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Report Date : |
09.05.2012 |
IDENTIFICATION DETAILS
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Name : |
KUMBA HONG
KONG LTD. |
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Registered Office : |
Room 1901, 19/F., Sun Hung Kai Centre, |
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Country : |
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Date of Incorporation : |
24.11.1999 |
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Com. Reg. No.: |
30820640 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Mining company like, Iron ore, coal, ferrous and non-ferrous metals, diamonds, etc. |
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No. of Employees : |
8 |
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 – September 30, 2011
|
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 |
KUMBA HONG
KONG LTD.
ADDRESS: 1901, 19/F., Sun Hung Kai Centre,
30 Harbour Road, Wanchai, Hong Kong.
PHONE: 2824 0080
FAX: 2845 6635
Managing
Director: Mr. Daniel Malherbe Botes
Incorporated on: 24th November, 1999.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1,100.00
Business Category: Mining company.
Group Revenue: ZAR 48,553 million (Year ended 31-12-2011)
Employees: 8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
KUMBA HONG KONG LTD.
ADDRESS:
Registered
Head Office:-
Room 1901, 19/F.,
Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.
Holding
Company:-
Kumba
International Trading SA, Luxembourg.
Intermediate
Holding Company:-
Kuma Iron Ore
Ltd., South Africa.
Ultimate
Holding Company:-
Anglo American
plc, UK.
Associated
Companies:-
Groler Investments Ltd., Switzerland.
Kumba Hong Kong Shipping Ltd., Hong Kong.
Kumba International BV, Netherlands.
Kumba International Trading SA, Luxembourg.
Kumba Iron Ore Holdings SARL, Netherlands.
Main Street 576 (Pty) Ltd., South Africa.
Manganore Iron Mining Ltd., South Africa.
Minceo Ltd., Mauritius.
Oreco Leasing Ltd., Mauritius.
Polokwane Iron Ore Co. (Pty) Ltd., South Africa.
Safore (Pty) Ltd., South Africa.
Sibelo Resourcess Developments (Pty) Ltd., South Africa.
Sishen Iron Ore Co. (Pty) Ltd., South Africa.
Sishen Shipping (Pty) Ltd., South Africa.
Sishen South Mining (Pty) Ltd., South Africa.
TransOrient Ore Supplies Ltd., Hong Kong. [Winding up]
Vulcan Leasing Ltd., Mauritius.
30820640
0695735
Managing
Director: Mr. Daniel Malherbe BOTES
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1,100.00
(As per registry dated 24-11-2011)
|
Name |
|
No.
of shares |
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Kumba International Trading S.A. 48 Rue De Bragance, L-1255 Luxembourg Grand, Duchy of Luxembourg. |
|
1,100 ==== |
(As per registry dated 01-01-2012)
|
Name (Nationality) |
Address |
|
Robert BROWNLEE |
13, Rue Batty Weber, L-8063 Bertrange,
Luxembourg. |
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Martin
POGGIOLINI |
65 Irene Woods, Albert Road, Irene,
Pretoria 0157, Gauteng, South Africa. |
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Willem
Frederik VAN HEERDEN |
273 Lawley Street, Waterkloof Pretoria
0181, South Africa. |
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Phillip Nigel
DOBBS |
43 Greenland Gardens, 1 Jialin Lu,
Chaoyang, Beijing 100016, China. |
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Timotheus
Servaas SMIT |
13 Rue Nicolas Margues, L-2176 Luxembourg. |
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William
Edward SCOTT (Alternate to Willem Fredreik VAN HEERDEN) |
28 Van Wouw Street, Groenkloof, Pretoria
0181, South Africa. |
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Sven OLDENDORF |
19 Bijou Hamlet, Discovery Bay, Hong Kong. |
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Johan DEETLEFS |
Flat C, Block 3, Tai Tam Crescent, 18 Tai
Tam Road, Hong Kong. |
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Hugo VAN HEERDEN |
Flat B, 4/F., Block 2, Pacific View, 38
Tai Tam Road, Hong Kong. |
|
Daniel Malherbe
BOTES |
37/F., Block G, The Manhattan, 33 Tai Tam
Road, Hong Kong. |
(As per registry dated 24-11-2011)
|
Name |
Address |
Co.
No. |
|
Secreco
Ltd. |
8/F., Gloucester Tower, The Landmark, 15 Queen’s Road Central, Hong
Kong. |
0139490 |
The subject was incorporated on 24th November, 1999 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Gold Valley Ltd., name changed to Iscor Hong Kong Ltd. on 12th April, 2000; and further to the present style on 10th September, 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Mining company.
