|
Report No. : |
351647 |
|
Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
POSCO ASIA CO. LTD. |
|
|
|
|
Registered Office : |
Room 5508, 55/F., Central Plaza, 18 Harbour Road, Wanchai |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
29.10.1985 |
|
|
|
|
Com. Reg. No.: |
09963671 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importers and Exporters; Transhipment Agent of all kinds of steel and
steel materials, industrial materials and natural resources. |
|
|
|
|
No. of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONGKONG - 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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong
Kong and the mainland. The new measures, effective from March 2015, cover a
negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
POSCO ASIA
CO. LTD.
ADDRESS: 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.
Issued Share Capital: HK$9,861,333.00
Business Category:
Importers and Exporters;
Transhipment Agent.
Group Revenue: KRW 64,758,625 million (Year ended 31-12-2014)
Company Employees:
15.
Group Employees: 37,225.
(As at 31-12-2014)
Main dealing banker:
Citibank N.A., 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.
09963671
0160790
Managing Director:
Mr. Kim Woo Poong
HK$9,861,333.00
(As per registry dated 29-10-2015)
|
Name |
|
No. of shares |
|
POSCO 1 Goedong-dong, Pohang-City 790-785, Gyongsangbuk-do,
Korea. |
|
9,360,000 ======== |
(As per registry dated 29-10-2015)
|
Name (Nationality) |
Address |
|
KIM Woo Poong |
Flat C, 35/F., Tower 3, The Harbourside, 1 Austin Road
West, Kowloon, Hong Kong. |
|
KWON Suk Chul |
Unit 525-603, Daxiyangxincheng Apt. Nanhunan Road,
No. 10 Chaoyang District, Beijing 100102, China. |
|
CHOI Eun Ju |
Parkrio 314-302, 435 Olympic-ro, Songpa-gu, Seoul
Metropolitan, Korea. |
|
KIM Won Hee |
Jukong Apt 312-302, 1340 Yangjae-daero, Guangdong-gu,
Seoul Metropolitan, Korea. |
(As per registry dated 29-10-2015)
|
Name |
Address |
Co. No. |
|
Secreco Ltd. |
36/F., Tower Two, Times Square, 1 Matheson Street,
Causeway Bay, 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: 37,225.
(As at 31-12-2014)
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 63,345,258
million (Year ended 31-12-2012)
[restated]
KRW 61,765,743 million (Year ended 31-12-2013) [restated]
KRW 64,758,625
million (Year ended 31-12-2014)
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
The Hong Kong General Chamber of Commerce, Hong Kong.
Issued Share Capital: HK$9,861,333.00
Group Profit:
KRW 4,185,651
million (Year ended 31-12-2010)
KRW 3,714,286
million (Year ended 31-12-2011)
KRW 2,357,846
million (Year ended 31-12-2012)
[restated]
KRW 1,349,016
million (Year ended 31-12-2013) [restated]
KRW 564,039 million (Year ended 31-12-2014)
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.
formerly was a joint venture between Pohang Iron & Steel Co. Ltd. [PIS], a
South Korea-based company holding 60% stake, 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
which is a South Korea-based company.
The subject is an
iron and steel product trader.
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 chiefly 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 produced
approximately 37.7 million tons of crude steel in 2014 and approximately 38.3
million tons in 2013, a substantial portion of which was produced at Pohang
Works and Gwangyang Works. As of
December 31, 2014, Pohang Works had 17.4 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.
The Group believes Pohang Works and Gwangyang Works are two of the most
technologically advanced integrated steel facilities in the world. It 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 44.6% of its total revenue from steel products produced and sold
by it in 2014 and 48.8% in 2013. On a
nonconsolidated basis, it believes that it had an overall market share of
approximately 41% of the total sales volume of steel products sold in Korea in
2014 and approximately 43% in 2013. Its
export sales and overseas sales to customers abroad accounted for 55.4% of its
total revenue from steel products produced and sold by us in 2014 and 51.2% in
2013. Its major export market is Asia,
with Asia other than China and Japan accounting for 28.3%, China accounting for
26.6%, and Japan accounting for 11.7% of its total steel export revenue from
steel products produced and exported by it in 2014 and China accounting for
30.2%, Asia other than China and Japan accounting for 27.7%, and Japan
accounting for 12.5% of its total steel export revenue from steel products
produced and exported by it in 2013.
For the year ended
31st December, 2014, the revenue of POSCO amounted to KRW 64,758,625 million
(2013: KRW 61,765,743 million); profit for the year was 564,039 KRW million
(2013: KRW 1,349,016 million). Its
profit dropped substantially in the year.
As at late 2014,
POSCO had 37,225 employees.
The subject is fully
supported by POSCO. History in Hong Kong
is over 30 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.
Property information of the company:-
|
Property
Location |
Owner |
Date of
Purchase |
Purchased |
|
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 |
|
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.52 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.70.44 |
|
HKD |
1 |
Rs.8.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
NIT |
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.