MIRA INFORM REPORT

 

 

Report Date :           

18.04.2012

 

IDENTIFICATION DETAILS

 

Name :

STEELFORCE  FAR  EAST  LTD.

 

 

Formerly Known As :

Promafercom Asia Ltd

 

 

Registered Office :

Room 1102, 11/F., Tai Yau Building, 181 Johnston Road, Wanchai

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

14.09.2005

 

 

Com. Reg. No.:

36153576

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer and Exporter of all kinds of iron and steel products, etc.

 

 

No. of Employees :

07

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

STEELFORCE  FAR  EAST  LTD.

 

 

Company ADDRESS

 

Room 1102, 11/F., Tai Yau Building, 181 Johnston Road, Wanchai, Hong Kong.

PHONE:            2834 3933

FAX:     2803 4488

E-MAIL:            fareast@steelforce.net

 

 

MANAGEMENT

 

Managing Director:  Mr. Chiu Shan Hao

 

 

SUMMARY

 

Incorporated on:             14th September, 2005.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           EUR€760,000.00

Issued:              EUR€760,000.00

 

Business Category:        Steel Trader.

 

Employees:                   7.

 

Main Dealing Banker:     Fortis Bank NV, Belgium.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Room 1102, 11/F., Tai Yau Building, 181 Johnston Road, Wanchai, Hong Kong.

 

Holding Company:-

SteelFORCE Group NV, Belgium.

 

Associated Companies:-

Angel Antonio Tierno C, Mexico.

Expono SteelFORCE a.s., Czech Republic.

SteelFORCE (South East Asia) Pte Ltd., Singapore.

SteelFORCE Far East Ltd., China.

SteelFORCE FTA, Ethiopia.

SteelFORCE Middle East FZCO, UAE.

SteelFORCE Puerto Rico Inc., Puerto Rico.

SteelFORCE Trading International Ltd., Nigeria.

SteelFORCE Ukraine Ltd., Ukraine.

Steel-Link, B.V., the Netherlands.

etc.

 

 

BUSINESS REGISTRATION NUMBER 

 

36153576

 

 

COMPANY FILE NUMBER

 

0995715

 

 

MANAGEMENT

 

Managing Director:  Mr. Chiu Shan Hao

 

 

CAPITAL

 

Nominal Share Capital:   EUR€760,000.00 (Divided into 7,600 shares of EUR€100.00 each)

 

Issued Share Capital:     EUR€760,000.00

 

SHAREHOLDER  

(As per registry dated 14-09-2011)

 

Name

 

No. of shares

Steelforce Group NV

Lange Klaremstraat 16/20, 2000 Antwerpen, Belgium.

 

7,600

====

 

 

DIRECTORS

(As per registry dated 27-10-2011)

 

Name

(Nationality)

 

Address

Lucien H. J. SIMOLDERS

Diepestraat 21, 2540 Hove, Belgium.

 

Karel F. L. PANNEMANS

Rode Dreef 49, 2970 Schilde, Belgium.

 

CHIU Shan Hao

Flat B, 11/F., Lu Shan Mansion, Taikooshing, Hong Kong.

 

Kurt C. E. CROLLET (Alternate to Karel F. L. PANNEMANS)

 

Lothar Wyrtkilaan 1, 2520 Ranst, Belgium.

Ronald L. WILLEMSENS (Alternate to Lucien H. J. Smoloders)

 

Demmemlaam 4, B-2460 Kasterlee, Belgium.

TSO Chi Yeung

Flat F, 25/F, Block 50, City One Shatin, Shatin, New Territories, Hong Kong.

 

 

SECRETARY

(As per registry dated 14-09-2011)

 

Name

Address

Co. No.

Prinza Ltd.

Room 3806, 38/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.

0334490

 

 

HISTORY

 

The subject was incorporated on 14th September, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Promafercom Asia Ltd., name changed to the present style on 8th April, 2006.

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 products, etc.

 

Employees:                   7.

 

Commodities Imported:   India, Russia, Europe, etc.

 

Markets:                       Worldwide countries.

 

Terms/Sales:                 L/C or as per contracted.

 

Terms/Buying:               L/C, etc.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   EUR€760,000.00 (Divided into 7,600 shares of EUR€100.00 each)

 

Issued Share Capital:     EUR€760,000.00

 

Indebtedness:                US$200,000,000.00 

(Total amount outstanding on all mortgages and charges as per last Annual Return dated 14-09-2011)

 

Mortgage or Charge:       (See attachment)

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Keeping in a satisfactory manner.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Bankers:-

·         Fortis Bank NV, Belgium.

·         Commerzbank Aktiengesellschaft, Germany.

 

Standing:  Normal.

 

 

GENERAL

 

SteelFORCE Far East Ltd. is a wholly-owned subsidiary of SteelFORCE Group NV [SteelFORCE] which is a Belgium-based firm.

SteelFORCE is trading in iron and steel products.  It also offer customers with logistics, marketing and financial services.

In 2008, the Group shipped over 1.5 million tons of steel all over the world, importing from and exporting to over 100 countries in Africa, America, Asia, Europe, the Middle East and Asia Pacific region.

In 2007, the Group achieved a consolidated turnover of €700 million, a figure which grew to €900 million in 2008.

The oldest name of SteelFORCE was Promatex which was set up in 1974.

In 2006, the group acquired a significant participation in Steel-Link B.V., a Dutch steel trading-house, which strengthened the Group’s global market position.  With the establishment of SteelFORCE Europe NV in April 2006, the Group has become more present in the European Union and the CIS countries.

SteelFORCE is the new name for Promafercom.  The new name has been used since 2006.  Its subsidiaries are Promatex, Ferromex, Compansid and all the other have established companies.

Now, SteelFORCE has associated or affiliated companies in more than 65 countries.

The subject is fully supported by the Group.  History in Hong Kong is over six years and seven months.

On the whole, consider the subject good for normal business engagements.

 

 

MORTGAGE OR CHARGE

 

Date

Particulars

Amount

26-10-2007

Instrument:      Charge of Security Documents

Property:

a)  All present and future claims of the Company and SteelFORCE NV, SteelFORCE Americas Sa, SteelFORCE Middle East FZCO, SteelFORCE Africa NV and SteelFORCE Asia NV on their customers abroad

b)  All the Borrowers’ rights arising from current and/or future transport insurance policies

c)  All the Borrowers’ claims arising from the credit insurance policy no. 37.232

Mortgagee:      Fortis Bank NV, Belgium.

A mixed credit facility up to US$125 million.

26-08-2009

Instrument:      General Pledge Agreement

Property:

As security for all Secured Obligations, the Pledgors pledge to the Bank

Mortgagee:      Commerzbank Aktiengesellechaft, Germany.

All present and future sums, liabilities, obligations, obligations payable, interests, charges and/or expenses

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.62

UK Pound

1

Rs.81.94

Euro

1

Rs.67.65

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.