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Report Date : |
24.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SMART
TIMING STEEL LTD. |
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Registered Office : |
Room 913-914, 9/F., New East Ocean, 9 Science Museum Road, Tsimshatsui East, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.07.2004 |
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Com. Reg. No.: |
34783347 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of steel plate/sheet such as hot rolled steel sheet, hot rolled steel sheet in coil, cold rolled steel sheet, cold rolled steel sheet in coil, etc. |
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No. of Employees : |
12 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Hong Kong ECONOMIC OVERVIEW
Hong Kong has a
free market economy, highly dependent on international trade and finance - the
value of goods and services trade, including the sizable share of re-exports,
is about four times GDP. Hong Kong levies excise duties on only four
commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl
alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it
exposed to the global economic slowdown that began in 2008. Although increasing
integration with China, through trade, tourism, and financial links, helped it
to make an initial recovery more quickly than many observers anticipated, it
again faces a possible slowdown as exports to the Euro zone and US slump. The
Hong Kong government is promoting the Special Administrative Region (SAR) as
the site for Chinese renminbi (RMB) internationalization. Hong Kong residents
are allowed to establish RMB-denominated savings accounts; RMB-denominated
corporate and Chinese government bonds have been issued in Hong Kong; and RMB
trade settlement is allowed. The territory far exceeded the RMB conversion
quota set by Beijing for trade settlements in 2010 due to the growth of earnings
from exports to the mainland. RMB deposits grew to roughly 9.1% of total system
deposits in Hong Kong by the end of 2012, an increase of 59% from the previous
year. The government is pursuing efforts to introduce additional use of RMB in
Hong Kong financial markets and is seeking to expand the RMB quota. The
mainland has long been Hong Kong's largest trading partner, accounting for
about half of Hong Kong's exports by value. Hong Kong's natural resources are
limited, and food and raw materials must be imported. As a result of China's
easing of travel restrictions, the number of mainland tourists to the territory
has surged from 4.5 million in 2001 to 34.9 million in 2012, outnumbering
visitors from all other countries combined. Hong Kong has also established
itself as the premier stock market for Chinese firms seeking to list abroad. In
2012 mainland Chinese companies constituted about 46.6% of the firms listed on
the Hong Kong Stock Exchange and accounted for about 57.4% of the Exchange's
market capitalization. During the past decade, as Hong Kong's manufacturing
industry moved to the mainland, its service industry has grown rapidly. Growth
slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight
housing supply conditions caused Hong Kong property prices to rise rapidly and
inflation to rise 4.1% in 2012. Lower and middle income segments of the
population are increasingly unable to afford adequate housing. Hong Kong
continues to link its currency closely to the US dollar, maintaining an
arrangement established in 1983.
|
Source : CIA |
SMART TIMING STEEL LTD.
Room 913-914, 9/F., New East Ocean, 9 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 2171 4130, 2736 2010
FAX: 2171 4140, 8148 6972
E-MAIL: smarttl@biznetvigator.com
Chairman: Mr. Wong Kam Shing
Incorporated on: 28th July, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$200,000.00
Issued: HK$123,500.00
Business Category: Steel Trader.
Employees: 12.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 913-914, 9/F., New East Ocean, 9 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
China &
Indonesia Offices:-
Beijing Office
Room 621, 6/F., China Minmetals Building, Building 15, Block 4, Anhuili,
Chaoyang District, Beijing, China.
Zipcode: 100101
Tel: 86-10-6489 6800, 6489 6811
Fax: 86-10-6489 6805
Shanghai Office
Room 2103, Yifu Building, 1725 Huangxing Road, Shanghai, China.
Zipcode: 200433
Tel: 86-21-6123 0995, 6123 0996, 6123
0997
Fax: 86-21-6123 0993
Indonesia Office
Ariobimo Sentral, 4/F., Jalan H.R. Rasuna Said, Kav X-2 No. 5 Jakarta
12950, Indonesia.
Tel: 62-21-252 5751
Fax: 62-21-252 5755
Holding Company:-
Smart Timing Holdings Ltd., Hong Kong. (Same address)
Associated
Companies:-
Shanghai Longterm David Trading Co. Ltd., China.
