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Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
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Name : |
STEELCO
PACIFIC TRADING LTD. |
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Formerly Known as: |
Gold Loyal Investment Ltd |
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Registered Office : |
42/F., China Online Centre, 333 Lockhart Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.04.2004 |
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Com. Reg. No.: |
34518871 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of iron and steel products & materials. |
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No. of Employees : |
12 |
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Hong Kong |
A2 |
a2 |
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Risk Category |
ECGC Classification |
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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 |
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.
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Source : CIA |
STEELCO PACIFIC TRADING LTD.
42/F., China Online Centre, 333 Lockhart Road, Wanchai, Hong Kong.
PHONE: 852-2893 1099, 2893 7305, 3657 5352, 2893 1681
FAX: 852-2893 1399
E-MAIL: enquiry@spt.com.hk
Managing Director: Mr. Au Chun Keung, Donald
Incorporated on: 13th April, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$34,000,000.00
Issued: HK$34,000,000.00
Business Category: Steel Product Trader.
Employees: 12.
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
42/F., China Online Centre, 333 Lockhart Road, Wanchai, Hong Kong.
Representative Offices:-
Shanghai
Representative Office
Room 1303, Yuan Building, 738 Dongfang Road, Shanghai, 200122 China.
[Tel.: 86-21-6875 6807; Fax: 86-21-6875
6105]
Holding Company:-
Steelco Investments Ltd., Hong Kong. (same address)
Associated
Companies:-
Guangzhou Steelco Trading Ltd., China.
Steelco (M) Sdn. Bhd., Malaysia.
Steelco China Ltd., Hong Kong.
Steelco International Ltd., Hong Kong.
Steelco Pacific Trading DMCC, UAE.
34518871
0894684
Managing Director: Mr. Au Chun Keung, Donald
Nominal Share Capital: HK$34,000,000.00 (Divided into 34,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$34,000,000.00
(As per registry
dated 13-04-2013)
|
Name |
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No.
of shares |
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Steelco Investments Ltd.,
Hong Kong. |
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34,000,000 ======== |
(As per registry
dated 13-04-2013)
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Name (Nationality) |
Address |
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AU Chun Keung |
13/F., The Primrose, 38 Rose Street,
Yau Yat Chuen, Kowloon Tong, Kowloon, Hong Kong. |
(As per registry
dated 13-04-2013)
|
Name |
Address |
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CHAN Wai Yee |
42/F., China Online Centre, 333 Lockhart Road, Wanchai,
Hong Kong. |
The subject was incorporated on 13th April, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Gold Loyal Investment Ltd., name changed to the present style on 15th March, 2005.
Last time the subject was located at Room 3502, 35/F., China Online Centre, 333 Lockhart Road, Wanchai, Hong Kong, moved to 42/F. of the same building with effect from 28th September, 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of iron and steel materials.
Employees: 12.
Commodities Imported: China, Russia, India, etc.
Markets: China, other Asian countries, Europe, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
The Hong Kong General
Chamber of Commerce, Hong Kong.
[Membership No. HKS0901]
Nominal Share Capital: HK$34,000,000.00 (Divided into 34,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$34,000,000.00
Mortgage or Charge
(Since September 2008): (See attachment)
Profit or Loss: Business is profitable.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Good.
Bankers:-
· DBS Bank (Hong Kong) Ltd., Hong Kong.
Fortis Bank,
Hong Kong Branch.
BNP Paribas, Hong Kong
Branch.
Standing: Very Good.
Steelco Pacific Trading Ltd. is a wholly-owned subsidiary of Steelco Investments Ltd. which is a Hong Kong-based firm located at the same address as the subject.
At the very beginning, the subject was a wholly-owned subsidiary of Group China Investments Ltd. which was a BVI-registered firm. Group China Investments Ltd. transferred all its shares to Steelco Holding Ltd. on 15th July, 2009 and Steelco Holding Ltd. transferred the shares to Steelco Investments Ltd. which is the present holding company on 29th November, 2010.
The only director of the subject Mr. Au Chun Keung is a Hong Kong merchant.
The subject has been established in Hong Kong since April 2004. It is trading in iron and steel products and materials. Its products include flat, long, scrap and semi-finished iron and steel products. The followings are its main products carried:-
Tin mill products, merchant bars, rebars, structural sections, billets, slabs, scraps, billets, hot and cold rolled in coils and sheets, coated flats, plates, wire rods, reinforcing bars and tubes and pipes, etc.
The subject has set up representative offices in large cities of China (such as Beijing, Tangshan, Shanghai and Guangzhou), in Dubai of the United Arab Emirates.
The principal activities of the subject are steel trading and acting as an agent for selling steel products. Its markets are China, the Philippines, Singapore, Thailand, India, Spain, Portugal and Italy. It has got business partners in Taiwan, Malaysia, Vietnam, etc. It also has got joint ventures in Europe and America.
In 2007, the subject began selling pre-painted galvanized, GI coils, ship plates, and bulb flats. More and more types of iron & steel materials will be sold in the years ahead.
Its Dubai office was opened in May 2007. The Dubai office concentrates on selling quality products such as tubes for oil, gas and petrochemical industry. In addition, the subject also carries hot-dip galvanised and pre‑painted coils, wire rod and other products.
Since late 2008, the subject has developed and grown an initiative in supplying steels for projects uses, in general construction, port infrastructure development, power plants, ship building and energy related onshore and offshore structures. Product sources are geographically diversified but the main supplying countries are Russia, China and the EU. Its major customers, stock holders, distributors and end users alike, span across the Asia Pacific rim, South and South East Asia, the Middle East and Western Europe.
