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Report Date : |
24.07.2012 |
IDENTIFICATION DETAILS
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Name : |
ONESTEEL RECYCLING HONG
KONG LTD. |
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Formerly Known As : |
Smorgon Hartwell Recycling (HK) Ltd |
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Registered Office : |
Room 2003 & 2005, 20/F., |
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Country : |
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Date of Incorporation : |
13.06.2003 |
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Com. Reg. No.: |
33692228 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of metal scraps. |
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No. of Employees : |
20 |
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 : |
No Complaints |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
ONESTEEL RECYCLING HONG KONG LTD.
ADDRESS: Room 2003 & 2005, 20/F., Yat Chau
International Plaza, 118 Connaught Road West, Sai Ying Pun, Hong Kong.
PHONE: 2517 0920
FAX: 2583 9659
Managing Director: Mr. Greg
Bradley Armstrong
Incorporated on: 13th June, 2003.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Importer, Exporter and Wholesaler.
Group Sales Revenue: A$7,133.0
million (Year ended 30-06-2011)
Employees:
20.
Group Employees: 11,598. (As at 30-06-2011)
Main Dealing Banker: Australia & New Zealand Banking Group Ltd., Hong Kong
Branch.
Banking Relation: Good.
Registered Head Office:-
Room 2003 & 2005, 20/F., Yat Chau International Plaza, 118 Connaught
Road West, Sai Ying Pun, Hong Kong.
Holding Company:-
OneSteel Recycling Asia Ltd., Hong Kong.
(Same address)
Ultimate Holding Company:-
OneSteel Ltd., Australia.
Associated/Affiliated Companies:-
OneSteel Group of Companies
Aquila Steel Co. Pty. Ltd., Australia.
Australian Wire Industries Pty. Ltd., Australia.
HP Metal Recycling (HK) Ltd., Hong Kong.
Ming Sing Electronics Ltd., Hong Kong.
OneSteel Americas Holdings Pty.
Ltd., Australia.
OneSteel Asia Ltd., Hong Kong.
OneSteel Australian Tube Mills Pty. Ltd., Australia.
OneSteel Building Supplies Pty. Ltd., Australia.
OneSteel Coil Coaters Pty. Ltd., Australia.
OneSteel Finance Pty. Ltd., Australia.
OneSteel Group (US Holdings) Inc., USA.
OneSteel Insurance Pte. Ltd., Singapore.
OneSteel Investments Pty. Ltd., Australia.
OneSteel Manufacturing Pty. Ltd., Australia.
OneSteel MBS Pty. Ltd., Australia.
OneSteel NSW Pty. Ltd., Australia.
OneSteel NZ Holdings Ltd., New
Zealand.
OneSteel NZ Ltd., New Zealand.
OneSteel Queensland Pty. Ltd., Australia.
OneSteel Recycling (Fiji) Ltd., Fiji.
OneSteel Recycling Holdings Pty. Ltd., Australia.
OneSteel Recycling Inc., USA.
OneSteel Recycling NZ Ltd., New Zealand.
OneSteel Recycling Overseas Pty. Ltd., Australia.
OneSteel Recycling PNG Ltd., PNG.
OneSteel Recycling Pty. Ltd., Australia.
OneSteel Reinforcing Pty. Ltd., Australia.
OneSteel Technologies Pty. Ltd., USA.
OneSteel Trading Pty. Ltd., Australia.
OneSteel UK Holdings Ltd., U.K.
OneSteel US Investments (General Partnership), Australia.
OneSteel US Investments 1 Pty. Ltd., Australia.
OneSteel US Investments 2 Pty. Ltd., Australia.
OneSteel Victoria Pty. Ltd., Australia.
OneSteel Wire Pty. Ltd., Australia.
etc.
