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Report No. : |
319191 |
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Report Date : |
22.04.2015 |
IDENTIFICATION DETAILS
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Name : |
POSCO ASIA
CO. LTD. |
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Formerly Known as : |
Puya Co. Ltd. |
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Registered Office : |
Room 5508, Central Plaza, 18 Harbour Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.10.1985 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing and selling of steel products, including cold rolled products, hot rolled products; plates; silicon steel sheets; stainless steel products as well as wire rods. |
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No of Employees : |
15 (Company) 35,094 (Group) |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
A1 |
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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.
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Source
: CIA |
POSCO ASIA CO. LTD.
Room 5508, 55/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.
PHONE: 852-2827 8787, 2827 3500
FAX: 852-2827 5005, 2827 6006
Managing Director: Mr. Kim Woo Poong
Incorporated on: 29th October, 1985.
Organization: Private Limited Company.
Capital: Nominal: HK$9,360,000.00
Issued: HK$9,360,000.00
Business Category: Importers and Exporters; Transhipment Agent.
Group Revenue: KRW 63,604,151 million (Year ended 31-12-2012)
Company Employees: 15.
Group Employees: 35,094.
Main dealing bankers: Citibank N.A., Hong Kong Branch.
Bank of America, Hong Kong Branch.
Banking Relation: Good.
Registered Head
Office:-
Room 5508, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.
Holding Company:-
POSCO, Korea.
Associated
Companies:-
Daewoo (China) Co. Ltd., China.
Daewoo Cement (Shandong) Co. Ltd., China.
Daewoo International Corporation, Korea.
Dalian POSCO Steel Co. Ltd., China.
Dalian POSCON Dongbang Automatic Co. Ltd., China.
Deawoo Paper Manufacturing Co. Ltd., China.
Guangdong Pohang Coated Steel Co. Ltd., China.
Hong Kong POSCO E&C (China) Investment Co. Ltd., Hong Kong.
POSCO (Chongqing) Automotive Processing Center Co. Ltd., China.
POSCO (Liaoning) Automotive Processing Center Co. Ltd., China.
POSCO (Suzhou) Automotive Processing Center Co. Ltd., China.
POSCO (Wuhu) Automotive Processing Center Co. Ltd., China.
POSCO America Corporation, US.
POSCO Canada Ltd., Canada.
POSCO China Dalian Plate Processing Center Co. Ltd., China.
POSCO E&C (China) Co. Ltd., China.
POSCO E&C Co. Ltd., Korea.
POSCO Energy Co. Ltd., Korea.
POSCO Engineering Co., Korea.
POSCO ICT Co. Ltd., Korea.
POSCO ICT-China, China.
POSCO Investment Co. Ltd., Hong Kong.
POSCO Specialty Steel Co. Ltd., Korea.
POSCO-China Holding Corp., China.
POSCO-CTPC Co. Ltd., China.
POSCO-Foshan Steel Processing Center Co. Ltd., China.
POSCO-JKPC Co. Ltd., Japan.
POSCO-Mexico Co. Ltd., Mexico.
POSCO-South Asia Co. Ltd., Thailand.
POSCO-Vietnam Co. Ltd., Vietnam.
POS-Qingdao Coil Center Co. Ltd., China.
Qingdao Pohang Stainless Steel Co. Ltd., China.
Sanpu Trading Co. Ltd., China.
Suzhou POS-CORE Technology Co. Ltd., China.
Zhangjiagang BLZ Pohang International Trading Co. Ltd., China.
Zhangjiagang Pohang Stainless Steel Co. Ltd., China.
etc.
160790
Managing Director: Mr. Kim Woo Poong
Nominal Share Capital: HK$9,360,000.00 (Divided into 9,360,000 shares of HK$1.00 each)
Issued Share Capital: HK$9,360,000.00
(As per registry
dated 29-10-2013)
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Name |
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No.
of shares |
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POSCO 1 Geodong-dong, Pohang-City 790-785, Gyongsangbuk-do,
Korea. |
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9,360,000 ======== |
(As per registry dated
29-10-2013)
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Name (Nationality) |
Address |
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KIM Woo Poong |
Flat H, 14/F., Begonia
Mansion, 8 Taikoo Wan Road, Taikoo Shing, Hong Kong. |
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Jeonhyeok LEE |
(Dunchondong, Plaza Apt.)
1-903 1240 Cheonhodae-ro, Gangdong-gu, Seoual, Korea. |
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Euncheol JEA |
(Gwangjangdong, Hyundai Apt.)
803-1909 508 Achasan‑ro, Gwangjin-gu, Seoul, Korea. |
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KWON Suk Chul |
Unit 525-603, Daxiyangxincheng
Apt. Nanhunan Road, No. 10 Chaoyang District, Beiljing 100102, China. |
(As per registry dated
29-10-2013)
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Name |
Address |
Co. No. |
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Secreco Ltd. |
8/F., Gloucester Tower, The Landmark, 15 Queen’s Road
Central, Hong Kong. |
0139490 |
The subject was incorporated on 29th October, 1985 as a private limited liability company under the Hongkong Companies Ordinance.
It was originally registered under the name of Puya Co. Ltd., name changed to the present style on 14th May, 1991.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importers and Exporters; Transhipment Agent.
Lines: All kinds of steel and steel materials, industrial materials and natural resources.
Company Employees: 15.
Group Employees: 35,094.
Commodities Imported: Mainly imported from South Korea and China.
Markets: China, South Korea, other Asian countries, Europe, etc.
Group Revenue: KRW 47,887,255 million (Year ended 31-12-2010)
KRW 68,938,725 million (Year ended 31-12-2011)
KRW 63,604,151 million (Year ended 31-12-2012)
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
The Hong Kong General Chamber of Commerce, Hong Kong.
