MIRA
INFORM REPORT
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Report Date : |
07.03.2011 |
IDENTIFICATION DETAILS
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Name : |
SMART TIMING STEEL
LTD. |
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Registered Office : |
Limit 913-914, 9/F New |
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Country : |
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Date of Incorporation : |
28.07.2004 |
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Com. Reg. No.: |
34783347 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of steel plate/sheet such as hot
rolled steel sheet, hot rolled steel sheet in coil, cold rolled steel sheet,
cold rolled steel sheet in coil, etc. |
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 : |
Regular |
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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 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
Company name
SMART TIMING
STEEL LTD.
company ADDRESS
Limit 913-914, 9/F New
Old Address
Room 1301-1302, 13/F.,
PHONE: 2171 4130, 2736 2010
FAX: 2171 4140
E-MAIL: smarttl@biznetvigator.com
MANAGEMENT
Chairman: Mr. Wong Kam Shing
SUMMARY
Incorporated on: 28th
July, 2004.
Organization: Private
Limited Company.
Capital: Nominal: HK$200,000.00
Issued: HK$115,000.00
Business Category: Steel Trader.
Employees:
6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd.,
Banking Relation: Satisfactory.
company ADDRESS
Registered
Head Office:-
Limit 913-914, 9/F New
Old Address:
Room 1301-1302, 13/F.,
Beijing Office
Room
621, 6/F., China Minmetals Building, Building 15, Block 4, Anhuili, Chaoyang
District, Beijing, China.
Zipcode: 100101
Tel: 86-10-6489 6800, 6489 6811
Fax: 86-10-6489 6805
Shanghai Office
Room
2103,
Zipcode: 200433
Tel: 86-21-6123 0995, 6123 0996,
6123 0997
Fax: 86-21-6123 0993
Ariobimo
Sentral, 4/F., Jalan H.R. Rasuna Said, Kav X-2 No. 5
Tel: 62-21-252 5751
Fax: 62-21-252 5755
Holding
Company:-
Smart Timing Holdings Ltd.,
Affiliated
Companies:-
Shanghai Longterm David Trading Co. Ltd.,
Smart Timing Ltd.,
BUSINESS REGISTRATION NUMBER
34783347
COMPANY FILE NUMBER
0914166
MANAGEMENT
Chairman: Mr. Wong Kam Shing
Executive Director: Mr. Zee Yan Man, Brian
CAPITAL
Nominal Share Capital: HK$200,000.00 (Divided into 200,000 shares of
HK$1.00 each)
Issued Share Capital: HK$115,000.00
SHAREHOLDERS
(As per registry
dated 28-07-2010)
|
Name |
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No. of shares |
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Smart Timing Holdings Ltd., |
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100,000 |
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CHAN Chi Fan |
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15,000 |
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––––––– |
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Total: |
115,000 ====== |
DIRECTORS
(As per registry
dated 28-07-2010)
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Name (Nationality) |
Address |
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CHOI Kit Chi, Candice |
Room 1301-1302, 13/F., |
|
ZEE Yan Man |
Room 1301-1302, 13/F., |
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WONG Kam Shing |
Room 1301-1302, 13/F., |
SECRETARY
CHOI Kit Chi, Candice (As per
registry dated 28-07-2010)
HISTORY
The subject was incorporated on 28th July, 2004 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: All
kinds of steel plate/sheet such as hot rolled steel sheet, hot rolled steel
sheet in coil, cold rolled steel sheet, cold rolled steel sheet in coil, etc.
Employees: 6.
Commodities Imported: Bought from
Markets:
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: As
per contracted.
FINANCIAL INFORMATION
Nominal Share Capital: HK$200,000.00 (Divided into 200,000 shares of
HK$1.00 each)
Issued Share Capital: HK$115,000.00
Alternation
of Capital:-
|
Initially |
paid up |
HK$ 100,000.00 |
|
22-04-2010 |
paid up |
HK$ 15,000.00 |
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–––––––––––––– |
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Total: |
paid up |
HK$ 115,000.00 ============ |
Increase
of Nominal Capital:-
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From |
HK$100,000.00 |
to |
HK$200,000.00 |
on |
22-04-2010 |
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small
profit every year.
