MIRA INFORM REPORT
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Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
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Name : |
MACSTEEL
INTERNATIONAL FAR EAST
LTD. |
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Registered Office : |
Room 1921, 19/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.05.1997 |
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Com. Reg. No.: |
20998376 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter, Wholesaler and Distributor of all kinds of steel products |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
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 : |
Usually Correct |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Company name
MACSTEEL INTERNATIONAL
FAR EAST LTD.
Company ADDRESS
Room 1921, 19/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.
PHONE: 2545 6661, 2853 5400
FAX: 2815 0149, 2853 5328, 2850 5167
E-MAIL: jt@mife.com.hk
MANAGEMENT
Managing Director: Mr. Gordon Stanley Thornton
SUMMARY
Incorporated on: 28th May, 1997.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Steel Product Trader.
Annual Turnover: US$270~300 million.
Group Employees: 27. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Company ADDRESS
Registered Head Office:-
· Room 1921, 19/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.
· G.P.O. Box 2220, Hong Kong.
Immediate Holding Company:-
MacSteel International Trading Holdings B.V., the Netherlands.
Intermediate Holding Company:-
MacSteel International Holdings B.V., the Netherlands.
Penultimate Holding Company:-
MacSteel Global B.V., the Netherlands.
Ultimate Holding Company:-
MacSteel Holdings (Pty) Ltd., South Africa.
Sister & Affiliated Companies:-
MacSteel Group of Companies
· MacSteel Celik Ticaret Ltd., Turkey.
· MacSteel International (China) Ltd., China.
· MacSteel International (China) Ltd., Hong Kong.
· MacSteel International (Korea) Ltd., South Korea.
· MacSteel International (Thailand) Ltd., Thailand.
· MacSteel International Australia (Pty) Ltd., Australia.
· MacSteel International Business Support Services B.V., the Netherlands.
· MacSteel International Central, the Netherlands.
· MacSteel International Do Brazil Ltda., Brazil.
· MacSteel International Far East Ltd., India.
· MacSteel International FZCO, UAE.
· MacSteel International Italia Srl, Italy.
· MacSteel International Mauritius Ltd., Mauritius.
· MacSteel International Singapore Pte. Ltd., Singapore.
· MacSteel International South Africa (Pty) Ltd., South Africa.
· MacSteel International UK Ltd., UK.
· MacSteel International USA Corporation, USA.
· MacSteel International USA Latin American Corporation, USA.
· Metall und Rohstoff AC, Switzerland.
· MUR Shipping Holding B.V., the Netherlands.
· Transorient Ore Supplies Ltd., Hong Kong. (Same address)
etc.
BUSINESS REGISTRATION NUMBER
20998376
COMPANY FILE NUMBER
0609775
MANAGEMENT
· Chief Executive Officer: Mr. Leon William Price
· Managing Director: Mr. Gordon Stanley Thornton
· Director & Contact Person (Flat Products): Mr. Sylvio Fernao Caldira Bertoli
· Contact Person (Long Products): Mr. Peter Faulkner
CAPITAL
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
SHAREHOLDER
(As per registry
dated 28-05-2011)
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Name |
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No. of shares |
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MacSteel International Trading Holdings B.V. World Trade Center Amsterdam, Tower H, 20/F., Zuidplein 164, 1077 XV Amsterdam, the Netherlands. |
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10,000,000 ======== |
DIRECTORS
(As per registry
dated 28-05-2011)
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Name (Nationality) |
Address |
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Leon William PRICE |
Suite 1213, Tower 1 & 2, Hong Kong Parkview, 88 Tai Tam Reservoir Road, Hong Kong. |
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POON Pun Wing |
Flat H, 8/F., Tower 3, Island Resort, 28 Siu Sai Wan Road, Hong Kong. |
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LAI Yuet Sin, Raina |
Flat B, 9/F., 1A Kennedy Street, Wanchai, Hong Kong. |
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Gordon Stanley THORNTON |
5A Seabird Lane, Beach Village, Discovery Bay, Hong Kong. |
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Jeffrey Mark Hunt KEMP |
Apartment No. 10, 5/F., Block B, South Bay Villa, 4 South Bay Close, Hong Kong. |
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Sylvio Fernao Caldira BERTOLI |
12/F., Bowen’s Lookout, 13 Bowen Road, Hong Kong. |
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Salvatore Anthony PURPURA |
6 Bedell Road, Amawalk, NY 10501, USA. |
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Geoffrey Norman BINDLEY |
Flat F, 42/F., Block 5, La Cite Noble, Hang Hau, Tseung Kwan O, New Territories, Hong Kong. |
SECRETARY
(As per registry
dated 28-05-2011)
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Name |
Address |
Co.
No. |
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Tricor Strath Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong. |
0004873 |
HISTORY
The subject was incorporated on 28th May, 1997 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, Exporter, Wholesaler and Distributor.
Lines: All kinds of steel products.
Employees: 27. (Hong Kong)
Commodities Imported: Imported from South Africa, USA, etc.
Markets: China, Eastern Europe, Japan, Korea, Middle East, other Asian countries, Scandinavia,
Southeast Asia, Taiwan, Western Europe, etc.
Annual Turnover: US$270~300 million.
Terms/Sales: On various terms.
Terms/Buying: As per contracted.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Profit & Loss: Business is profitable.
Condition: Keeping in an active state.
Facilities: Sufficient for current needs.
Payment: Reliable and prompt.
