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Report No. : |
307502 |
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Report Date : |
24.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
ONESTEEL RECYCLING HONG KONG LTD. |
|
|
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|
Registered Office : |
Level 16, 28 Hennessy Road, Wanchai |
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|
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Country : |
Hong Kong |
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Date of Incorporation : |
13.06.2003 |
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Com. Reg. No.: |
33692228 |
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|
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF ALL KINDS OF METAL SCRAPS |
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No. of Employee : |
20 |
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 |
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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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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 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 |
ONESTEEL
RECYCLING HONG KONG LTD.
ADDRESS: Level 16, 28
Hennessy Road, Wanchai, Hong Kong.
PHONE: 852-2517
0920
FAX: 852-2583
9659
E-MAIL: info@onesteelasia.com
MANAGEMENT:
Managing Director: Mr. Greg Bradley Armstrong
Incorporated on: 13th June, 2003.
Organization: Private Limited
Company.
Issued Share Capital: HK$100.00
Business Category: Importer,
Exporter and Wholesaler.
Group Sales Revenue: A$7,006.6
million (Year ended 30-06-2014)
Employees: 20.
Group Employees: 9,269. (As at 30-06-2014)
Main Dealing Banker: Australia
& New Zealand Banking Group Ltd., Hong Kong Branch.
Banking Relation: Good.
Registered Head
Office:-
Level 16, 28 Hennessy Road, Wanchai, Hong Kong.
Holding
Company:-
OneSteel Recycling Asia Ltd., Hong
Kong. (Same address)
Ultimate
Holding Company:-
Arrium Ltd., Australia.
[Formerly Known as OneSteel Ltd.]
Associated/Affiliated
Companies:-
Arrium Group of
Companies
A.C.N. 006 769 035 Pty Ltd., Australia.
Akkord Pty. Ltd., Australia.
Alta Steel Chile S.A., Chile.
AltaSteel Ltd., Canada.
ANI Construction (W.A.) Pty Ltd., Australia.
ANI Finance (UK) Ltd., UK.
ANI Mineral Processing LLC., USA.
Arrium Finance Pty. Ltd., Australia.
Arrium Iron Ore Holdings Pty Ltd.,
Australia.
Arrium Mining Sales Asia Ltd., Hong Kong.
Arrium Mining Services Asia Ltd., Hong Kong.
Atlas Group Employees Superannuation Fund
Pty. Ltd., Australia.
Atlas Group Staff Superannuation Fund Pty.
Ltd., Australia.
Atlas Group Superannuation Plan Pty. Ltd.,
Australia.
Australian National Industries Pty. Ltd.,
Australia.
Australian Wire Industries Pty. Ltd.,
Australia.
Austube Mills Holdings Pty. Ltd., Australia.
[Formerly known as Australian Tube Mills Pty. Ltd.]
Austube Mills Pty. Ltd., Australia.
[Formerly known as OneSteel Australian Tube Mills Pty. Ltd.]
AWI Holdings Pty. Ltd., Australia.
B.G.J. Holdings Proprietary Ltd., Australia.
Bradken Consolidated Pty. Ltd., Australia.
Central Iron Pty Ltd., Australia.
Cockatoo Dockyard Pty Ltd., Australia.
Commonwealth Steel Co. Pty. Ltd., Australia.
Comsteel Pty. Ltd., Australia.
Coober Pedy Resources Pty Ltd., Australia.
Eagle & Globe Pty. Ltd., Australia.
Email Accumulation Superannuation Pty. Ltd.,
Australia.
Email Executive Superannuation Pty. Ltd.,
Australia.
Email Holdings Pty. Ltd., Australia.
Email Management Superannuation Pty. Ltd.,
Australia.
Email Metals Pty. Ltd., Australia.
Email Pty. Ltd., Australia.
Email Superannuation Pty. Ltd., Australia.
Emwest Holdings Pty. Ltd., Australia.
Emwest Properties Pty. Ltd., Australia.
GCG (JB) Sdn. Bhd., Malaysia.
GSF Management Pty. Ltd., Australia.
GST Philippines Inc., Philippines.
HP Metal Recycling (HK) Ltd., Hong Kong.