Condition: Keeping in a satisfactory condition.
Facilities:
Making rather
active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Bankers:-
·
The Hongkong & Shanghai Banking Corp. Ltd.,
· Oversea-Chinese Banking Corporation Ltd., Hong Kong Branch.
·
Hang Seng Bank Ltd.,
·
Standard Chartered Bank (Hong Kong) Ltd.,
·
Bank of
·
China Construction Bank (Asia) Corporation Ltd.,
Standing:
GENERAL
Smart Timing Steel Ltd. is
a wholly-owned subsidiary of Smart Timing Holdings Ltd. [STHL], a Hong
Kong-registered firm located at the operating office of the subject.
Having issued 100,000
ordinary shares of HK$1.00 each at the beginning, the subject was jointly owned
by Wong Kam Shing, holding 35% interests; Mr. Zee Yan Man, holding 35%;
and Ms. Candice Choi Kit Chi, 30%. On
7th April, 2009, all the shareholders transferred all their shares to STHL. In April 2010, the subject’s ordinary shares
were increased to 115,000 of which 100,000 shares are owned by STHL, accounting
for 87.0%. The newly issued 15,000
ordinary shares were allotted to Mr. Chan Chi Fan, accounting for 13.0%.
The subject has had a
subsidiary company Smart Timing Ltd. [STL] which was incorporated in October
1997. STL is engaged in the same lines
of business as the subject and located at the same operating address.
The subject is engaged in
selling steel to
- Pig iron, billet, bloom, slab
- Hot rolled steel/strip, hot rolled
sheet/plate, cold rolled coil/sheet
- Wire rods, angles, debars, round bars,
deformed bars, galvanized steel, and PPGI
In 2000, the subject was
appointed by “TATA Steel” as their sole agent for the
The subject’s suppliers
include steel mills from
The subject’s customer base
also has been growing and its geographical distribution extended across the
entire Chinese coast line. Its main
customers are Cargill, Macstee, Stemcor, etc.
The subject is also
exporting iron and steel from
According to the subject,
its business has been supported by several regional and global banks such as
HSBC, Standard Chartered Bank, Bank of China, OCBC, Hang Seng Bank, and China
Construction Bank Asia.
The following firms are the
subject’s active partners:-
· Angang Group International
· Arcelormittal Brasil S.A.
·
Baosteel
·
· Benxi Iron & Steel Group
· China National Building Materials & Equipment Import & Export Corporation
·
· China Shougang International Trade & Engineering Corporation
·
Gerdau Acominas
· Handan Zongheng Iron & Steel Group Co. Ltd.
· Hebei Jingye Group
· Hebei Wenfeng Group
· Hsin Kuang Steel Co. Ltd.
· Jiangsu Feida Panel Co. Ltd.
· Jiangsu Jiangnan Industrial Group Co. Ltd.
· Jiangsu Panhua Group Co. Ltd.
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· Jiangsu Shagang International Trade Co. Ltd.
· Jiangxi Xingang Co. Ltd.
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· Jiugang (Group) Hongtai Trade Corporation
· Lien Tei Steel Enterprises Co. Ltd.
· P.T. Gunung Garuda
· P.T. Hanil Steel
· P.T. Interworld Steel
· P.T. Krakatau Steel
· Rizhao Steel Holding Group Co. Ltd.
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· Shangshing Steel Industrial Co. Ltd.
· Sheng Yu Steel Co. Ltd.
· Shun Cheong Steel Co. Ltd.
· Sinosteel Steel Co. Ltd.
·
South Polar Lights Steel (
· Sun Cheung Metal Co. Ltd.
· Suzhou Iron & Steel Group Co. Ltd.
· Taigang Group International Trade Co. Ltd.
· Tata Steel Ltd.
· Tonghua Iron & Steel Group
· Wugang Trading Co. Ltd.
· Yieh Phui Enterprise Co. Ltd
· Zhangjiagang Baofeng Steel Co.
· Zhejiang Materials Industry International Co. Ltd.
· Zhejiang Metals & Materials Co.