Smart Timing Ltd., Hong Kong. (Same address)
Fame Honor Development Ltd., Hong Kong.
34783347
0914166
· Chairman: Mr. Wong Kam Shing
Executive
Director: Mr. Zee Yan Man, Brian
Contact
Person: Ms. Miranda Chan Kei
Nominal Share Capital: HK$200,000.00 (Divided into 200,000 shares of HK$1.00 each)
Issued Share Capital: HK$123,500.00
(As per registry
dated 28-07-2012)
|
Name |
|
No.
of shares |
|
Smart
Timing Holdings Ltd., Hong Kong. |
|
100,000 |
|
Pearlin
Co. Ltd., Hong Kong. |
|
1,500 |
|
CHAN
Chi Fan |
|
15,000 |
|
HUANG
Qian |
|
5,000 |
|
LAM
Chau Mei |
|
1,000 |
|
LIU Lantao |
|
1,000 |
|
|
|
––––––– |
|
|
Total: |
123,500 ====== |
(As per registry
dated 28-07-2012)
|
Name (Nationality) |
Address |
|
CHOI Kit Chi,
Candice |
Unit 913-914, 9/F., New East
Ocean Centre, 9 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong. |
|
ZEE Yan Man |
Unit 913-914, 9/F., New East
Ocean Centre, 9 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong. |
|
WONG Kam Shing |
Unit 913-914, 9/F., New East
Ocean Centre, 9 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong. |
CHOI Kit
Chi, Candice (As per registry dated
28-07-2012)
The subject was incorporated on 28th July, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1301-1302, 13/F., Austin Tower, 152 Austin Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in January 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of steel plate/sheet such as hot rolled steel sheet, hot rolled steel sheet in coil, cold rolled steel sheet, cold rolled steel sheet in coil, etc.
Employees: 12.
Commodities Imported: Bought from Japan, Korea, India, Thailand, Indonesia, Brazil, Argentina, etc.
Markets: Hong Kong, China and other Asian countries.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$200,000.00 (Divided into 200,000 shares of HK$1.00 each)
Issued Share Capital: HK$123,500.00
Alternation of
Capital:-
|
Initially |
paid up |
HK$100,000.00 |
|
22-04-2010 |
paid up |
HK$ 15,000.00 |
|
Dec 2010 |
paid up |
HK$ 8500.00 |
|
|
|
–––––––––––––– |
|
Total: |
paid up |
HK$123,500.00 ============ |
Increase of
Nominal Capital:-
|
From |
HK$100,000.00 |
to |
HK$200,000.00 |
on |
22-04-2010 |
Mortgage or Charge (Since 2012): (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory condition.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Oversea-Chinese
Banking Corporation Ltd., Hong Kong Branch.
Hang
Seng Bank Ltd., Hong Kong.
Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Bank
of China (Hong Kong) Ltd., Hong Kong.
China
Construction Bank (Asia) Corporation Ltd., Hong Kong.
Standing: Good.
Smart Timing Steel Ltd. is a 81% subsidiary of Smart Timing Holdings Ltd. [STHL], a Hong Kong-registered firm located at the operating office of the subject. The other 19% is jointly owned by four Hong Kong and China merchants and a Hong Kong-registered company Pearlin Co. Ltd. The subject has increased its ordinary shares from 115,000 to 123,500.
STHL was founded in 1997 by Wong Kam Shing who is a Hong Kong merchant.
The subject has had a subsidiary company Smart Timing Ltd. [STL] which was incorporated in October 1997. STL is engaged in the same lines of business as the subject and located at the same operating address.
The subject is engaged in selling steel to South China, mainly serving customers in Shenzhen Special Economic Zone, Dongguan and Lecong of Guangdong Province.
The main products
traded are the followings:-
· Cold rolled steel, Hot rolled steel/strip, hot rolled sheet/plate, cold rolled coil/sheet;
Pig
iron, billet, bloom, slab; &
Wire
rods, angles, debars, round bars, deformed bars, galvanized steel, and PPGI.
In 2000, the subject was appointed by “TATA Steel” as their sole agent for the South China market.
