MIRA INFORM REPORT
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Report No. : |
319545 |
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Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
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Name : |
MACSTEEL INTERNATIONAL FAR EAST LTD. |
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Registered Office : |
Room 1921, 19/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.05.1997 |
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Com. Reg. No.: |
20998376 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter, Wholesaler and Distributor of All kinds of steel products |
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No. of Employee : |
26. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
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 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 40.7 million
in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and
accounted for about 56.9% 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.
As of year-end 2014, the Democracy protests that began in late September
probably will have some adverse effects on economic growth, particularly retail
sales.
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Source
: CIA |
Company
name and address
MACSTEEL INTERNATIONAL FAR EAST LTD.
ADDRESS: Room 1921, 19/F.,
Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.
PHONE: 852-2545
6661, 2853 5400
FAX: 852-2815
0149, 2853 5328, 2850 5167
E-MAIL: jt@mife.com.hk
MANAGEMENT:
Managing Director: Mr. Jeffrey
Mark Hunt KEMP
SUMMARY
Incorporated on: 28th May, 1997.
Organization: Private Limited
Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Steel
Product Trader.
Annual Turnover: US$250~300
million.
Group Employees: 26. (Hong Kong)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head
Office:-
Room 1921, 19/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong
Kong.
Mailing Address:
G.P.O. Box 2220, Hong Kong.
Immediate Holding
Company:-
MacSteel International Trading Holdings B.V., the Netherlands.
Intermediate
Holding Company:-
MacSteel International Holdings B.V., the Netherlands.
Penultimate
Holding Company:-
MacSteel Global B.V., the Netherlands.
Ultimate Holding
Company:-
MacSteel Holdings (Pty) Ltd., South Africa.
Sister &
Affiliated Companies:-
MacSteel Group of
Companies
Argonautica Shipping Investments B.V., the Netherlands.
Dockendale Ship Management (India) Pvt. Ltd., India.
Dockendale Ship Management DMCCO, UAE.
FECAT Ltd., Hong Kong.
MacSteel Celik Ticaret Ltd., Turkey.
MacSteel International (China) Ltd., China.
MacSteel International (China) Ltd., Hong Kong.
MacSteel International (Korea) Ltd., South Korea.
MacSteel International (Thailand) Ltd., Thailand.
MacSteel International Australia (Pty) Ltd., Australia.
MacSteel International Business Support Services B.V., the Netherlands.
MacSteel International Central, the Netherlands.
MacSteel International DMCC, UAE.
MacSteel International Do Brazil Ltda., Brazil.
MacSteel International Far East Ltd., India.
MacSteel International FZCO, UAE.
MacSteel International Italia Srl, Italy.
MacSteel International Mauritius Ltd., Mauritius.
MacSteel International SA (Pty.) Ltd., South Africa.
MacSteel International Singapore Pte. Ltd., Singapore.
MacSteel International South Africa (Pty) Ltd., South Africa.
MacSteel International Trading B.V., the Netherlands.
MacSteel International UK Ltd., UK.
MacSteel International USA Corporation, USA.
MacSteel International USA Latin American Corporation, USA.
Metall und Rohstoff AC, Switzerland.
MUR Shipping Australia Pty. Ltd., Australia.
MUR Shipping B.V., the Netherlands.
MUR Shipping Denmark A/S, Denmark.
MUR Shipping DMC Co., UAE.
MUR Shipping Holding B.V., the Netherlands.
MUR Shipping Ltd., Malta.
MUR Shipping Romania SRL, Romania.
MUR Shipping RSA (Pty.) Ltd., South Afirca.
MUR Shipping USA Corporation, USA.
Transorient Ore Supplies Ltd., Hong Kong. [Dissolved]
BUSINESS
REGISTRATION NUMBER
20998376
COMPANY
FILE NUMBER
0609775
MANAGEMENT
Chief Executive Officer: Mr.
