MIRA
INFORM REPORT
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Report Date : |
18.05.2011 |
IDENTIFICATION DETAILS
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Name : |
STEELCO PACIFIC TRADING
LTD. |
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Registered Office : |
42/F., China Online Centre, 333 Lockhart Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.04.2004. |
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Com. Reg. No.: |
34518871 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of iron and steel materials. |
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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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Hong Kong |
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 |
Name and address
STEELCO PACIFIC
TRADING LTD.
ADDRESS: 42/F., China Online Centre, 333
Lockhart Road, Wanchai, Hong Kong.
PHONE: 2893 1099, 2893 7305,
3657 5352
FAX: 2893 1399
E-MAIL: enquiry@spt.com.hk
donald@spt.com.hk
MANAGEMENT
Managing Director: Mr. Au Chun
Keung, Donald
SUMMARY
Incorporated on: 13th
April, 2004.
Organization: Private
Limited Company.
Capital: Nominal: HK$6,000,000.00
Issued: HK$6,000,000.00
Business Category: Steel Product Trader.
Employees: 14.
Main Dealing Banker: Fortis Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
42/F., China Online Centre, 333 Lockhart Road, Wanchai, Hong Kong.
Representative Offices:-
Shanghai
Representative Office
Room
1303, Yuan Building, 738 Dongfang Road, Shanghai, 200122 China.
[Tel: 86-21-6875 6807; Fax: 86-21-6875
6105]
Mumbai
Representative Office
Office
No. 8, Apeejay Business Centre, Apeejay Express, Plot 87, Sector 17,
Vashi, Navi Mumbai-400705, India.
[Tel: 91-22-3918 0610]
Holding Company:-
Steelco Investments Ltd., Hong Kong.
Associated Companies:-
Guangzhou Steelco Trading Ltd., China.
Steelco (M) Sdn. Bhd., Malaysia.
Steelco (Singapore) Pte. Ltd., Singapore.
Steelco Europe AG, Switzerland.
Steelco Global Ltd., Hong Kong.
Steelco Holding Ltd., British Virgin Islands.
Steelco Pacific Trading DMCC, UAE.
BUSINESS REGISTRATION NUMBER
34518871
COMPANY FILE NUMBER
0894684
MANAGEMENT
Managing Director: Mr. Au Chun
Keung, Donald
CAPITAL
Nominal Share Capital: HK$6,000,000.00 (Divided into 6,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$6,000,000.00
SHAREHOLDER
(As per registry dated 13-04-2011)
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Name |
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No. of shares |
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Steelco Investments Ltd., Hong Kong. |
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6,000,000 ======= |
DIRECTOR
(As per registry dated 13-04-2011)
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Name (Nationality) |
Address |
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AU Chun Keung |
13/F., The Primrose, 38 Rose Street, Yau Yat Chuen, Kowloon Tong,
Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 13-04-2011)
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Name |
Address |
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FONG Shiu Man, David |
Flat D, 2/F., Block 5, Beverly Garden, Tseung Kwan O, New Territories,
Hong Kong. |
HISTORY
The subject was incorporated on 13th April, 2004 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Gold Loyal
Investment Ltd., name changed to the present style on 15th March, 2005.
Last time the subject was located at Room 3502, 35/F., China Online
Centre, 333 Lockhart Road, Wanchai, Hong Kong, moved to 42/F. of the same
building with effect from 28th September, 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer
and Exporter.
Lines: All
kinds of iron and steel materials.
Employees: 14.
Commodities Imported: China, Russia, India, etc.
Markets: China,
other Asian countries, Europe, etc.
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
MEMBERSHIP
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKS0901]
FINANCIAL INFORMATION
Nominal Share Capital: HK$6,000,000.00 (Divided into 6,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$6,000,000.00
Mortgage or Charge (since September 2008):
(See attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in an
active manner.
Facilities:
Making active
use of general banking facilities.
Payment:
Met obligations
on time.
Commercial Morality: Satisfactory.
Bankers:-
Fortis Bank, Hong Kong Branch.
BNP Paribas, Hong Kong Branch.
Standing:
Normal.
GENERAL
Steelco Pacific Trading Ltd. is a wholly-owned subsidiary of Steelco
Investments Ltd. which is a Hong Kong-based firm located at the same address as
the subject.
At the very beginning, the subject was a wholly-owned subsidiary of
Group China Investments Ltd. which was a BVI-registered firm. Group China Investments Ltd. transferred all
its shares to Steelco Holding Ltd. on 15th July, 2009 and Steelco Holding
Ltd. transferred the shares to Steelco Investments Ltd. which is the present
holding company on 29th November, 2010.
The only director of the subject is Mr. Au Chun Keung who is a Hong Kong
merchant.
The subject has been established in Hong Kong since April 2004. It is trading in iron and steel products and
materials. Its products include flat,
long, scrap and semi-finished iron and steel products.
The subject has set up representative offices in large cities of China
(such as Beijing, Tangshan, Shanghai and Guangzhou), in Mumbai of India, in
Singapore and Dubai of the United Arab Emirates.