The subject’s suppliers include steel mills from Taiwan, Thailand, Indonesia, India, Russia and Latin America. Famous suppliers are the companies such as Usiminas, CSN, AMT, Gerdau, Siderar, Essar, Bhushan, Krakatau, SUS, TCR and Yieh Group, Sysco, Shangshing, etc.
The subject’s customer base also has been growing and its geographical distribution extended across the entire Chinese coast line. Its main customers are Cargill, Macstee, Stemcor, etc.
The subject is also exporting iron and steel from China. In 2004 and 2005, representative offices were set up in Beijing and Shanghai respectively to represent those reputable suppliers in mainland China. Currently, the subject is partnering directly with many Chinese mills. It also has set up an office in Indonesia.
According to the subject, its business has been supported by several regional and global banks such as HSBC, Standard Chartered Bank, Bank of China, China Construction Bank Asia, OCBC, Hang Seng Bank, and Dah Sing Bank.
In terms of market, the subject serves more than 100 customers spreading over 20 countries. It is continuously evolving and has become a trustworthy partner.
The following firms
are the subject’s active partners:-
· Angang Group International
Arcelormittal
Brasil S.A.
Baosteel
Singapore Pte. Ltd.
Baotou
Steel International Economic & Trading Co. Ltd.
Benxi
Iron & Steel Group
China
National Building Materials & Equipment Import & Export Corporation
China
National Metal & Minerals Imp. & Exp. Corporation
China
Shougang International Trade & Engineering Corporation
Gerdau
Acominas S.A.
Handan
Zongheng Iron & Steel Group Co. Ltd.
Hebei
Jingye Group
Hebei
Wenfeng Group
Hsin
Kuang Steel Co. Ltd.
Jiangsu
Feida Panel Co. Ltd.
Jiangsu
Jiangnan Industrial Group Co. Ltd.
Jiangsu
Panhua Group Co. Ltd.
Jiangsu
Provincial Foreign Trade Corporation
Jiangsu
Shagang International Trade Co. Ltd.
Jiangxi
Xingang Co. Ltd.
Jinan
Steel International
Jiugang
(Group) Hongtai Trade Corporation
Lien
Tei Steel Enterprises Co. Ltd.
P.T.
Gunung Garuda
P.T.
Hanil Steel
P.T.
Interworld Steel
P.T.
Krakatau Steel
Rizhao
Steel Holding Group Co. Ltd.
Shandong
Laiwu Steel International
Shangshing
Steel Industrial Co. Ltd.
Sheng
Yu Steel Co. Ltd.
Shun
Cheong Steel Co. Ltd.
Sinosteel
Steel Co. Ltd.
South
Polar Lights Steel (Shanghai) Co. Ltd.
Sun
Cheung Metal Co. Ltd.
Suzhou
Iron & Steel Group Co. Ltd.
Taigang
Group International Trade Co. Ltd.
Tata
Steel Ltd.
Tonghua
Iron & Steel Group
Wugang
Trading Co. Ltd.
Yieh
Phui Enterprise Co. Ltd
Zhangjiagang
Baofeng Steel Co.
Zhejiang
Materials Industry International Co. Ltd.
Zhejiang
Metals & Materials Co.
The subject’s main associated company in Shanghai is Shanghai Longterm David Trading Co. Ltd. [Longterm David] which was established in 2003. With a registered capital of RMB1 million Yuan, Longterm David is trading in all kinds of iron and steel raw materials.
The subject’s business is chiefly handled by Wong Kam Shing. The other CEOs of the subject are Mr. Stephen C. F. Chan and Ms. Abby Huang. The former is the General Manager while the latter is the Chief Representative of STL, China.
In 2012, the subject traded around 500,000 metric tonnes steel, serving more than 100 customers in over 30 countries.
According to the subject, it has scored first class credit rating from HSBC, Standard Chartered Bank, Bank of China, ANZ, China Construction Bank Asia, OCBC, Hang Seng Bank, and Dah Sing Bank.
The subject’s business keeps on improving as the demand of iron and steel materials in the world is increasing. The history of the subject in Hong Kong is over eight years.
On the whole, in view of the background and lines of business of the subject, consider it good for normal business engagements.
