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Report Date : |
17.04.2014 |
IDENTIFICATION DETAILS
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Name : |
STEELCO PACIFIC TRADING 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 materials |
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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 : |
Good |
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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, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies
|
Source
: CIA |
STEELCO PACIFIC
TRADING LTD.
ADDRESS: 42/F., China
Online Centre, 333 Lockhart Road, Wanchai, Hong Kong.
PHONE: 852-2893
1099, 2893 7305, 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: The Bank
of Nova Scotia, Hong Kong Branch.
Banking Relation: Satisfactory.
STEELCO PACIFIC
TRADING LTD.
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 |
|
No. of shares |
|
Steelco Investments Ltd., Hong Kong. |
|
34,000,000 ======== |
(As per registry
dated 13-04-2013)
|
Name (Nationality) |
Address |
|
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 |
|
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
very active use of general banking facilities.
Payment: Met trade
commitments as contracted.
Commercial Morality: Very
Good.
Bankers:-
The Bank of Nova Scotia, Hong Kong Branch.
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, Mumbai of India and Taipei of Taiwan.
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.
Besides, the subject also offers clients with the following consultancy
services:
Estimating the needs of its customers;
Financing;
Logistic services;
Offering advice;
Quality assurance;
Supplying ex stock; &
Supplying package of different product type.
The subject considers the last item able to offer its customers with
great assistance. This is also a prime
factor for the subject to maintain its regular customers.
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 main customers of the subject are steel fabricators, contractors and
EPCs and lately, major fork-lift truck manufacturers in the Greater China
markets, following the addition of special profiles ex Mannstaedt GmbH in the
subject’s product portfolio in early 2013.
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 34.
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 about ten years. Business has been active.
On the whole, consider it good for normal business engagements.
(Since September
2008)
|
Date |
Particulars |
Amount |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.26 |
|
|
1 |
Rs. 100.78 |
|
Euro |
1 |
Rs. 83.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
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.