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MIRA INFORM REPORT
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Report Date : |
15.10.2011 |
IDENTIFICATION DETAILS
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Name : |
GOLD EAST TRADING (HONG
KONG) CO. LTD. |
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Registered Office : |
Room 501-504A, 5/F., Empire Centre, 68 Mody Road,
Tsimshatsui East, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.06.2007 |
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Com. Reg. No.: |
38159647 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of paper. |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 |
Company name
GOLD EAST
TRADING (HONG KONG)
CO. LTD.
Company ADDRESs
Room 501-504A, 5/F., Empire Centre, 68 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 2733 0488, 2733 0074
FAX: 2732 2202
E-MAIL: sales@goldeastpaper.com.hk
MANAGEMENT
Managing Director: Mr. Chu Wing Hong, Park
SUMMARY
Incorporated on: 14th June, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$3,097,939,200.00
Issued: HK$1,933,624,200.00
Business Category: Paper Trader.
Employees: 15.
Main Dealing Banker: CITIC Bank International Ltd., Hong Kong.
Banking Relation: Satisfactory.
COMPANY ADDRESS
Registered Head
Office:-
Room 501-504A, 5/F., Empire Centre, 68 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
Holding Company:-
Ever Dragon Investments Group Ltd., Hong Kong.
Associated/Affiliated
Companies:-
Sinar Mas Group of Companies
· APP (Hong Kong) Ltd., Hong Kong.
· APP China Trading Ltd., Hong Kong.
· APP International Trading (China) Ltd., British Virgin Islands.
· APP Printing Pte. Ltd., Singapore.
· Asia Paper (Shanghai) Co. Ltd., China.
· Asia Pulp & Paper Co. Ltd., Indonesia.
· China Union International Trading Ltd., Hong Kong.
· Gold Daio (Suzhou Industrial Park) Hygiene Products Co. Ltd., China.
· Gold East Paper (Jiangsu) Co. Ltd., China.
· Gold Hai Paper Products (Kun Shan) Co. Ltd., China.
· Gold Hong Ye Paper (Suzhou Industrial Park) Co. Ltd., China.
· Gold Huasheng Paper (Suzhou Industrial Park) Co. Ltd., China.
· Guangxi Jingui Pulp & Paper Co. Ltd., China.
· Hainan Jinhai Pulp & Paper Co. Ltd., China.
· Jin Feng Yuan Paper Industry (Shanghai) Co. Ltd., China.
· Jinxin (Qingyuan) Paper Industry Pte. Ltd., China.
· Jinyu (Qingyuan) Tissue Paper Co. Ltd., China.
· Ningbo Asia Paper Converting Co. Ltd., China.
· Ningbo Asia Paper Tube & Carton Box Co. Ltd., China.
· Ningbo Asia Pulp & Paper Co. Ltd., China.
· Ningbo Asia Unpolluted Paper Products Co. Ltd., China.
· Ningbo Zhonghua Paper Co. Ltd., China.
· P.T. Purinusa Ekapersada, Indonesia.
· P.T. Smart Tbk., Indonesia.
· Sinar Mas Paper (China) Investment Co. Ltd., China.
· Sinar Mas Pulp & Paper (India) Ltd., India.
· Top Harvest Asia Ltd., Hong Kong.
· Xinyang Golden Sun Woodwork Co. Ltd., China.
· Yalong Paper Products (Kun Shan) Co. Ltd., China.
· Zhenjiang Dadong Pulp & Paper Co. Ltd., China.
etc.
BUSINESS REGISTRATION NUMBER
38159647
COMPANY FILE NUMBER
1141342
MANAGEMENT
Managing Director: Mr. Chu Wing Hong, Park
Contact Person: Ms. Viona Shek
CAPITAL
Nominal Share Capital: HK$3,097,939,200.00 (Divided into 3,097,939,200 shares of HK$1.00 each)
Issued Share Capital: HK$1,933,624,200.00
SHAREHOLDERS
(As per registry
dated 14-06-2011)
|
Name |
|
No. of shares |
|
Gold East Paper (Jiangsu) Co. Ltd. 8 Xing Gang Dong Road, Dagang, Zhenjiang, Jiangsu, 212132 China. |
|
769,309,200 |
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Ever Dragon Investments Group Ltd., Hong Kong. |
|
1,164,315,000 |
|
|
|
–––––––––––– |
|
|
Total: |
1,933,624,200 ========== |
DIRECTORS
(As per registry
dated 14-06-2011)
|
Name (Nationality) |
Address |
|
CHU Wing Hong, Park |
Room 501-504A, 5/F., Empire Centre, 68 Mody Road, Tsimshatsui East, Kowloon, Hong Kong. |
|
QI Hezhai |
Room 501-504A, 5/F., Empire Centre, 68 Mody Road, Tsimshatsui East, Kowloon, Hong Kong. |
SECRETARY
CHU Wing
Hong, Park (As per registry dated 14-06-2011)
HISTORY
The subject was incorporated on 14th June, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of paper.