REMARKS:
Brief information of
the principal directors:-
Mr. WONG Kam Shing (Chairman) has long been a popular figure in Hong Kong steel industry. He inherited his father’s stockist shop at Tai Kok Tsui, Kowloon, Hong Kong in 1983. He expanded the shop by inviting investors and formed Kenta Steel in 1992. He widened the business spectrum of Kenta Steel and started trading in steel to South China. He was one of the pioneers in the earlier nineties who traded directly with Chinese counter parties. Owing to this comparative advantage, a number of international traders worked frequently with Kenta Steel during nineties. He founded STL in end 1997 due to the withdrawal of other investors. Though volume and size shrunk owing to the macro economic environment, he re-oriented the company in marketing industrial flat products. In 1999, he won the acclaim of TATA Steel in recognizing his in-depth knowledge towards the flat product market. STL became the sole sales channel of TATA Steel.
Mr. Brian ZEE Yan Man (Executive Director) attained a Bachelor degree from the University of Hong Kong. He started his steel trader career in Cargill Ferrous International [CFI]. He has worked and stationed with the global team in various locations, including Singapore, Russia, Europe and the United States. He pioneered and supervised CFI’s Beijing and Shanghai operations from 1995 onwards. At the verge of entering to 21st Century, Mr. Zee moved to Macsteel International Far East Ltd. [MIFE] as the Head for China Desk and Asia Semis Desk. He successfully restructured the team and contributed new ideas for the Asia operation. Mr. Zee joined STL as a partner in 2003, taking the lead of Global expansion programme. He established STL overseas offices and local agencies throughout Asia as well as alliance with international trader.
(Since 2012)
|
Date |
Particulars |
Amount |
|
20-07-2012 |
Instrument: Deed of Indemnity, Charge Over Deposit(s) and Ser-Off Property: By way
of Fixed Charge to the Bank all the Company’s estate, right, title, claim,
benefit and interest to and in the Deposit (Account No. 012-1790564-2) and
all interest from time to time payable thereon and together with all title
deeds and documents relating thereto Mortgagee: Bank of China (Hong Kong) Ltd., Hong Kong. |
All moneys in respect of general banking facilities of
whatever nature and in whatever currency or currencies to any extent Bank of
China (Hong Kong) Ltd., shall think fit granted or to be granted to Smart
Timing Steel Ltd., on such terms, conditions, manner and form and for so long
as the Bank may at its sole discretion think fit together with interest
accrued thereon |
|
20-07-2012 |
Instrument: Deed of Indemnity, Charge Over Deposit(s) and Set-Off Property: By way of Fixed Charge to the Bank, all the Company’s estate, right, title, claim, benefit and interest to and in the Deposit (Account No. 012-1790564-2) and all interest from time to time payable thereon and together with all title deeds and documents relating thereto Mortgagee: Bank of China (Hong Kong) Ltd., Hong Kong. |
All moneys in respect of general banking facilities of
whatever nature and in whatever currency or currencies to any extent Bank of
China (Hong Kong) Ltd., shall think fit granted or to be granted to Smart
Timing Ltd., on such terms, conditions, manner and form and for so long as
the Bank may at its sole discretion think fit together with interest accrued
thereon |
|
24-07-2012 |
Instrument: Security Agreement over Bank Account (All Moneys) (Third
Party) Property: The Chargor charges by way of first fixed charge all of rights in respect of any amount standing to the credit of the Account and the debt represented by it. Note: 1 The Chargor must not: (a) create or allow to subsist any Security Interest (b) sell, transfer, licence, lease or otherwise dispose of any Security Asset (c) take, or purport to take any security from the Obligor, and any security taken shall be held in trust for the Bank as security for the Chargor’s liability to the Bank under the Security Agreement 2 The Bank may, on or at any time after the security constituted by the Security Agreement becomes enforceable Mortgagee: Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure the payment and satisfaction of all present
and future obligation and liabilities granted to Smart Timing Ltd., and Fame
Honor Development Ltd., and Smart Timing Steel Ltd (the Obligor) |
|
11-09-2012 |
Instrument: Security Over Deposits with the Bank (Limited Company - Under
Seal) Property: A deposit with chargee in the amount of US$600,000 - under Deposit A/C No. 808-606446 whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
All monies in any currency owing by the Company to the
chargee at any time |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
|
UK Pound |
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
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 |
|
---- |
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.