MIRA
INFORM REPORT
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Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
ASIA PACIFIC RESOURCES INTERNATIONAL HOLDINGS LTD. |
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Registered Office : |
3rd floor, Par-La-Ville Place, 14 Par-La-Ville Road, Hamilton HM 08 |
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Country : |
Bermuda
(U.K.) |
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Date of Incorporation : |
30.09.1994 |
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Com. Reg. No.: |
20002 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Producing bleached hardwood kraft pulp and uncoated and
wood-free paper. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD
1.000.000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company's style
ASIA
PACIFIC RESOURCES INTERNATIONAL HOLDINGS LTD.
Trade name
APRIL
Corporate &
Administr. Headquarters
80 Raffles Place, Level 50, Ste. 1, UOB Plaza 1, 048624 SINGAPORE
Phone: +65-6216-9318 - Fax: +65-6220-4726
Legal & Registered Address
3rd floor, Par-La-Ville Place, 14 Par-La-Ville Road,
Town :
HAMILTON HM 08
Country :
BERMUDA (U.K.)
BACKGROUND INFORMATION & BUSINESS
PROFILE
LEGAL STRUCTURE
Legal Status : Limited Partnership
Date Established : 30.09.1994
Co. Registration number : # 20002
REGISTERED AGENT :
CONSOLIDATED SERVICES LIMITED,
3rd floor, Par-La-Ville Place, 14 Par-La-Ville Road,
HAMILTON HM 08, BERMUDA
CAPITAL STRUCTURE & OWNERSHIP : (figures in U.S. Dollars)
REGISTERED
CAPITAL FUNDS: USD 1.000.000
Its stock is divided into no par-value shares, and its controlling shareholders is GOLD LEAF HOLDINGS LTD.
MANAGEMENT: Chairman Sukanto Tanoto
President & C.E.O. Alagaratnam Josephn Devanesan
TYPE OF BUSINESS
: MFR.
MAIN BUSINESS LINE
: PAPER & FOREST
PRODUCTS
PRINCIPAL ACTIVITIES: The subject company is one of the world’s leading pulp and paper companies, producing bleached hardwood kraft pulp and uncoated, wood-free paper, including its PAPERONE brand of office paper. It sells nearly 90% of its product outside of Indonesia, mainly in Asia but also in Europe and the Middle East.
It is to be noted that in spite of having its legal and registered address in Bermuda, its corporate and administration headquarters are located at 80 Raffles Place, Level 50, Ste. 1, UOB Plaza 1, 048624 SINGAPORE, and has its main production operations in Indonesia and P.R China.
Subject has fully-integrated operations in Indonesia ranging from plantations and forestry, R&D, to pulp and paper mills, including the provision of private access roads and jetty facilities. Its business operations are strategically located-- close to the major ports of Singapore and Shanghai for swift distribution of its products. Subject is also the holding company of the APRIL group, which also includes:
98.5% ownership of Riaupulp of Indonesia, which operates a 2 million tons per year capacity BHK pulp mill in Riau province, Sumatra. 70% interest in APRIL Fine Paper Holdings Pte. Ltd., which holds a 99.8% interest in Riau Andalan Kertas (Riaupaper), a 700.000 tonnes per year uncoated wood-free paper mill currently under construction in Riau province, Indonesia, and physically integrated with Riaupulp.
100% interest in a stationery plant in Suzhou near Shanghai, China
30% interest in UPM-Kymmene Fine Paper, a newly created holding company for UPM-Kymmene's Nordland Papier mill in Germany and its Kymi Mill in Finland.
90% share in Chinese paper company SSYMB Pulp and Paper,
61.3% ownership of PT Inti Indorayon Utama of Indonesia, a speciality pulp and viscose fibre producer listed on the Jakarta and Surabaya Stock Exchange with operations in Indonesia and Finland (through Sateri Oy),
98.9% ownership of P.T. Riau Andalan Pulp & Paper of Indonesia, which operates a 750,000 tonnes per year market pulp mill,
49% interest in Suzhou Industrial Park Asia Pacific Paper Products Co. Limited, which operates a 350,000 tonnes per year wood-free paper mill in Changshu near Shanghai, China
Annual
revenues: USD 767.000.000
BANKERS : Bank of Bermuda Ltd. ;
Bermuda Commercial
Bank ;
TANGIBLE FIXED ASSETS, INVESTMENTS, ETC.
PHYSICAL ASSET HOLDINGS : No properties. Real estate properties
are owner by its subsidiaries
CREDIT STANDING
BANKING RECORD : Banks reported properly managed
checking accounts, foreign trade operations, collections of bills of exchange,
negotiation of LC's., etc. Good credit history information and banker's
opinion. No negative information as of reporting day
TRADE
REFERENCES SURVEY :
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Supplier |
Supplies |
Supplies |
Supplies |
Supplies |
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Known
since |
Years |
Years |
Years |
Years |
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Latest
Purchase Date |
Jan/2007 |
Jan/2007 |
Jan/2007 |
Jan/2007 |
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Latest
Purchase Amount |
USD
83.132 |
USD
31.000 |
USD
57.122 |
USD
35.108 |
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Highest
Purchase |
USD
85.535 |
USD
34.000 |
USD
61.335 |
USD
38.315 |
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Buying
terms |
30-day
O/A |
30-day
O/A |
30-day
O/A |
30-day
O/A |
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Paying
record |
PROMPT |
PROMPT |
PROMPT |
PROMPT |
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NSF
checks |
NO |
NO |
NO |
NO |
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Delayed
payments |
NO |
NO |
NO |
NO |
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Non-payments |
NO |
NO |
NO |
NO |
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Experience |
GOOD |
GOOD |
GOOD |
GOOD |
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Rating |
GOOD |
GOOD |
GOOD |
GOOD |
PAYMENT ANALYSIS
Type of
suppliers : Mfrs., local trade & service suppliers
Payment
patterns : Good bill-pay habits. Pays within agreed terms
Commercial
morality : GOOD - Commitments are
respected
Repayment
capacity : Moderate
Negative
facts check : No defaults,
delinquencies, legal suits, judgements, collection claims, protested items,
returned checks or other detrimental record or adverse references are traced
against the subject
FINAL OPINION
We are reporting upon a large company which is the holding
company of a well known multinational group in the paper and forest-products
industry. It seems to be a well organized and financially sound company, well
run by experienced staff and with a
promising future outlook. As far as its commercial morality and general
reputation are concerned, its payments and contractual commitments are duly met
so no objections or any adverse experience are noted upon its current trading
position. In light of the above information business connections with this
company are suitable, and it is considered to be creditworthy ad qualifies for
the extension of important credit facilities.
CREDIT QUALITY ANALYSIS
Level of
riskiness : Standard
(Normal)-risk buyer
Credit
soundness : Standard
Credit
appaisal : Recommended
Potrential
credit limit : USD 1.000.000
Assessment :
It is considered to be an initial credit limit
Credit
surveillance : Subject to regular
review and supersivion
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)