The subject’s main
associated company in
The subject’s business is
chiefly handled by Wong Kam Shing. The
other CEOs of the subject are Mr. Stephen C. F. Chan and Ms. Abby Huang. The former is the General Manager while the
latter is the Chief Representative of STL,
The subject’s business
keeps on improving as the demand of iron and steel materials in the world is
increasing.
On the whole, in view of
the background and lines of business of the subject, consider it good for
normal business engagements.
REMARKS
Brief information
of the principal directors:-
Mr. WONG Kam Shing (Chairman) has long been a popular figure in
Mr. Brian ZEE Yan Man (Executive Director) attained a Bachelor degree
from the
Court Cases: None per our.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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15-07-2009 |
Instrument: Assignment of Life Insurance Property: (i) all the Assignor’s claims, options, privileges, right, title,
interest and benefit in and under the Insurance; and (ii) all the Assignor’s
claims and rights against the issuer of the Policy in respect of Policy upon
the terms herein set out as a continuing security for the due and punctual
payment of the Secured Indebtedness and the due and punctual performance and
observance by the Borrower of all other obligations of the Borrower contained
in the Facility Letter Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., |
(i) all and any moneys in any currency which are now or at any time
may become payable by the Borrower to the Bank, actually or contingently, in
any capacity, alone or jointly with any other persons; (ii) interest on such
moneys, to the date on which the Bank receives payment, at the rates payable
by the Borrower or which would have been payable but for any circumstance
which restricts payment, and (iii) all expenses of the Bank in
perfecting or enforcing this Deed; and (iv) all monies paid under this Deed |
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31-08-2009 |
Instrument: Charge on Cash Deposit Property: As a continuing security for the Secured Liabilities, the Chargor, as
beneficial owner, charges and agrees to charge to the Bank by way of first
fixed charge: (a) the Chargor’s entire right, title and interest in and to
the Deposit; and (b) all rights and benefits accruing to or arising in
connection with the Deposit Mortgagee: Oversea-Chinese Banking Corporation
Ltd., Hong Kong Branch. |
All or any money and liabilities |
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31-08-2009 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as security for the payment of
all Secured Liabilities:- a) assigns and agrees to
assign absolutely to the Bank all the present and future rights, title,
interests and benefits of the Borrower in and to the following assets: (i)
the Export Credits; (ii) the Export Collection Bills; (iii) the Sales
Contracts; (iv) the Export Invoice Receivables; (v) the Insurances; (vi) the
Trade Documents; and (vii) all claims, remedies and proceeds in connection
with any of the foregoing b) charges and agrees to
charge to the Bank by way of first fixed charge all the present and future
rights, title, interests and benefits of the Borrower in and to the following
assets: (i) the Goods together with their proceeds; (ii) the Pledged Goods;
(iii) the Deposit; and (iv) to the extent any Security Assets is not
effectively assigned under sub-clause (a), such Security Asset; and c) pledges and agrees to
pledge to the Bank the Pledged Goods and the Trade Documents which are now or
may in the future be in the possession of the Bank Mortgagee: Oversea-Chinese Banking Corporation
Ltd., Hong Kong Branch. |
All obligations and liabilities |
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16-04-2010 |
Instrument: Assignment of DC Proceeds Property: (a) All moneys in any currency representing proceeds payable or to be
paid to the Company under the Documentary Credits, (b) all the Company’s
right, title and interest in the Documentary Credits, (c) the benefit of all
powers and remedies for enforcing the Documentary Credits and (d) any payment
made pursuant to the contract for sale of goods in connection with which the
Documentary Credit is issued Mortgagee: Hang Seng Bank Ltd., |
To secure (i) all Loans, (ii) moneys and liabilities in any currency,
(iii) interest on the Loans and such moneys, and (iv) all expenses of the
Bank in perfecting or enforcing the Assignment |
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30-04-2010 |
Instrument: Trade Finance Security Assignment Property: 1) As security for the
payment of all Secured Liabilities 2) As security for the
Assigned Obligations, by way of set-off, any obligation owed by the Bank to
the Company Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., |
(i) All obligations and liabilities [Secured Liabilities], (ii) all
obligtations owned by the company under the Assignment [Assigned Obligations] |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.99 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.80 |
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 |
|
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 |
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.