's
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Embarked upon his career to present field as an executive trainee in his mid
30's
- Also
currently director of Masterwell Worldwide Investments Ltd.
Currently
active in SC's day-to-day operations & is responsible for its management.
Registered
residential address: 21C Seahorse Lane, Beach Village, Discovery Bay, Lantau
Island, HK.
Credit
history check : This refers to a check
of our database whether the said person has been involved in any of the
following records stored by us within the last 6 years:
Civil
litigation as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent
payment records : None in our database
Debt
collection records : No overdue amount owed by the
said
person was placed to us for
collection
Kemp
Jeffrey Mark Hunt, director:
- In his
late 50's
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Embarked upon his career to present field as an executive trainee in his 30's
Currently
active in SC's day-to-day operations & is responsible for its management.
Registered
residential address: Flat B, 20/F, The Manhattan, 33 Tai Tam Road, HK.
Credit
history check : This refers to a check
of our database whether the said person has been involved in any of the
following records stored by us within the last 6 years:
Civil
litigation as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent
payment records : None in our database
Debt
collection records : No overdue amount owed by the
said
person was placed to us for
collection
Ownership
background appraisal:
Rating:2
Obtained scores : 70 (see explanatory
notes below)
Keys :1 : scores
81-100 : Excellent
2 : scores
61-80 : Good
3 : scores
46-60 : Average
4 : scores
21-45 : Fair
5 : scores
01-20 : Poor
The
rating indicates the personal financial & operational strength of SC's
major principals. It is calculated from
a composite of scores obtained from the following 5 factors which carry equal
weight in our analysis:
Personal
financial strength, credit history & trade reputation, business experience
& track record, market connection and management skill.
Business
categories:
SC is
engaged in trading of ferrous metal.
Items
available include steel bars & plates, metal beams & alloy of iron.
Principal
purchases:
Major
types of sourcing : Raw
materials
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : PR China, Europe, India,
South Africa & North America
Buying
terms : L/C
& special agreed terms
Principal
market:
Local--type
of customers : Industrial sector
Selling
terms :
Special agreed terms
Overseas--buying
countries : Japan, S. Korea,
Taiwan & SE Asia
Selling
terms : L/C
& T/T
Jointly
occupying the premises with the below mentioned affiliate.
Affiliate(s):
Company
name : Macsteel International (China) Ltd.
Year
established : 1963
Business
nature : Similar to SC
Address : Same as heading
business address
Turnover : NA
Civil
litigation & winding-up petition records: None in our database
The said
affiliate also maintains its branch office at Rm 2803, 28/F, Yian Plaza, 33
Jianshe Liu Road, Guangzhou, Guangdong Province 510060, PR China.
Overseas
affiliates / countries:
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Macsteel International USA Corporation / USA
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Macsteel International USA Latin America Corporation / USA
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Macsteel International Do Brazil Ltda / Brazil
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Macsteel International UK Ltd. / UK
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Macsteel International FZCO / Dubai
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Macsteel International Mauritius Ltd. / Mauritius
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Macsteel International SA (Pty) Ltd. / South Africa
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Macsteel International Singapore Pty Ltd. / Singapore
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Macsteel International (Thailand) Ltd. / Thailand
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Macsteel International (Korea) Ltd. / S. Korea
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Macsteel International Australia Pty Ltd. / Australia
Overall
payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( )
Poor ( ) Not yet determined
The
appraisal serves as a reference to reveal SC's payments habits and ability to
pay. It is based on the 3 weighed
factors: Trade payment experience
(through current enquiry with SC's suppliers), our delinquent payment records
and our debt collection record concerning SC.
Trade
payment experience: Owing to the nature of its business, SC is
not an active seeker of local commercial credit since merchandise/materials are
imported. Its expenses in the form of accruals and servicing are reportedly met
in prompt manner.
Delinquent
payment record: None in our database.
Debt
collection record: No overdue amount owed by SC was
placed to us for collection within the last 6 years.
Banking
relations are maintained principally with:
- HSBC
-
Citibank N.A.
Upon a current contact, SC's
principal(s) declined forwarding any financial information on the ground that
SC is a private venture whose data is not required for public inspection.
Outside
sources report that SC possesses adequate working capital to meet its normal
trade requirements & reasonable financing to operate along the line.
As per
current co. search, total amount of indebtedness of SC in respect of all
mortgages and charges, which are required to be registered with Companies
Registry as at 28-5-2005, was nil.
From all
indications, SC is believed to have made a steady and successful trend of
development. Credit in the range of
moderate to fairly large amount can be considered.
--
Asset Tracing --
Upon our
current investigation, our database & sources consulted indicate that SC
was not involved in any property transaction (both purchase & disposal) in
Hong Kong for the last 6 years.
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/normal. |
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 |