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Report Date : |
09.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ONESTEEL RECYCLING HONG
KONG LTD. |
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Registered Office : |
Room 2003 & 2005, 20/F., Yat Chau International Plaza, 118 Connaught Road West, Sai Ying Pun |
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Country : |
Hong Kong |
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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
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
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 |
|
No. of shares |
|
HP Metal Recycling (HK) Ltd., Hong Kong. |
|
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.50.57 |
|
|
1 |
Rs.79.57 |
|
Euro |
1 |
Rs.66.49 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.