HP Metal Recycling Inc., Philippines.
HPR Industrial (JB) Sdn Bhd., Malaysia.
Inversiones Moly-Cop S.A., Chile.
J Murray-More (Holdings) Pty. Ltd.,
Australia.
John McGrath Pty. Ltd., Australia.
Kelvinator Australia Pty. Ltd., Australia.
Linstar Holdings Sdn. Bhd., Malaysia.
Litesteel Products Pty. Ltd., Australia.
Litesteel Technologies America LLC., USA.
Litesteel Technologies Pty. Ltd., Australia.
Maple Leaf Metals (A Partnership), Canada.
M-Asia Enterprise (KL) Sdn. Bhd., Malaysia.
Metais Properties Pty. Ltd., Australia.
Metalstores Pty Ltd., Australia.
Metpol Pty Ltd., Australia.
Moly-Cop Adesur S.A., Peru.
Moly-Cop Canada (A Partnership), Canada.
Moly-Cop Chile S.A., Chile.
Moly-Cop Finance UK Ltd., UK.
Moly-Cop Group SARL, Luxembourg.
Moly-Cop Mexico S.A. de C.V., Mixico.
Moly-Cop Peru S.A.C., Peru.
Moly-Cop Steel Inc., Canada.
Moly-Cop USA LLC., US.
N. K. S. (Holdings) Proprietary Ltd.,
Australia.
O Dee Gee Co. Pty. Ltd., Australia.
OneSteel Americas Holdings Pty. Ltd.,
Australia.
OneSteel Asia Ltd., Hong Kong.
OneSteel Building Supplies Pty. Ltd.,
Australia.
OneSteel Coil Coaters Pty. Ltd., Australia.
OneSteel Group (US Holdings) Inc., US.
OneSteel Manufacturing Pty. Ltd., Australia.
OneSteel MBS Pty. Ltd., Australia.
OneSteel NSW Pty. Ltd., Australia.
OneSteel NZ Holdings Ltd., New Zealand.
OneSteel NZ Ltd., New Zealand.
OneSteel Pte. Ltd., Singapore.
[Formerly known as OneSteel Insurance Pte. Ltd.]
OneSteel Queensland Pty. Ltd., Australia.
OneSteel Recycling (Fiji) Ltd., Fiji.
OneSteel Recycling Holdings Pty. Ltd.,
Australia.
OneSteel Recycling Inc., USA.
OneSteel Recycling NZ Ltd., New Zealand.
OneSteel Recycling Overseas Pty. Ltd.,
Australia.
OneSteel Recycling Pty. Ltd., Australia.
OneSteel Reinforcing Pty. Ltd., Australia.
Onesteel Stainless Australia Pty. Ltd.,
Australia.
[Formerly known as Fagersta Australia Pty. Ltd.]
Onesteel Stainless Pty. Ltd., Australia.
[Formerly known as Fagersta Steels Pty. Ltd.]
OneSteel Technologies Pty. Ltd., Australia.
OneSteel Trading Pty. Ltd., Australia.
OneSteel UK Holdings Ltd., U.K.
OneSteel US Investments 1 Pty. Ltd.,
Australia.
OneSteel US Investments 2 Pty. Ltd.,
Australia.
OneSteel US Investments, US.
OneSteel Wire Pty. Ltd., Australia.
Overseas Corporation (Australia) Pty. Ltd.,
Australia.
P & T Tube Mills Pty. Ltd., Australia.
Palmer Tube Mills (NZ) Ltd., New Zealand.
Palmer Tube Mills Pty. Ltd., Australia.
Pipeline Supplies of Australia Pty. Ltd.,
Australia.
PT Commonwealth Steel Indonesia, Indonesia.
QMR Inc., Philippines.
Reosteel Pty. Ltd., Australia.
Roentgen Ray Pty. Ltd., Australia.
Servicios Moly-Cop S.A de C.V., Mexico.
Southern Iron Pty. Ltd., Australia.
SSG Investments Pty. Ltd., Australia.
SSG No.2 Pty. Ltd., Australia.
SSG No.3 Pty. Ltd., Australia.
SSGL Share Plan Nominees Pty. Ltd.,
Australia.