Employees: 15.
Commodities Imported: Southeast Asia, China, etc.
Markets: Hong Kong, China, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$3,097,939,200.00 (Divided into 3,097,939,200 shares of HK$1.00 each)
Issued Share Capital: HK$1,933,624,200.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 1,000,000.00 |
|
30-12-2008 |
paid up |
HK$ 115,267,771.00 |
|
19-08-2010 |
paid up |
HK$ 170,957,600.00 |
|
01-09-2010 |
paid up |
HK$ 77,708,000.00 |
|
25-10-2010 |
paid up |
HK$ 1,568,690,829.00 |
|
|
|
–––––––––––––––––– |
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Total: |
paid up |
HK$ 1,933,624,200.00 ================ |
Increases of Nominal Capital:-
|
From |
HK$ 1,000,000.00 |
to |
HK$ 120,000,000.00 |
on |
18-11-2008 |
|
From |
HK$120,000,000.00 |
to |
HK$ 769,309,200.00 |
on |
19-09-2010 |
|
From |
HK$769,309,200.00 |
to |
HK$3,097,939,200.00 |
on |
25-10-2010 |
Mortgage or Charge (since 2011): (See attachment)
Profit or Loss: Making a small profit in the past two years.
Condition: Business is normal.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· CITIC Bank International Ltd., Hong Kong.
· Taishin International Bank Co. Ltd., Hong Kong Branch.
· Bank of Communications Co. Ltd., Hong Kong Branch.
· Cathay United Bank Co. Ltd., Hong Kong Branch.
Standing: Good.
GENERAL
Having issued 1,933,624,200 ordinary shares of HK$1.00 each in total, Gold East Trading (Hong Kong) Co. Ltd. is jointly-owned by Gold East Paper (Jiangsu) Co. Ltd. [GEP] which is a China-based firm holding 39.8% interests, and Ever Dragon Investments Group Ltd., holding 60.2%. GEP is a member of the Sinar Mas Group of Companies. Formerly, the subject was wholly-owned by GEP.
The subject is trading in GEP’s products and is responsible for sourcing raw materials for it. The subject offers a wide range of paper and board for printing and writing, packaging board, photocopy paper and consumer tissue, which are suitable for high speed and duplex printing; annual report, catalogue and periodical; paper shopping bag, greeting card and playing card; and packaging and gift box, etc.
GEP was established on 18th May, 1997 as a joint venture between Asia Pulp & Paper Co. Ltd. [APP], an Indonesia-based firm holding 80% interests, and the Zhenjiang Bureau of Light Industry, holding 20%. The total investment of GEP was US$1.823 billion. GEP is situated on a 5.6 million sq.m. site in the Dagang Economic Zone located near Zhenjiang City, Jiangsu Province, China. Now, APP has had companies both in Hong Kong and Southern China.
GEP has started-up two paper machines manufactured by Voith Sulzer Paper Technology in Germany. PM1 and PM2 are identical machines, each with a capacity of 450 000 tonnes per year [tpy] of uncoated freesheet. The mill also has an estimated capacity to convert 100 000 tpy of uncoated freesheet into cut-sized photocopier paper and an off-machine coater [OMC] which will have a capacity to convert uncoated freesheet into 600 000 tpy of coated freesheet.
GEP adopts the most advanced technology and biggest paper machines and coater in the world. Wood-free paper line and coating base paper line are imported completely from Voith-Sulzer/Germany. OMC is ordered from Valmet/Finland. Whole process takes world leading control system, including but not limit to DCS and QCS. GEP has become the largest modern paper mill in China, which is able to supply high quality paper and services to printing and publishing industries.
GEP’s UK agent is Calington Ltd. The annual sales turnover of GEP is significant.
Besides GEP, the Sinar Mas Group of Companies has had the following four main paper mills:-
1. Gold Huasheng Paper (Suzhou Industrial Park) Co. Ltd.
2. Hainan Jinhai Pulp & Paper Co. Ltd.
3. Ningbo Asia Pulp & Paper Co. Ltd.
4. Ningbo Zhonghua Paper Co. Ltd.
All these paper mills offer a series of eco-friendly products with recycled content and have got “PEFC-COC” certification.
According
to GEP, it is currently
the single largest Art Paper Mill in the world.