33692228
0849675
Director & Chief Executive (Recycling): Mr. Gregory Allan Waters
Managing Director: Mr. Greg
Bradley Armstrong
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100.00
(As per registry dated 13-06-2011)
|
Name |
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No. of shares |
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HP Metal Recycling (HK) Ltd., Hong Kong. |
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1 |
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OneSteel Recycling Asia Ltd., Hong Kong. |
|
99 |
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––– |
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Total: |
100 === |
(As per registry dated 05-11-2011)
|
Name (Nationality) |
Address |
|
Greg Bradley ARMSTRONG |
Apartment 34A, Birchwood Place, 96 MacDonnell Road, Mid Levels, Hong
Kong. |
|
Ronald Arthur MOLLOY |
7 Emma Street, Leichhardt, NSW 2040, Australia. |
|
Geoffrey Doyd Alexander FEURTADO |
3 Seymour Close, Wahroonga, New South Wales, Australia 2076. |
(As per registry dated 13-06-2011)
|
Name |
Address |
Co. No. |
|
B. & McK. Nominees Ltd. |
1401, Hutchison House, 10 Harcourt Road, Hong Kong. |
0054552 |
The subject was incorporated on 13th June, 2003 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Smorgon Hartwell
Recycling (HK) Ltd., name changed to the present style on 9th May, 2008.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of metal scraps.
Employees: 20.
Group Employees: 11,598. (As at
30-06-2011)
Commodities Imported: India, other Asian countries, etc.
Markets: China,
Japan, other Asian countries, Middle East, North America, Western Europe, etc.
Group Sales Revenue: A$4,300.6 million (Year
ended 30-06-2007)
A$7,434.3 million (Year ended
30-06-2008)
A$7,241.5
million (Year ended 30-06-2009)
A$6,204.6
million (Year ended 30-06-2010)
A$7,133.0
million (Year ended 30-06-2011)
A$3,239.5
million (Half year ended 10-12-2010)
A$3,716.3
million (Half year ended 11-12-2011)
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100.00
Group Net Profit/(Loss) After Tax:-
A$207.0 million (Year ended 30-06-2007)
A$244.9 million (Year ended 30-06-2008)
A$229.5 million (Year ended 30-06-2009)
A$258.4 million (Year ended 30-06-2010)
A$230.3 million (Year ended 30-06-2011)
A$116.2 million (Half year ended 10-12-2010)
(A$ 73.6 million)(Half year ended 11-12-2011)
Profit or Loss: Making a loss in the first half year of FY 2012.
Condition:
Keeping in a
satisfactory condition.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
Australia
& New Zealand Banking Group Ltd., Hong Kong Branch.
Standing:
Normal.
OneSteel Recycling Hong Kong Ltd. is a wholly-owned subsidiary of
OneSteel Recycling Asia Ltd., a Hong Kong-registered firm located at the
operating address of the subject. The
ultimate holding company of the subject OneSteel Ltd. [OneSteel] is an
Australia-based and listed firm.
The subject belongs to the Recycling Segment of the OneSteel Group. It is responsible for the recycling of scrap
metals, zinc, aluminium, ferrous and non-ferrous metals, etc. Commodities are provided to the subject’s
affiliated mills in Australia and other countries of the world for
processing. The subject has set up
several scrap metal collecting centres in Hong Kong.
OneSteel is a fully integrated, global manufacturer and distributor of
steel and finished steel products, self-sufficient in both iron ore and scrap
metal, with revenues in excess of A$6 billion.
OneSteel’s major manufacturing facilities are located in Whyalla, South
Australia, Melbourne, Victoria, Western Sydney and Newcastle, New South
Wales and Brisbane, Queensland. Smaller
manufacturing and distribution facilities are located throughout regional
Australia.
Additionally, OneSteel has more than 50 operating facilities in New
Zealand, Asia and the Pacific that encompass major manufacturing sites and
recycling locations. OneSteel also
operates eight facilities in the United States consisting of Grinding Media,
LiteSteelTM Technologies, Recycling and a ferrous shredder in Tampa, Florida.