Commercial Morality: Good.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· Australia & New Zealand Banking Group Ltd., Hong Kong Branch.
Standing: Good.
GENERAL
MacSteel International Far East Ltd. was a wholly-owned subsidiary of MacSteel International Holdings B.V. [MIHBV] of the Netherlands. On 27th October, 2010, MIHBV transferred all its shares to MacSteel International Trading Holdings B.V. [MITH] which is also based in the Netherlands. Since then, the subject has become a 100%-owned subsidiary of MITH which in turn is wholly-owned by MIHBV. MITH and MIHBV are engaged in the same lines of business, more or less.
MIHBV was set up as a joint venture between two South Africa firms, MacSteel Holdings (Pty) Ltd. [MacSteel] and ArcelorMittal SA, around MacSteel’s pre-existing international steel marketing organisation and is headquartered in Amsterdam, the Netherlands.
For more than 25 years, the MacSteel Group has been trading in steel around the globe. From small beginnings in the Asia Pacific region during the early 1980’s, following the acquisition of trading house Leo Raphaely & Sons, steel products are now traded annually through 5 regional Hubs located strategically in London, New York, Hong Kong, Dubai and Johannesburg. The total volume of steel products traded annually is about 5 million tons.
Cargo shipping which started out as an ancillary service to facilitate international steel trading has grown into a substantial business in its own right.
The subject is trading in ferrous metals (from North America, Western Europe, India, China and South Africa). Products are re-exported to China, Eastern Europe, Japan, Korea, the Middle East, Scandinavia, Southeast Asia, Taiwan, Western Europe, etc.
Formed in January 1997 as a joint venture between Iscor Ltd. [Iscor] and MacSteel, the MacSteel Group trades internationally in steel produced by ArcelorMittal SA and other steel mills.
MacSteel now comprises a group of companies specialised in the marketing, distribution, warehousing, processing and movement of steel and similar bulk commodities.
Since its formation, it has acquired a number of subsidiaries that, together, have been trading in the international steel market since the 1980’s. MIHBV is already recognized as one of the world’s most professional steel marketing operators.
One of the main member of the Group is Macsteel Service Centres SA [MSCSA]. This firm is South Africa’s market leader in the processing and distribution of carbon and stainless steels. Three dynamic business units operate a strategic network of 68 branches in South Africa, Swaziland, Mozambique, Zambia and Malawi, with a joint venture in Ghana. MSCSA has serviced the metals industry for over 100 years through its group of companies, all of which operate under the umbrella of MSCSA.
Another main member of the Group is Macsteel Service Centers USA which is one of the leading metal processors in North America, distributing a full complement of carbon steel, general line and specialty products as well as a comprehensive range of stainless steel and aluminium flat rolled steel to customers throughout North America.
Summarised, the MacSteel Group’s activities comprise the following volumes on an annual basis:-
· MacSteel Service Centres – 3.5 million tonnes
· MacSteel International Trading – 5.5 million tonnes
· MUR Shipping – 24.0 million tonnes
· Iron Ore Supplies – 10 million tonnes
The business scope of MIHBV are the followings:-
· Sourcing of steel products and raw materials
· Marketing and selling of steel products and raw materials
· Claims handling
· Logistics management
· Banking services
· After sales support
MIHBV is particularly well placed to provide these services through its worldwide network of offices and agents, who have built up significant knowledge and experience of their local market needs. MIHBV trades in a vast range of products including hot and cold rolled coil, billets, wire rod, slabs, stainless steel, aluminium, reinforced bar, tubes and pipes, galvanized and engineered steel products and iron ore.
The subject was set up in Hong Kong in May 1997 for the marketing of steel products in the Asia Pacific region. Its local affiliate, MacSteel International (China) Ltd. [MacSteel China] is responsible for the China market. In February 1998, MacSteel China was renamed from Far East Commodities & Trading Co. Ltd. which was incorporated in January 1963.
The associated company of the subject Hong Kong MUR Shipping is also located at the same operating office.
The contact persons of the subject are Mr. Sylvio Fernao Caldira Bertoli and Mr. Peter Faulkner. The former is responsible for flat products while the latter for long products.
The annual turnover of the subject ranges from US$270 to 300 million. History in Hong Kong is over fourteen years and three months.
The subject is fully supported by MIHBV which has set up affiliated and associated companies in Asia, Europe, Africa, Australia, North and South America.
On the whole, in view of the parentage and lines of business of the subject, consider it good for normal business engagements.
REMARKS:
Brief personal history of the principal director:-
Mr. Leon William PRICE, Chief Executive Officer, joined Leo Raphaely & Sons in 1978. Mr. Price joined MacSteel on their effective takeover of Leo Raphaely & Sons in 1982. Positions held in Iscor/MacSteel: General Manager of Far East Commodities & Trading Co. Ltd. in 1980; Marketing Director in 1982; Managing Director in 1984; and Managing Director (Trading) in 1984. He was appointed as Managing Director at Trans Orient Steel Ltd. in 1985. Director to MacSteel Board in 1988. In 1990, he was appointed as President (International Steel Trading) of MacSteel Group, then Joint Deputy Chairman (Steel Trading) of MacSteel. Appointed as Joint Deputy Chairman (International Steel Trading) of MacSteel. Executive Director of MIHBV in 1996 to present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.02 |
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UK Pound |
1 |
Rs.73.61 |
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Euro |
1 |
Rs.64.78 |
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.