Lines: Iron ore, coal, ferrous and non-ferrous metals, diamonds, etc.
Employees: 8.
Commodities Imported: South Africa, etc.
Markets: Worldwide countries.
Group Revenue: ZAR 38,704 million (Year ended 31-12-2010)
ZAR 48,553 million (Year ended 31-12-2011)
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,100.00
Group Net Profit: ZAR 18,289 million (Year ended 31-12-2010)
ZAR 22,298 million (Year ended 31-12-2011)
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.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Kumba
Hong Kong Ltd. is a wholly-owned subsidiary of Kumba International Trading SA
which is a Luxembourg-based firm. The intermediate
holding Kumba Iron Ore Ltd. [Kumba] is in South Africa.
The
ultimate holding company Anglo American plc [Anglo American/Group] is a
UK-based firm.
The
subject is a mining company.
Anglo
American is one of the world’s largest mining companies. Its portfolio of high-quality mining assets
and natural resources spans bulk commodities – iron ore and manganese,
metallurgical coal and thermal coal; base metals – copper and nickel; and
precious metals and minerals – in which it is a global leader in both platinum
and diamonds. It operates in Africa,
Europe, South and North America, Australia and Asia.
The
Headquarters of Anglo American are in London, the United Kingdom. Currently, it has about 107,000 permanent
employees.
The
followings are the core commodities of the Group:-
·
Iron ore and manganese
·
Metallurgical coal
·
Thermal coal
·
Copper
·
Nickel
·
Platinum group metals
·
Diamonds
Kumba,
a member of the Anglo American plc Group, is a leading supplier of high-quality
iron ore to the global steel industry.
With its headquarters in Centurion, South Africa, the Group holds a
73.9% interest in and manages Sishen Iron Ore Co. (Pty) Ltd. [SIOC] which, in
turn, has three mining operations:-
·
Sishen mine, located near the town of Kathu in
Northern Cape Province;
·
Thabazimbi mine, situated in the town of Thabazimbi
in Limpopo Province; and
·
Kolomela mine.
Both
the Sishen and Kolomela mines are long-life operations with current life of
mine [LOM] estimates of 21 and 27 years respectively. Thabazimbi mine is reaching the end of its
life (planned for 2016), after some 80 years of continuous operation. The Phoenix project, which is adjacent to
Thabazimbi mine, is currently at a feasibility stage. Subject to board approval, this project will
replace production from Thabazimbi mine.
Kumba
produced 41.3Mt of iron ore for domestic and export markets in 2011. The export ore is railed via a dedicated iron
ore rail link operated by Transnet Freight Rail [TFR], the national transport
utility for rail operations, to the port of Saldanha Bay.
In
2011, Kumba exported 37.1Mt of iron ore from the port of Saldanha Bay to
customers in countries and regions around the world, including China (68%),
Western Europe (13%), Japan and South Korea (18%) and the Middle East (1%).
Kumba’s
South African project pipeline is extensive, with the potential to grow
production to 70Mtpa by 2019; Kolomela mine is expected to produce an
additional 9Mtpa by 2013 while a further 15Mtpa could come from other Northern
Cape Province operations and 5Mtpa from Limpopo Province.
At
the end of December 2011, Kumba employed 11,898 people, comprising 6,303
full-time employees and 5,595 full-time contractors. A further 4,131 fixed-term project
contractors were employed on capital expenditure projects during the year.
Kumba,
which is listed on the JSE Ltd. [JSE] in South Africa, had a market
capitalisation of ZAR 161 billion at 31st December, 2011, the eighth largest
company listed on the JSE by market capitalisation.
Kumba’s
largest shareholder is Anglo American plc, with a 65.2% interests.
For
the year ended 31st December, 2011, the revenue of Anglo American plc was ZAR
48,553 million (2010: ZAR 38,704 million), profit of the year was ZAR 22,298
million (2010: ZAR 18,289 million).
Business has been good.
On
the whole, consider the subject good for normal business engagements..
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From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the world.
Indi ranks third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months
ago, they had not repaid these dues. Bankers believe many diamantaires
borrowed money during the economic downturn two years ago and diverted funds to
businesses like real estate and capital markets. Many of themselves made money
from these businesses but their diamond companies have gone sick and declared
insolvency.
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Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.85 |
|
|
1 |
Rs.85.44 |
|
Euro |
1 |
Rs.68.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.