|
Report No. : |
344943 |
|
Report Date : |
14.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ONESTEEL RECYCLING
HONG KONG LTD. |
|
|
|
|
Registered Office : |
Level 16, 28 Hennessy Road, Wanchai, |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
13.06.2003 |
|
|
|
|
Com. Reg. No.: |
33692228 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is importer, exporter and wholesaler of all kinds of metal
scraps |
|
|
|
|
No. of Employee : |
20, Group 8,662. (As at 30-06-2015) |
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 : |
Slow but correct |
|
|
|
|
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 12.5% 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 |
ONESTEEL
RECYCLING HONG KONG
LTD.
Level 16, 28 Hennessy
Road, Wanchai, Hong Kong.
(Your
enquiry given as: ONE STEEL RECYCLING HONG KONG LTD.)
PHONE: 852-2517 0920
FAX: 852-2583 9659
E-MAIL: info@onesteelasia.com
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$6,085.6
million (Year ended 30-06-2015)
Employees: 20.
Group
Employees: 8,662. (As at 30-06-2015)
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
AltaSteel Ltd., Canada.
Arrium Finance Pty. Ltd., Australia.
Arrium Iron Ore Holdings Pty Ltd., Australia.
Arrium Mining Services Asia Ltd., Hong Kong.
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.]
Central Iron Pty Ltd., Australia.
Commonwealth Steel Co. Pty. Ltd., Australia.
Coober Pedy Resources Pty Ltd., Australia.
Litesteel Technologies America LLC., US.
Litesteel Technologies Pty. Ltd., Australia.
Maple Leaf Metals (A Partnership), Canada.
Metpol Pty Ltd., Australia.
Moly-Cop Adesur S.A., Peru.
Moly-Cop Canada (A Partnership), Canada.
Moly-Cop Chile S.A., Chile.
Moly-Cop Mexico S.A. de C.V., Mixico.
Moly-Cop Steel Inc., Canada.
Moly-Cop USA LLC., US.
OneSteel Americas Holdings 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 Recycling Holdings Pty. Ltd., Australia.
OneSteel Recycling Inc., USA.
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 Trading Pty. Ltd., Australia.
OneSteel US Investments 1 Pty. Ltd., Australia.
OneSteel US Investments 2 Pty. Ltd., Australia.
OneSteel US Investments, US.
OneSteel Wire Pty. Ltd., Australia.
P & T Tube Mills Pty. Ltd., Australia.
PT Commonwealth Steel Indonesia, Indonesia.
Southern Iron Pty. Ltd., Australia.
SSX Acquisitions Pty. Ltd., Australia.
SSX International Pty. Ltd., Australia.
SSX Pty. Ltd., Australia.
SSX Services Pty. Ltd., Australia.
The Australian Steel Co. (Operations) Pty.
Ltd., Australia.
Tubemakers of Australia Pty. Ltd.,
Australia.
Whyalla Ports Pty. Ltd., Australia.
XMS Holdings Pty. Ltd., Australia.
33692228
0849675
Chief
Executive: Mr. Geoff Feurtado
Managing
Director: Mr. Greg Bradley Armstrong
HK$100.00
(As
per registry dated 13-06-2015)
|
Name |
|
No.
of shares |
|
OneSteel Recycling Asia Ltd., Hong Kong. |
|
100 === |
(As
per registry dated 13-06-2015)
|
Name (Nationality) |
Address |
|
Greg Bradley
ARMSTRONG |
Apartment 34A, Birchwood Place, 96
MacDonnell Road, Mid Levels, Hong Kong. |
|
Geoffrey
Doyd Alexander FEURTADO |
3 Seymour Close, Wahroonga, New South
Wales 2076, Australia. |
|
Barton
Paul CHAMPNESS |
22 Park Avenue, Concord, New South Wales
2137, Australia. |
(As
per registry dated 13-06-2015)
|
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: 8,662.
(As at 30-06-2015)
Commodities
Imported: India, other Asian countries,
etc.
Markets: China, Japan, other Asian
countries, Middle East, North America, Western
Europe
Group Sales
Revenue: 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)
A$6,085.6
million (Year ended 30-06-2015)
Terms/Sales: L/C or as per contracted
.
Terms/Buying: L/C, T/T, etc.
Issued Share
Capital: HK$100.00
Group
Net Profit/(Loss) After Tax:-
A$ 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)
(A$ 205.4 million (Year ended 30-06-2014)
(A$1,918.2
million) (Year ended 30-06-2015)
Profit or Loss: Group made losses in FY 2013 & FY
2015.
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 the 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.
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 the following three:-
·
Arrium
Mining Consumables supplies resource companies with a range of
key mining consumables, including grinding media and rail wheels. Through its Moly‑Cop
brand, it is the largest supplier of grinding media in the world with leading
market positions in North America, South America and Australasia.
·
Arrium
Mining includes the company’s export iron ore business
and a wholly-owned port at Whyalla, both in South Australia. The business was restructured during the
financial year to focus on its lower cost Middleback Ranges operation. Export sales of hematite iron ore for the
year were 12.5 million tonnes. In
addition, Arrium Mining also supplies iron ore to the company’s integrated
steelworks at Whyalla.
·
Arrium
Steel includes both the Steel and Recycling
businesses. The Steel business is
Australia’s only manufacturer of steel long products with steelmaking capacity
of approximately 2.5 million tonnes per annum.
It is also Australia’s leading steel distributor and reinforcing steel
supplier. The Recycling business has operations focused on the southern and
eastern coasts of Australia, as well as non-ferrous operations in Asia.
For
the Year ended 30th June, 2015, the sales of the Arrium Group amounted to
A$6,085.6 million, decreased by 13.1% as compared with that of A$7,006.6
million in FY2014; net loss after tax was 1,918.2 million, as compared with a
net profit of A$205.4 million in FY2014.
On
a statutory basis, the loss was A$1,918.2 million after including asset
impairments and restructuring costs of A$1,799 million, largely related to the
impact of lower iron ore prices. Also included
is A$113 million of tax adjustments and other charges, including the write off
of the MRRT deferred tax asset following repeal of the tax early in the
financial year.
As
at ended 30th June, 2015, the Group had 8,662 employees (2014: 9,269).
The
subject is fully supported by Arrium.
History in Hong Kong is over twelve years and four months.
On
the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.02 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.73.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
ASH |
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.