During the year of FY2011, OneSteel acquired and integrated the Moly-Cop
Group mining consumables businesses in the Americas. This represented another significant
milestone in OneSteel’s long-term growth strategy and transformation. The acquisition positions OneSteel as a
global player in grinding media with participation in some of the world’s
largest and most attractive mining consumables markets, as well as providing
OneSteel with a solid platform for further growth in mining consumables.
Following completion of the acquisition at the end of 2010, OneSteel
established a new Mining Consumables segment.
This segment also performed well delivering EBIT of A$65 million for the
year.
In total, OneSteel services more than 30,000 customers, offers more than
40,000 products globally and employs over 11,590 people.
OneSteel manufactures and distributes structural, rail, rod, merchant
bar, cold finished bar, chrome plated bar, reinforcing, wire, tube, pipes,
fittings, valves and actuation, rail wheels and axles, steel beam, grinding
media and recycled metals. The majority
of OneSteel’s products are used in the construction, manufacturing, housing,
mining and agricultural industries.
OneSteel is an integrated, global manufacturer and distributor of steel
and finished steel products. It is self
sufficient in iron ore and has the ability to be self sufficient in scrap
metal, providing significant flexibility to the integrated model that ranges
from the mining, collection and supply of steel making raw materials through to
steel production, manufacturing and distribution in Australia and
overseas. OneSteel also makes external
sales of hematite iron ore and scrap metal.
OneSteel’s business segments include:-
·
Iron Ore — Mining and sales of iron ore and by
products
·
Recycling — Collection and sales of ferrous and
non-ferrous metals for internal use and external sales
·
Manufacturing — Manufacturing and value add steel
products
·
Australian Distribution and New Zealand
Distribution
OneSteel’s Recycling business supplies steelmaking raw materials to
domestic and international steel mills.
The Recycling business operates in 15 countries through a combination of
physical operations in the form of collection sites and trading offices that
supply raw materials to foundries, smelters and steel mills in Australia and
globally.
Within Australia, the Recycling business now operates from over 36
locations, including five ferrous shredder production facilities. OneSteel’s Asian non-ferrous business
operates in four countries and carries out the Group’s non-ferrous
trading. Recycling operations in the
United States consist of nine locations throughout the East and South East, including
a ferrous shredder in Tampa, Florida.
OneSteel’s recyclable material is sourced from the rural, mining,
demolition and manufacturing industries and the general public. The Recycling segment also sells raw
materials to OneSteel’s Manufacturing segment.
All sales between OneSteel’s Recycling and Manufacturing businesses are
conducted on commercial terms equivalent to those negotiated with external
parties.
For the year ended 30th June, 2011, the sales of the OneSteel Group
amounted to A$7,133.0 million, increased by 15.0% as compared with that of
A$6,204.6 million in FY 2010; net profit after tax was A$230.3 million,
decreased by 10.9% as compared with that of A$258.4 million in FY 2010.
Operationally, the resources focused Iron Ore and Mining Consumables
segments performed well in the 2011 financial year, underpinned by continued
strong mining activity. Its Iron Ore
segment was again the standout performer for the year, delivering revenue of
A948 million and EBIT of A$524 million.
For the half year ended 11th December, 2011, the sales of the OneSteel
Group amounted to A$3,716.3 million, increased by 14.7% as compared with that
of A$3,239.5 million in the half year ended 10th December, 2010; net loss was
A$73.6 million, as compared with a profit of A$116.2 million in the same period
of previous year.
The subject is fully supported by OneSteel.
On the whole, consider the subject good for normal business engagements.
Brief personal profile
of the principal director:-
Mr. Gregory Allan WATERS, BBus (Mktg), (Chief Executive – Recycling), aged 50,
joined OneSteel in October 2008 from BlueScope Steel where he held a number of
Senior roles including President Western Port Works and President – Greater
China. Prior to this, he has held
General Management roles for BHP and Brambles in Land and Sea Transport and
Logistics located in Australia, Southeast Asia and the United States.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.76 |
|
UK Pound |
1 |
Rs.86.80 |
|
Euro |
1 |
Rs.67.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.