Nominal Share Capital: HK$9,360,000.00 (Divided into 9,360,000 shares of HK$1.00 each)
Issued Share Capital: HK$9,360,000.00
Group Profit: KRW 4,185,651 million (Year ended 31-12-2010)
KRW 3,714,286 million (Year ended 31-12-2011)
KRW 2,385,607 million (Year ended 31-12-2012)
Profit or Loss: Business is profitable.
Condition: Keeping in an active and good manner.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Very Good.
Bankers:-
· Citibank N.A., Hong Kong Branch.
· Bank of America, Hong Kong Branch.
Standing: Very Good.
POSCO Asia Co. Ltd. was formerly a joint venture between Pohang Iron & Steel Co. Ltd. [PIS], a South Korea-based company holding 60%, and High & Mighty Co. Ltd., a Hong Kong-registered company holding 40%. Now, the subject is a wholly-owned subsidiary of POSCO. The full name of POSCO is Chusik Hoesa POSCO.
Main line of business of the subject is to act as Asia regional management and marketing arm of PIS which is the largest iron and steel mill in South Korea. It has firmly established their position in heavy industry in the country.
POSCO, a public-listed company in South Korea, is the world’s second-largest steel mill. The subject is also an iron & steel trader.
POSCO manufactures and sells a broad line of steel products, including the following:
· cold rolled products;
· hot rolled products;
· plates;
· silicon steel sheets; &
· stainless steel products;
· wire rods.
The principal trading market for POSCO’s common stock is the KRX KOSPI Market. Its common stock, which is in registered form and has a par value of KRW 5,000 per share, has been listed on the first section of the KRX KOSPI Market since June 1988 under the identifying code 005490. Its common stock is also listed on the New York Stock Exchange, the London Stock Exchange and the Tokyo Stock Exchange in the form of ADSs.
POSCO is the largest fully integrated steel producer in South Korea, and one of the largest steel producers in the world, based on annual crude steel production. It produced approximately 39.7 million tons of crude steel in 2012 and approximately 39.1 million tons in 2011, a substantial portion of which was produced at Pohang Works and Gwangyang Works. As of 31st December, 2012, Pohang Works had 16.7 million tons of annual crude steel and stainless steel production capacity, and Gwangyang Works had an annual crude steel production capacity of 20.8 million tons. POSCO believes Pohang Works and Gwangyang Works are two of the most technologically advanced integrated steel facilities in the world. POSCO manufactures and sells a diversified line of steel products, including cold rolled and hot rolled products, stainless steel products, plates, wire rods and silicon steel sheets, and it is able to meet a broad range of customer needs from manufacturing industries that consume steel, including automotive, shipbuilding, home appliance, engineering and machinery industries.
POSCO sells primarily to the Korean market. Domestic sales accounted for 52.0% of its total revenue from steel products produced and sold by it in 2012 and 50.2% in 2011. On a non-consolidated basis, POSCO believes that it had an overall market share of approximately 42% of the total sales volume of steel products sold in Korea in 2012 and approximately 41% in 2011. Its export sales and overseas sales to customers abroad accounted for 48.0% of its total revenue from steel products produced and sold by it in 2012 and 49.8% in 2011. Its major export market is Asia, with China accounting for 28.9%, Asia other than China and Japan accounting for 26.7%, and Japan accounting for 14.1% of its total steel export revenue from steel products produced and exported by it in 2012 and Asia other than China and Japan accounting for 23.2%, China 28.3% and Japan 13.8% of its total steel export revenue from steel products produced and exported by it in 2011.
POSCO is also engaged in businesses that complement its steel manufacturing operations as well as carefully seek out promising investment opportunities to diversify its businesses both vertically and horizontally, in part to prepare for the eventual maturation of the Korean steel market. POSCO E&C, its consolidated subsidiary in which it holds an 89.5% interests, is one of the leading engineering and construction companies in South Korea that primarily is engaged in the planning, design and construction of industrial plants and architectural works and civil engineering. Daewoo International, its consolidated subsidiary in which POSCO holds a 60.3% interests, is a global trading company that primarily engaged in trading of steel and raw materials as well as investing in energy and mineral development projects throughout the world. POSCO Energy Corporation, POSCO’s wholly-owned consolidated subsidiary in which it holds an 89.0% interests, is the largest private power generation company in South Korea.
For the year ended 31st December, 2012, the revenue of POSCO amounted to KRW 63,604,151 million (2011: KRW 68,938,725 million); profit for the year was KRW 2,385,607 million (2011: KRW 3,714,286 million).
The subject is fully supported by POSCO. History in Hong Kong is over 28 years. Business is active.
On the whole, in view of the parentage and lines of business of the subject, consider it good for normal business engagements.
REMARKS:
Property information
of the company:-
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Property Location |
Owner |
Date of Purchase |
Purchased |
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Block 7 (No. 28 Belleview Drive) on 8/F. and Car Port
Space No. 182, Repulse Bay Garden, 18‑40 Belleview Drive,
Hong Kong. |
Puya Co. Ltd.
[Now known as Posco Asia Co. Ltd.] |
25-09-89 |
HK$ 3,600,000 |
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Flat E2 on 14/F. of Block E and Car Parking Space No. 24
on the Car Park Level 2, Beverly Hill, No. 6 Broadwood Road, Hong Kong. |
Puya Co. Ltd.
[Now known as Posco Asia Co. Ltd.] |
18-01-91 |
HK$ 3,230,000 |
(No mortgage record registered against the property)
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.92 |
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1 |
Rs.93.57 |
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Euro |
1 |
Rs.67.34 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.