SSX Acquisitions Pty. Ltd., Australia.
SSX Employees Superannuation Fund Pty. Ltd.,
Australia.
SSX Holdings Pty. Ltd., Australia.
SSX International Pty. Ltd., Australia.
SSX Pty. Ltd., Australia.
SSX Retirement Fund Pty. Ltd., Australia.
SSX Services Pty. Ltd., Australia.
SSX Staff Superannuation Fund Pty. Ltd.,
Australia.
Tasco Superannuation Management Pty. Ltd.,
Australia.
Thai Metal Recycling Ltd., Thailand.
The ANI Corporation Pty. Ltd., Australia.
The Australian Steel Co. (Operations) Pty.
Ltd., Australia.
TMR Loha Holdings Ltd., Thailand.
Tube Estates Pty. Ltd., Australia.
Tube Street Pty. Ltd., Australia.
Tube Technology Pty. Ltd., Australia.
Tubemakers of Australia Pty. Ltd.,
Australia.
Tubemakers Somerton Pty. Ltd., Australia.
Wembley Insurance Pte Ltd., Singapore.
Western Consolidated Industries Pty. Ltd.,
Australia.
Whyalla Ports Pty. Ltd., Australia.
X.C.E. Pty. Ltd., Australia.
XEM (Aust) Pty. Ltd., Australia.
XLA Pty. Ltd., Australia.
XLL Pty. Ltd., Australia.
XMS Holdings Pty. Ltd., Australia.
Zinctek Pty. Ltd., Australia.
33692228
0849675
Chief Executive Recycling: Mr. Geoff Feurtado
Managing Director: Mr. Greg Bradley Armstrong
HK$100.00
(As per registry dated 13-06-2014)
|
Name |
|
No. of shares |
|
OneSteel Recycling Asia Ltd., Hong Kong. |
|
100 === |
(As per registry dated 13-06-2014)
|
Name (Nationality) |
Address |
|
Greg Bradley ARMSTRONG |
Apartment 34A, Birchwood Place, 96
MacDonnell Road, Mid Levels, Hong Kong. |
|
Ronald Arthur MOLLOY |
7 Emma Street, Leichhardt, New South Wales
2040, Australia. |
|
Geoffrey Doyd Alexander FEURTADO |
3 Seymour Close, Wahroonga, New South
Wales 2076, Australia. |
(As per registry dated 13-06-2014)
|
Name |
Address |
Co. No. |
|
B. & McK. Nominees Ltd. |
Unit 1401,14/F., Hutchison House, 10 Harcourt Road,
Hong Kong. |
0054552 |
The
subject was incorporated on 13th June, 2003 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the
name of Smorgon Hartwell Recycling (HK) Ltd., name changed to the present style
on 9th May, 2008.
Formerly the subject was located at Room
2003 & 2005, 20/F., Yat Chau International Plaza, 118 Connaught Road West,
Sai Ying Pun, Hong Kong, moved to the present address in January 2014.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of metal scraps.
Employees: 20.
Group Employees: 9,269. (As at
30-06-2014)
Commodities Imported: India, other Asian countries, etc.
Markets: China,
Japan, other Asian countries, Middle East, North America, Western Europe, etc.
Group Sales Revenue: A$6,204.6 million (Year
ended 30-06-2010)
A$7,133.0
million (Year ended 30-06-2011)
A$7,594.5
million (Year ended 30-06-2012)
A$6,841.0
million (Year ended 30-06-2013)
A$7,006.6
million (Year ended 30-06-2014)
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T
Issued Share Capital: HK$100.00
Group
Net Profit/(Loss) After Tax:-
A$258.4 million (Year ended 30-06-2010)
A$230.3 million (Year ended 30-06-2011)
A$
57.7 million (Year ended
30-06-2012)
(A$701.1 million) (Year ended 30-06-2013)
[Restated]
A$205.4 million (Year ended 30-06-2014)
Profit or Loss: Group made a loss in FY 2013.
Condition:
Keeping in a satisfactory condition.
Facilities:
Making rather active use of general banking facilities.
Payment:
Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
Australia & New Zealand Banking Group Ltd., Hong Kong Branch.
Standing:
Satisfactory.