Salvatore Anthony Purpura
Managing Director: Mr. Jeffrey
Mark Hunt KEMP
Director & Contact Person (Flat Products): Mr. Sylvio Fernao Caldira Bertoli
Contact Person (Long Products):
Mr. Peter Faulkner
CAPITAL
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
SHAREHOLDER
(As per registry dated 28-05-2014)
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Name |
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No. of shares |
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MacSteel International Trading Holdings B.V. Zuidplein 164, 1077 XV Amsterdam, the Netherlands. |
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10,000,000 ======== |
DIRECTORS
(As per registry dated 16-03-2015)
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Name (Nationality) |
Address |
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POON Pun Wing |
Flat H, 8/F., Tower 3, Island Resort, 28 Siu Sai Wan Road, Hong Kong. |
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Jeffrey Mark Hunt KEMP |
Apartment No. 10, 5/F., Block B, South Bay Villa, 4 South Bay Close,
Hong Kong. |
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Sylvio Fernao Caldeira BERTOLI |
12/F., Bowen’s Lookout, 13 Bowen Road, Hong Kong. |
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Salvatore Anthony PURPURA |
Marina Residence 5, Unit 105, Palm Jumeriah, Dubai, UAE. |
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Geoffrey Norman BINDLEY |
Flat F, 42/F., Block 5, La Cite Noble, Hang Hau, Tseung Kwan O,
New Territories, Hong Kong. |
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Peter Langley FAULKNER |
Flat B2, Deepdene, 55 Island Road, Deepwater Bay, Hong Kong. |
SECRETARY
(As per registry dated 28-05-2014)
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Name |
Address |
Co. No. |
|
Tricor Strath Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong. |
0004873 |
HISTORY
The subject was incorporated on 28th May, 1997 as a private limited
liability company under the Hong Kong Companies Ordinance.
A Hong Kong female director has resigned since 16th March, 2015.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter, Wholesaler and Distributor.
Lines: All kinds of steel
products.
Employees: 26. (Hong Kong)
Commodities Imported: Imported from
South Africa, USA,
Markets: China, Eastern Europe,
Japan, Korea, Middle East, other Asian countries, Scandinavia, Southeast Asia,
Taiwan, Western Europe, etc.
Annual Turnover: US$250~300
million.
Terms/Sales: On various terms.
Terms/Buying: As per contracted.
FINANCIAL
INFORMATION
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Profit or Loss: Business is
profitable.
Condition: Keeping in an
active state.
Facilities: Sufficient for
current needs.
Payment: Reliable and
prompt.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Australia & New Zealand Banking Group Ltd., Hong Kong Branch.
Standing: Very Good.
GENERAL
MacSteel International Far East Ltd. formerly was a wholly-owned
subsidiary of MacSteel International Holdings B.V. [MIHBV] of the Netherlands. On 27th October, 2010, MIHBV transferred
all its shares to MacSteel International Trading Holdings B.V. [MITH] which is
also based in the Netherlands. Since
then, the subject has become a 100%-owned subsidiary of MITH which in turn is
wholly-owned by MIHBV. MITH and MIHBV
are engaged in the same lines of business, more or less.
MIHBV was set up as a joint venture between two South Africa firms,
MacSteel Holdings (Pty) Ltd.
[MacSteel] and ArcelorMittal SA, around MacSteel’s pre-existing international
steel marketing organisation and is headquartered in Amsterdam, the
Netherlands.
The subject and its associated companies belong to the MacSteel Group.
For more than 28 years, the MacSteel Group has been trading in steel
around the globe. From small beginnings
in the Asia Pacific region during the early 1980’s, following the acquisition
of trading house Leo Raphaely & Sons, steel products are now traded
annually through 5 regional Hubs located strategically in London, New York,
Hong Kong, Dubai and Johannesburg. The
total volume of steel products traded annually is over 5 million tons.
Cargo shipping which started out as an ancillary service to facilitate
international steel trading has grown into a substantial business in its own
right.
The subject is trading in ferrous metals (from North America, Western
Europe, India, China and South Africa).
Products are re-exported to China, Eastern Europe, Japan, Korea, the
Middle East, Scandinavia, Southeast Asia, Taiwan, Western Europe
Formed in January 1997 as a joint venture between Iscor Ltd. [Iscor] and
MacSteel, the MacSteel Group trades internationally in steel produced by
ArcelorMittal SA and the other steel mills.
MacSteel now comprises a group of companies specialised in the
marketing, distribution, warehousing, processing and movement of steel and
similar bulk commodities.
Since its formation, it has acquired a number of subsidiaries that,
together, have been trading in the international steel market since the
1980’s. MIHBV is already recognized as
one of the world’s most professional steel marketing operators.