The principal activities of the subject are steel trading and acting as
an agent for selling steel products. Its
markets are China, the Philippines, Singapore, Thailand, India, Spain, Portugal
and Italy. It has got business partners
in Taiwan, Malaysia, Vietnam, etc. It
also has got joint ventures in Europe and America.
The subject sold over 500,000 tonnes of steel products in 2006. The steel products included steel slab,
billets, wire rods, seamless pipes, cobble plates, cold rolled strips/coils,
hot rolled sheet/coils/plates. In 2007,
the subject sold prepainted galvanized, GI coils, ship plates, and bulb flats.
Its Dubai office was opened in May 2007.
The Dubai office concentrates on selling quality products such as tubes
for oil, gas and petrochemical industry.
The subject’s heavy plate sales are currently in excess of 30,000 tonnes
per month. In addition, the subject also
carries hot-dip galvanised and pre‑painted coils, wire rod and other
products. Business is improving.
In 2010, the subject sold about 3.2 million tonnes of iron and steel in
the Asia Pacific Region. Currently, it
is selling large quantities of Chinese shipbuilding plate to Singapore, and is
actively selling Chinese materials to the Philippines, Thailand and Vietnam.
The subject also acts as the Asian sales agent for Steelco Mediterranean
Trading, whose annual sales of Russian material, including slab and flat
products from Novolipetsk and raw materials from Altai Koks and Stoilinskiy
GOK, totalling 2.5 to 3.0 million tonnes annually.
The business of the subject keeps on improving. It has had close business ties with a number
of large iron and steel mills in China, such as Baoshan Iron and Steel Group in
Shanghai, Tangshan Iron & Steel Co. Ltd. in Tangshan, Guangzhou Iron and
Steel Co. and Beijing Iron and Steel Co., which are in Guangzhou and Beijing
respectively.
The subject sells those steel products including those it sells
exclusively in Asia for Novolipetsk. Novolipetsk
is a world class steel producer with operations spanning mining, steelmaking
and rolling.
The history of the subject in Hong Kong is over seven years and a
month. Business has been active as the
demand of iron and steel is increasing in the China market and the other Asian
countries.
On the whole, consider it good for normal business engagements.
COURT CASES: None
per our.
MORTGAGE OR CHARGE
(Since September 2008)
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Date |
Particulars |
Amount |
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09-09-2008 |
Instrument: General Security Agreement Relating to
Goods Property: As a continuing security for the payment or discharge to the Bank on
demand of all moneys obligations and liabilities Mortgagee: Fortis Bank, Hong Kong Branch. |
To secure all obligations and liabilities |
|
09-09-2008 |
Instrument: General Letter of Pledge Property: (a) all bills of exchange, promissory notes and other negotiable
instruments of any description and all bills of lading, warrants, delivery
orders, wharfingers’ or other warehouses keepers’ warrants or receipts,
policies and certificates of insurance and all other documents of title to,
or other documents relating to produce and goods; and (b) all produce and
goods Mortgagee: Fortis Bank, Hong Kong Branch. |
To secure all obligations and liabilities |
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23-09-2009 |
Instrument: Account Charge Property: As beneficial owner, charges and agrees to charge the deposit and all
its right, title and interest in the deposit (account number 803577-3159 and
803577-3165) Mortgagee: Fortis Bank, Hong Kong Branch. |
Secured Liabilities |
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08-03-2010 |
Instrument: Security Memorandum (First Party) Property: The Company hereby assigns and agrees to assign absolutely and
unconditionally to the Bank all its right, title and interest in and to each
Receivable as continuing security for the payment or discharge of the Secured
Liabilities Mortgagee: Fortis Bank (Nederland) N.V.,
Singapore. |
All indebtedness, obligations and liabilities |
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16-07-2010 |
Instrument: Transfer of Security executed by Fortis
Bank [Transferor], BNP Paribas S.A. [Transferree] and Steelco Pacific Trading
Ltd. [Transfer] Property: The Transferor as chargee assigns and transfers to the Transferee all
the right, title, benefit, power and interest of the Transferor of and in the
Assets and the Security and all appurtenances thereto Mortgagee: BNP Paribas S.A., Hong Kong. |
(i) the Secured Debt and (ii) the payment by the Transferee to the
Transferor of any amount |
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14-02-2011 |
Instrument: Deed of Charge Property: 1) Charges to the Bank by
way of floating charge all its right, title and interest in and to all Goods 2) Charges to the Bank by
way of first fixed charge all its right, title and interest in and to all
Credit Balances 3) Assigns to the Bank by
way of first fixed security all Contract Rights and the benefit of any
Security Interest and securities for the time being held by the Company in
respect of any such Contract Rights Mortgagee: BNP Paribas, Hong Kong Branch. |
To secure all present and future indebtedness, obligations and
liabilities |
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14-02-2011 |
Instrument: Pledge and Master Trust Receipt Property: The Company as beneficial owner and as a continuing security for the
payment or discharge in full of the Secured Liabilities Mortgagee: BNP Paribas, Hong Kong Branch. |
Secured Liabilities means all present and future indebtedness,
obligations and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.07 |
|
|
1 |
Rs.72.97 |
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Euro |
1 |
Rs.63.57 |
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.