Currently, it is selling large quantities of Chinese shipbuilding plate to Singapore, and is actively selling Chinese materials to the Philippines, Thailand and Vietnam.
The subject’s Guangzhou office is located at Room 910, Baihui Plaza, 193 Zhongshan 5th Road, Yuesiu District, 510030 Guangzhou City, Guangdong Province, China. Its phone and fax number are 86-20-8364 9770 and 86-20-8364 9490 respectively.
The subject also acts as the Asian sales agent for Steelco Mediterranean Trading, whose annual sales of Russian material, including slab and flat products from Novolipetsk and raw materials from Altai Koks and Stoilinskiy GOK, totalling 2.5 to 3.0 million tonnes annually.
The business of the subject keeps on improving. It has had close business ties with a number of large iron and steel mills in China, such as Baoshan Iron and Steel Group in Shanghai, Tangshan Iron & Steel Co. Ltd. in Tangshan, Guangzhou Iron and Steel Co. and Beijing Iron and Steel Co., which are in Guangzhou and Beijing respectively.
The subject sells those steel products including those it sells exclusively in Asia for Novolipetsk. Novolipetsk is a world class steel producer with operations spanning mining, steel making and rolling.
In April 2011, the subject supplied its materials for the building of a Hangar. This Hangar was built by using high tensile beams in S355J0 and hollow section in S355J2H. This is one of the largest projects of which iron and steel was provided by the subject.
The subject now operates through 7 sites in Asia, the Middle East and West Europe and have employment strength of 32. Through its own team and an international network of agents, it sells about 1 million metric tons of steel products including those it sells exclusively in Asia for Novolipetsk.
The subject delivers 95% of its orders by shipping bulk or in containers. In two South East Asian markets, it delivers to site for selective customers. Besides, the subject offers its customers with suitable credit term and projects finance. These could be made available in association with the subject’s bankers and insurers for the right opportunities.
The history of the subject in Hong Kong is over nine years. Business has been active as the demand of iron and steel is increasing in the China market and the other Asian countries.
On the whole, consider it good for normal business engagements.
(Since September
2008)
|
Date |
Particulars |
Amount |
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09-09-2008 |
Instrument: General Security Agreement Relating to Goods Property: As a continuing security for the payment or discharge to the Bank on demand of all moneys obligations and liabilities Mortgagee: Fortis Bank, Hong Kong Branch. |
To secure all obligations and liabilities |
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09-09-2008 |
Instrument: General Letter of Pledge Property: (a) all bills of exchange, promissory notes and other negotiable instruments of any description and all bills of lading, warrants, delivery orders, wharfingers’ or other warehouses keepers’ warrants or receipts, policies and certificates of insurance and all other documents of title to, or other documents relating to produce and goods; and (b) all produce and goods Mortgagee: Fortis Bank, Hong Kong Branch. |
To secure all obligations and liabilities |
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23-09-2009 |
Instrument: Account Charge Property: As beneficial owner, charges and agrees to charge the deposit and all its right, title and interest in the deposit (account number 803577-3159 and 803577-3165) Mortgagee: Fortis Bank, Hong Kong Branch. |
Secured Liabilities |
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08-03-2010 |
Instrument: Security Memorandum (First Party) Property: The Company hereby assigns and agrees to assign absolutely and unconditionally to the Bank all its right, title and interest in and to each Receivable as continuing security for the payment or discharge of the Secured Liabilities Mortgagee: Fortis Bank (Nederland) N.V., Singapore. |
All indebtedness, obligations and liabilities |
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16-07-2010 |
Instrument: Transfer of Security executed by Fortis Bank [Transferor],
BNP Paribas S.A. [Transferree] and Steelco Pacific Trading Ltd. [Transfer] Property: The Transferor as chargee assigns and transfers to the Transferee all the right, title, benefit, power and interest of the Transferor of and in the Assets and the Security and all appurtenances thereto Mortgagee: BNP Paribas S.A., Hong Kong. |
(i) the Secured Debt and (ii) the payment by the
Transferee to the Transferor of any amount |
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14-02-2011 |
Instrument: Deed of Charge Property: 1) Charges to the Bank by way of floating charge all its right, title and interest in and to all Goods 2) Charges to the Bank by way of first fixed charge all its right, title and interest in and to all Credit Balances 3) Assigns to the Bank by way of first fixed security all Contract Rights and the benefit of any Security Interest and securities for the time being held by the Company in respect of any such Contract Rights Mortgagee: BNP Paribas, Hong Kong Branch. |
To secure all present and future indebtedness,
obligations and liabilities |
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14-02-2011 |
Instrument: Pledge and Master Trust Receipt Property: The Company as beneficial owner and as a continuing security for the payment or discharge in full of the Secured Liabilities Mortgagee: BNP Paribas, Hong Kong Branch. |
Secured Liabilities means all present and future
indebtedness, obligations and liabilities |
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11-07-2012 |
Instrument: Trade Finance Security/Assignment (All Moneys) (Own
Obligations) (“the Security Assignment”) Property: 1. By way of fixed charge all the Chargor’s right, title, interest and benefit from time to time in and to any amount standing to the credit of the Charged Account 2. By way of assignment, all the Chargor’s right, title, interest and benefit from time to time in and to the Assigned Assets Mortgagee: Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure the payment and satisfaction of all present and
future obligations and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.95 |
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UK Pound |
1 |
Rs.99.36 |
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Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.