One of the main member of the Group is Macsteel Service Centres SA
[MSCSA]. This firm is South Africa’s
market leader in the processing and distribution of carbon and stainless
steels. Three dynamic business units
operate a strategic network of 68 branches in South Africa, Swaziland,
Mozambique, Zambia and Malawi, with a joint venture in Ghana. MSCSA has serviced the metals industry for
over 100 years through its group of companies, all of which operate under the
umbrella of MSCSA.
Another main member of the Group is Macsteel Service Centers USA which
is one of the leading metal processors in North America, distributing a full
complement of carbon steel, general line and specialty products as well as a
comprehensive range of stainless steel and aluminium flat rolled steel to
customers throughout North America.
Summarised, the MacSteel Group’s activities comprise the following
volumes on an annual basis:-
- MacSteel
Service Centres – 3.5 million tonnes
- MacSteel
International Trading – 5.5 million tonnes
- MUR Shipping
– 25.0 million tonnes
- Iron Ore
Supplies – 10 million tonnes
The followings are some of the products carried by the Group and the
subject:
Basic pig iron, Blast furnace pellets, Iron ore - lump and fines,
Foundry pig iron, Nodular pig iron, Pool iron, Pool steel, D.R. Pellets, D.R.
Sinter, Coking coal, Metallurgical coke, Granulated iron, Graphite fines,
Petroleum coke, Heavy melting scrap, Ingots, Blooms, Billets, Alloyed bars,
Square, Rectangular and Round tubing, Seamless, hot finished line/OCTG pipe,
Seamless pipe, Spring Steel Flat/ Round Bar in coil and lengths, Steel wool
wire rods, Steel wool wire, Universal beams and columns, Welded ERW/DSAW/Spiral
Line pipe, Wide flange beams, Prime slabs (also Stock, Over rolling and
Transfer slabs), Hot rolled coil and sheet, Hot rolled plate, Hot rolled
pickled and oiled coil and sheet, Hot rolled chequer plate in coil and sheet,
Cold rolled coil and sheet, Electrical steel in coil and sheet, Hard drawn wire, Rails, Stainless Steel
The business scope of MIHBV are the followings:-
- Sourcing of
steel products and raw materials
- Marketing and
selling of steel products and raw materials
- Claims
handling
- Logistics
management
- Banking services
- After sales
support
MIHBV is particularly well placed to provide these services through its
worldwide network of offices and agents, who have built up significant
knowledge and experience of their local market needs. MIHBV trades in a vast range of products
including hot and cold rolled coil, billets, wire rod, slabs, stainless steel,
aluminium, reinforced bar, tubes and pipes, galvanized and engineered steel
products and iron ore.
The subject was set up in Hong Kong in May 1997 for the marketing of
steel products in the Asia Pacific region.
Its local associate, MacSteel International (China) Ltd. [MacSteel
China] is responsible for the China market.
In February 1998, MacSteel China was renamed from Far East Commodities
& Trading Co. Ltd. which was incorporated in January 1963.
The associated company of the subject Hong Kong MUR Shipping is also
located at the same operating office.
The business of MUR Shipping has been expanding.
MUR Shipping Holdings B.V. [MUR] is majority-owned by MIHBV and Macsteel
Global S.A.R.L BV (Luxemburg) [Macsteel Global]. Macsteel Global is a global trading and
distribution organization.
MUR offers shipping services covering numerous regular trade routes,
with over 600 voyages per annum translating to more than 20 million tonnes of
cargo shipped every year.
The organization has over 170 employees worldwide, with operations in
over 13 countries, and controls up to 100 owned and chartered vessels operating
on 25 routes.
The contact persons of the subject are Mr. Sylvio Fernao Caldira Bertoli
and Mr. Peter Faulkner. The former is
responsible for flat products while the latter for long products.
The annual turnover of the subject ranges from US$250 to 350
million. History in Hong Kong is about
eighteen years.
The subject is fully supported by MIHBV which has set up affiliated and
associated companies in Asia, Europe, Africa, Australia, North and South
America.
Now the new CEO of MIHBV is Mr. Salvatore Anthony Purpura.
On the whole, in view of the parentage and lines of business of the
subject, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.61 |
|
|
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.69.18 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
ANK |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.