GEP was incorporated on 18
May, 1997 with a total investment of US$3.23 billion and an annual
production capacity of over 2.2 million MT.
It has 3 wood-free coated paper production lines from Voith and
Metso. In China, GEP possess a
power station, a Ground Calcium Carbonate Plant, and a Precipitated Calcium
Carbonate Plant in addition to a pier.
GEP offers customers with a
wide range of products such as: C2S Art Paper/Gloss, C2S Art Paper/Matt, C1S
Art Paper, HSWO (Heat Set Web Offset) Gloss/Matt, etc.
Mr. Teguh Ganda Wijaya is the Chairman of Sinar Mas Group. The core businesses of the Group are pulp and paper, finance, real estate and agriculture and food processing. Sinar Mas Group now has 150,000 employees, with a total asset of over US$20 billion. As a famous Indonesian consortium, it has invested broadly across Asia, Europe and America.
The subject is the sole agent of APP in Hong Kong and Southern China. Its offers a wide range of art paper, art board, woodfree, brief card, ivory board, playing card board, carbonless paper, thermal paper, and photocopy paper which are traded by APP.
In response to the rising demand of green procurement, the subject provides various high quality PEFC-CoC certified paper and recycled paper. To address emerging trends in the printing industry, the subject also provides a full range of coated and uncoated digital paper.
APP boasts an annual output of more than 9 million tons of pulp and paper and 750,000 hectares fast-growing forests. With a total asset of more than US$10 billion, APP has been among Top 10 paper producers in the world. Ever since it entered China market in 1992, APP has successively set up 18 pulp and paper enterprises and over 20 plantation farms in Yangtze River Delta and Pearl River Delta. Nowadays, APP China can produce more than 5 million ton paper and paperboards each year.
GEP has claimed to be the most productive single plant of copperplate paper in the world. Ningbo Zhonghua Paper Co. Ltd. is the largest industrial paper producer in China. Ningbo Asia Pulp & Paper Co. Ltd. is the largest high‑quality package paper producer in the world. Hainan Jinhai Pulp & Paper Co. Ltd. is the largest pulp company in China. APP also boasts Gold Hong Ye Paper (Suzhou Industrial Park) Co. Ltd., the largest household paper producer in Asia.
Over the past years, the subject has made enormous efforts in promoting usage of environmental-friendly papers and sustainability. It has got the “Capital Outstanding Green Excellence Awards”.
The business of the subject keeps on improving as the demand of paper of the world market has been increasing as well.
The subject is supported by GEP and ultimately by Sinar Mas Group.
On the whole, in view of the parentage and background of the subject, consider it good for normal business engagements.
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
|
12-01-2011 |
Instrument: Deed of Indemnity, Charge Over Deposit and Set-Off Property: By way of Fixed Charge to the Bank all the Company’s estate, right, title, claim, benefit and interest to and in the Deposit (Account No. 02753320060118 and 02753393120276) and all interest from time to time payable thereon and together with all title deeds and documents relating thereto Mortgagee: Bank of Communications Co. Ltd., Hong Kong Branch. |
All actions, suits, proceedings, claims, demands, losses, damages, costs, fees, expenses and/or liabilities |
|
08-03-2011 |
Instrument: Charge on Cash Deposit(s) Property: Fixed Time Deposit of CNY31,000,000 Mortgagee: Cathay United Bank Co. Ltd., Hong Kong Branch. |
To secure banking facilities |
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07-03-2011 |
Instrument: Security Over Deposit in respect of Obligations of the Depositor Property: By way of first fixed charge to the Chargee the account No. 861530035865 Mortgagee: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
All monies and liabilities |
|
28-04-2011 |
Instrument: Contract of Mortgage or Charge (Contract No.: Zhen Fa Li Gi Zhi OSCOZY0006NJ) Property: Mortgagor has had a sum of fix deposit amount to RMB205,000.000 Yuan in Shenzhen Development Bank under the deposit deed No. IXIX00052962. Mortgagee: Shenzhen Development Bank, China. |
Mortgagor had signed a loan contract with the bank with a maximum loan of US$30 million under the Contract No. Shen Fa Li Tai Zhi OSCOLN20110006 |
|
21-05-2011 |
Instrument: Charge on Cash Deposit(s) Property: Account No. 090-008-0063033-4 Mortgagee: Bank SinoPac, Hong Kong Branch. |
All sums of money and liabilities |
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10-08-2011 |
Instrument: Charge on Cash Deposit(s) Property: Customer ID: 700440 Mortgagee: Cathay United Bank Co. Ltd., Hong Kong Branch. |
To secure banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
UK Pound |
1 |
Rs.77.42 |
|
Euro |
1 |
Rs.67.72 |
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 |
|
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.