MIRA
INFORM REPORT
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Report Date : |
27.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
HORIZON PULP & PAPER LTD |
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Registered Office : |
Anija mnt 10 74305 Kehra |
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Country : |
Estonia |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
10089165 |
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Legal Form : |
Public Joint-Stock Company |
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Line of Business : |
Manufacture of Paper and Paperboard |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
EUR 50.000,00 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
name of the company
HORIZON TSELLULOOSI JA PABERI AS
International Name: HORIZON Pulp & Paper Ltd
Principal Address
Anija mnt 10
74305 Kehra
Estonia
Tel: +372-6085007
Fax: +372-6085756
Registered office:
Anija mnt 10
74305 KEHRA
Estonia
ICON number
59865490
National ID
10089165
VAT number
EE100442746
Contact with company
No contact with
company possible
CREDIT INFORMATION SUMMARY
Insolvency Information: According to available information
sources the company is not in a insolvency/preliminary/debt regulation
proceeding.
Maximum Credit: EUR 50.000,00
Credit amount exceeding the value above is advised to be supported by proper
guarantees.
Payment Practices: Payments are made irregularly.
Debt Collection: There is no record of
any debt collection action against this company exceeding a single case volume
of EUR 500.
INTRUM JUSTITIA AS
Started 17.10.2007, not cancelled , amount 1 001 - 5 000
COMPANY DETAILS
Established: 1995
Registration: No. 10089165
19.05.1997
Harju Country Court, Estonia
Former Registration: No. 71062815
1995
Harju Country Court, Estonia
Legal
Form: 19.05.1997
Public Joint-Stock Company
History
July 1995 - acquired by Tolaram Group,
Singapore.
October 1995 - resumed
commercial production.
October 1997 - signing of phase
1 (modernization and rehabilitation of HPP) agreement with IFC
(investment
of $12 million)
June 1998 - tissue plant
inauguration by President of Estonia.
September 1999 - phase 1
completed.
October 1999 - signed
phase II (modernization and rehabilitation of HPP) agreement with IFC and
Leonia Bank
/Finvera (investment of $28.2million)
Phase II - completed in October 2001
Capital
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Shareholders
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Management
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KEY DATA ON OPERATIONS
Subject of Operation: NACE
1712 Manufacture of paper and
paperboard
* Production, sales, mediation, export, import of paper products.
NACE codes given are based on the most recent NACE Revision 2.
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Key Data:
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Workforce
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Imports
Germany
Finland
Ukraine
/chemicals, machines, clothes/
Exports
Asia
Germany
European Union
France
Portugal
United States of
America
/sack, kraft paper, tissues etc/
FINANCIAL INFORMATION
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Financials:
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Approximate Exchange Rates
2007: 15,6466 EEK = 1 EUR
2006: 15,6466 EEK = 1 EUR
2005: 15,6466 EEK = 1 EUR
2004: 15,6466 EEK = 1 EUR
2003: 15,6466 EEK = 1 EUR
2007: 10,6382 EEK = 1 USD
2006: 11,8818 EEK = 1 USD
2005: 13,2206 EEK = 1 USD
2004: 11,4711 EEK = 1 USD
2003: 12,4096 EEK = 1 USD
Financial data source
Auditor: Hanno Lindpere
Date: 2006
Financials have been audited
Bankers
SAMPO PANK AS
Hansapank AS - Account no. 1120057110
Ratios
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ADDITIONAL INFORMATION
Additional
information:
There is no
further information on the company from the sources available.
Company phones & address are correct.
Current contact:
the company's administration was not available at the office, other persons
don't have authority to give information about the company.
If/when additional information is obtained we will supplement this report
immediately.
Press Releases:
Company
was 83d in the Estonian companies TOP500 by turnover in 2007.
REGISTERED DEBTS:
Bank debts
Started 01.10.2007, cancelled 31.12.2007, amount 1 000 001 - and more
Other sector
Started 15.09.2007, not cancelled , amount 10 001 - 50 000
VAT registration
details:
Date of
registration: 01.10.1995
Tax-payer code: EE10089165
Registr. authority: Tax Office
Commercial Pledges
1 holder of
pledge: AS SEB Eesti Uhispank
hypothecary value: 68 000 000 EEK
since: 28.08.1997.
2 holder of pledge: International Finance Corporation
hypothecary value: 60 605 000 EEK
since: 19.04.2000.
3 holder of pledge: AS SEB Eesti Uhispank
hypothecary value: 156 500 000 EEK
since: 28.08.1997.
4 holder of pledge: International Finance Corporation
hypothecary value: 87 570 000 EEK
since: 17.11.1997.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.79 |
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UK Pound |
1 |
Rs.85.04 |
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Euro |
1 |
Rs.67.39 |
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. |
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%)