MIRA INFORM REPORT
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Report Date : |
14th April
2006 |
IDENTIFICATION DETAILS
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Name : |
PSA
MACAO COMMERCIAL OFFSHORE LTD |
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Registered Office : |
Alameda
Dra Carlos D Assumpcao Nos 339-341 F Dif Centro holine 21 andar B Macau |
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Date of Incorporation : |
2004 |
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Legal Form : |
Private
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Line of Business : |
Traders
of Metals & Metal Products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
COMPANY NAME
PSA MACAO COMMERCIAL OFFSHORE LTD
Country: Macau
Company name: PSA MACAO COMMERCIAL OFFSHORE LTD
Office address: Alameda Dr Carlos D Assumpcao No 339 - 341 F Dif Centro Hotline 21 Andar B em
Macau
Office tel: 757840
Office fax: 757836
Office e-mail: psamacao@macau.ctm.net
Business type: Trader
Industry: Metals & Metal Products
Established: 2004
OWNERSHIP
Chairman: Mr Tian-suan Yap
Nationality: Singapore
Capital: MOP100,000
Employees: 3
Corporate formation: Private
Direct parent: ABTERRA LTD
Nationality Singapore
Detailed Report
COMPANY MANAGEMENT
Director Mr Tian-suan Yap
Nationality: Singapore
Director Mr Hiu-ying Cheng
Nationality: Hong Kong
FINANCIAL DESCRIPTION
*Credit Risk Assessment*
=======================
Risk Index : Medium
*Credit Opinion*
=============
Credit of a moderate amount can be considered.
*Credit Assessment*
==============
The company is considered average sized company with an acceptable base and market connection. Credit of a moderate amount can be considered.
*Operations Status*
==================
Investigations have included :
1) A site visit was conducted at the company's heading address which revealed that the above company's name was seen on display.
2) The company is engaged in trading of mineral products.
3) The company's products are imported from Australia, South America, South East Asia and East Europe.
4) The company's products are sold to oversea market such as Singapore, Malaysia, South East Asia and the PRC.
5) The Group has acquired the company on 23 June 2005. The company is a shell company in Macau before the acquisition.
6) The company granted tax-free on trading in the Group's products.
*Capital Details*
=============
Share value : MOP$ 1.00/-each
Authorized capital : MOP$ 100,000 divided into 100,000 ordinary shares
Paid-up capital : MOP$ 100,000
*Financials*
=========
As a private limited company, no official financial statement is requiredto be publicly disclosed.
Upon our current contact, the company's principals could not be contactedwhile the company's staff refused to forward any financial information regarding the company on the grounds that the company is a private venture whose financial information is considered sensitive private business information not subjected to public release or release to non-business related parties.
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation within the respective industry failed to reveal any negative information.
*Payment Terms*
=============
Sales
--------
Export : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
Purchases
--------------
Import : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
*Company Registration *
==================
Company Name in English: PSA MACAO COMMERCIAL OFFSHORE LTD
Company Name in Portugues: PSA COMERCIAL OFFSHORE DE MACAU LTDA
License number : 19735 SO
Date issued : 23 October 2004
Issuing authority : Conservatoria Dos Registos Comercial E De Bens Moveis
*Change of Company Name*
=====================
No record
*Banker*
=======
United Overseas Bank Limited
In-depth Report
PRODUCT, TECHNOLOGY, SERVICE DESCRIPTION
*Main Products & Services*
=====================
Specializes in trading of mineral products
*Detailed Product specifications*
========================
Items available include:
- Cotton
- Mineral
- Steel
- Iron ore
ORGANIZATION STRUCTURE
*Parent company*
=============
The company is a subsidiary of Abterra Ltd (a listed company in Singapore)., whose partial information is as follows:
Ticker :H24
Exchange : SGX
Business address : 8 Shenton Way, #31-02 Temasek Tower, Singapore.
Business Line : Abterra Limited Formerly known as Hua Kok International Limited. The Group's principal activities are manufacturing, assembling, trading, importing and exporting all kinds of shower screens, spa pools and accessories. The Group's new business focus is trading commodities and minerals, namely iron ore and cotton. It has discontinued its construction activities during the year.
No. of employees : 45
Turnover : SGD 14,592,043 (for the year ended 2005)
*Key Personnel*
============
(1) Tian-suan Yap
Marital: Married
Position : Director
Resident status : Singapore nationality
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its management.
Background : Mr. Yap Tian Suan was appointed as Group Executive Chairman on 18 May 2005 following the approval by shareholders of the Strategic Share Subscription in the company and is responsible for the development of strategic business of the company. Mr. Yap was the Chief Executive Officer of Prosperity Steel (Asia) Co. Ltd. and he has more than 20 years of experience in the specialized field of trading and merchanting in the steel industry, accumulating a large international client base and a strong reputation for integrity and performance. In 1980, Mr. Yap established Tenson Industries Limited trading in steel across America, China, Europe, Russia and Asia Pacific region. In 1994, Mr.Yap together with Ms Cheng jointly started Tenson Resources Limited to synergies their expertise and expand the business. Towards the end of 1998 Mr. Yap invited Mr. Wong Ben Koon to extend the reach of the business in China, forming the joint venture company Prosperity Steel (Asia) Co. Ltd. and merging the business of Tenson Resources Limted.