OneSteel Recycling Hong Kong Ltd. is a
wholly-owned subsidiary of OneSteel Recycling Asia Ltd., a Hong Kong-registered
firm located at the operating address of the subject. The ultimate holding company of the subject
Arrium Ltd. [Arrium] (formerly known as OneSteel Ltd. [OneSteel]) is an
Australia-based and listed firm.
The subject belongs to the Recycling Segment
of the Arrium Group. It is responsible
for the recycling of scrap metals, zinc, aluminium, ferrous and non-ferrous
metals, etc. Commodities are provided to
the subject’s affiliated mills in Australia and other countries of the world
for processing. The subject has set up
several scrap metal collecting centres in Hong Kong. In Fanling, New Territories, the subject has
had a recycling centre which is operated by HP Metal Recycling (HK) Ltd., a
Hong Kong-based firm.
Arrium is a fully integrated, global manufacturer
and distributor of steel and finished steel products, self-sufficient in both
iron ore and scrap metal. Arrium’s major
manufacturing facilities are located in Whyalla, South Australia, Melbourne,
Victoria, Western Sydney and Newcastle, New South Wales and Brisbane,
Queensland. Smaller manufacturing and
distribution facilities are located throughout regional Australia.
Additionally, Arrium has more than 40
operating facilities overseas in North and South America, New Zealand and Asia.
During the year of FY2011, Arrium acquired
and integrated the Moly-Cop Group mining consumables businesses in the
Americas. This represented another
significant milestone in Arrium’s long-term growth strategy and transformation. The acquisition positions Arrium as a global
player in grinding media with participation in some of the world’s largest and
most attractive mining consumables markets, as well as providing Arrium with a
solid platform for further growth in mining consumables.
Following completion of the acquisition at
the end of 2010, Arrium established a new Mining Consumables segment.
In total, Arrium services more than 30,000
customers, offers more than 40,000 products globally and employs over 10,000
people.
Arrium manufactures and distributes
structural, rail, rod, merchant bar, cold finished bar, chrome plated bar,
reinforcing, wire, tube, pipes, fittings, valves and actuation, rail wheels and
axles, steel beam, grinding media and recycled metals. The majority of Arrium’s products are used in
the construction, manufacturing, housing, mining and agricultural industries.
Arrium is an integrated, global manufacturer
and distributor of steel and finished steel products. It is self-sufficient in iron ore and has the
ability to be self-sufficient in scrap metal, providing significant flexibility
to the integrated model that ranges from the mining, collection and supply of
steel making raw materials through to steel production, manufacturing and
distribution in Australia and overseas.
Arrium also makes external sales of hematite iron ore and scrap metal.
Arrium’s business segments include:-
Arrium Mining is an exporter of
hematite iron ore and also supplies iron ore feed to Arrium’s integrated
steelworks at Whyalla. Arrium’s mining operations are located in South
Australia. Arrium Mining also has its
own export port facilities at Whyalla.
Arrium Mining
Consumables supplies resource companies with a range of key mining consumables,
including grinding media, wire ropes and rail wheels. The business is the largest supplier of
grinding media in the world, with leading market positions in South America,
North America and Australasia.
Arrium Steel comprises the
Steel and Recycling businesses. In May
2013, the company announced that it was combining its Steel Manufacturing and
Steel Distribution businesses to form a single Steel business. The Steel
business is Australia’s only manufacturer of steel long products and
Australia’s leading steel distributor and reinforcing steel supplier. The Recycling business supplies and exports
scrap metal with operations in Australia, Asia and America.
For the Year ended 30th June, 2014, the
sales of the Arrium Group amounted to A$7,006.6 million, increased by 2.4% as
compared with that of A$6,841.0 million in FY2013; net profit after tax was
A$205.4 million, as compared with a net loss of A$701.1 million in FY2013.
The business of the Arrium Group improved
substantially in FY2014.
Approximately 65% of Arrium’s global steel
is produced from recycled steel, including internal site scrap.
The subject is fully supported by
Arrium. History in Hong Kong is over
eleven years and eight months.
On the whole, consider it good for normal
business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
|
1 |
Rs.95.71 |
|
Euro |
1 |
Rs.70.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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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 |
|
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.