Registered address: Room 11, 27th Street, Hong Luk Yuen, Taipo, N.T., Hong Kong
TRADE REFERENCES
================
SUBSIDIARIES, JOINT-VENTURES & AFFILIATES
Company name: HUA KIONG DEVELOPMENT PTE LTD
Country: Singapore
Status: Affiliate
-------------------------------------------------------------------------------------------------
Company name: WORLD SPA INDUSTRIES PTE LTD
Country: Australia
Status: Affiliate
-------------------------------------------------------------------------------------------------
Company name: PROSPERITY STEEL SINGAPORE PTE LTD
Country: Singapore
Status: Affiliate
-------------------------------------------------------------------------------------------------
Company name: WORLD SPA INDUSTRIES (M) SDN BHD
Country: Malaysia
Status: Affiliate
-------------------------------------------------------------------------------------------------
Company name: CHALLENG INTERNATIONAL (S) PTE LTD
Country: Singapore
Status: Affiliate
-------------------------------------------------------------------------------------------------
Company name: CASCADE BUILDING PRODUCTS PTE LTD
Country: Singapore
Status: Affiliate
-------------------------------------------------------------------------------------------------
Company name: MONARCH SPA (S) PTE LTD
Country: Singapore
Status: Affiliate
-------------------------------------------------------------------------------------------------
Company name: WORLD TREND INTERNATIONAL PTE LTD
Country: Singapore
Status: Affiliate
-------------------------------------------------------------------------------------------------
Company name: MONARCH SHOWER SYSTEMS SDN BHD
Country: Malaysia
Status: Affiliate
-------------------------------------------------------------------------------------------------
Company name: MONARCH SPA MALAYSIA SDN BHD
Country: Malaysia
Status: Affiliate
-------------------------------------------------------------------------------------------------
Company name: WORLD TREND INDUSTRIES SDN BHD
Country: Malaysia
Status: Affiliate
-------------------------------------------------------------------------------------------------
RELATED PARTIES DESCRIPTION
*Major Shareholders*
================
Total number of shareholders : 1
Total number of authorized shares : 100,000
Total number of paid-up shares : 100,000
Share Class : Ordinary Share
Shareholder Name No of Shares
-------------------------------------------------------------------------
Abterra Ltd 100,000
*Shareholders' Details*
================
Abterra Ltd
Address: 8 Shenton Way, #31-02, Temasek Tower, Singapura 068811
*Directors' Details*
==============
(1) Tian-suan Yap
(2) Hiu-ying Cheng
Position : Director
Marital : Married
Resident status : Chinese nationality
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its management.
Registered address: Room 11, 27th Street, Hong Luk Yuen, Taipo, N.T., Hong Kong
*Partial change in the company's directorship*
================================
Name(s) of resigned director(s) Resignation date
------------------------------------------------------------------------------------------
Ben-koon Wong 23 June 2005
LOCAL DISTRIBUTION & WAREHOUSING
*Local Distribution Network*
=======================
There is no record of local sales since the prime focus of the firm's activity is concentrated on exports only.
*Imports*
========
100% of the company's products are imported from Australia, South America, South East Asia and East Europe.
INTERNATIONAL TRADE ACTIVITY DESCRIPTION
*Export Markets*
=============
100% of the annual turnover is attributed to export to the following countries:
- Singapore, Malaysia, South East Asia and the PRC.
COMPANY NAME
PSA MACAO COMMERCIAL OFFSHORE LTD
Country: Macau
Company name: PSA MACAO COMMERCIAL OFFSHORE LTD
Office address: Alameda Dra Carlos D Assumpcao Nos 339-341 F Dif Centro holine 21 andar B Macau
Office tel: 757840
Established: 2004
OWNERSHIP
Chairman: Mr Tian-suan Yap
Nationality: Hong Kong
Capital: MOP100,000
Corporate formation: Private
Direct parent: ABTERRA LTD
Nationality Singapore
Detailed Report
COMPANY MANAGEMENT
Director Mr Tian-suan Yap
Nationality: Hong Kong
Director Ms Hiu-ying Cheng
Nationality: Hong Kong
FINANCIAL DESCRIPTION
*Capital Details*
=============
Share value : MOP$ 100/-each
Authorized capital : MOP$ 100,000 divided into 100,000 ordinary shares
Paid-up capital : MOP$ 100,000
*Company Registration *
==================
Company Name in English : PSA MACAO COMMERCIAL OFFSHORE LTD
Company Name in Portugues : PSA COMERCIAL OFFSHORE DE MACAU
LTDA
License number : 19735 SO
Date issued : 23 October 2004
Issuing authority : Conservatoria Dos Registos Comercial E De
Bens Moveis
*Change of Company Name*
=====================
No record
In-depth Report
ORGANIZATION STRUCTURE
*Partial change in the company's directorship*
================================
Name(s) of resigned director(s) Resignation date
------------------------------------------------------------------------------------------
Ben-koon Wong 23 June 2005
*Key Personnel*
============
Tian-suan Yap
Marital : Married
Position : Director
Resident status : Chinese nationality and Macau resident
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its management.
Registered address: Flat G, 28/F., Hang Sing Mansion, Taikoo Shing Sing Fai Terrace, Hong Kong
RELATED PARTIES DESCRIPTION
*Major Shareholders*
Total number of shareholders : 1
Total number of authorized shares : 100,000
Total number of paid-up shares : 100,000
Share Class : Ordinary Share
Shareholder Name No of Shares
-------------------------------------------------------------------------
ABTERRA LTD 100,000
*Shareholders' Details*
================
ABTERRA LTD
Previous address : Hua Kok International Ltd
Address: Hua Kok Industrial Building, 32 Sungei Kadut Way, Singapore 728787
*Directors' Details*
==============
(1)
Tian-suan Yap
(2)
Hiu-ying Cheng
Marital: Married
Position : Director
Resident status : She is by Chinese nationality and Macau resident
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its management.
Registered address: Flat G, 28/F., Hang Sing Mansion, Taikoo Shing Sing Fai Terrace, Hong Kong
You will received
updated one within several days later.
RATING EXPLANATIONS
RATING
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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 |