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Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
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Name : |
SAPPI PAPIER HOLDING GMBH |
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Registered Office : |
C/o Sappi Trading Hong Kong Ltd. 41/F., AIA Tower, 183 Electric Road, North Point |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.09.2001 |
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Com. Reg. No.: |
32091643 |
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Legal Form : |
Non‑Hong Kong Company |
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Line of Business : |
Trader of Wood pulp, paper and related products. |
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No. of Employees : |
About 14,000. Group Employee (As at 30-09-2012) |
RATING & COMMENTS
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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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
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
levies excise duties on only four commodities, namely: 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, it again faces a possible slowdown as exports to
the Euro zone and US slump. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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. Growth slowed to 5% in 2011,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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
Source
: CIA
SAPPI PAPIER
HOLDING GMBH
(Incorporated in the a Austria)
Address: c/o Sappi
Trading Hong Kong Ltd.
41/F., AIA
Tower, 183 Electric Road,
North
Point, Hong Kong.
PHONE: 852-2219 1060, 2219 1061,
2877 4974, 2877 4969
FAX: 852-2877
4962, 2877 3523
E-MAIL: kirsten.kuo@sappi.com
Authorized Representative in Hong Kong:
Mr. Wayne Victor Rau
Registered in Hong Kong on: 21st
September, 2001.
Organization: Non-Hong
Kong Company.
Capital: Authorised: EUR$72,700.00
Issued & Paid Up: EUR$72,700.00
Business Category: Paper and Pulp Trader.
Group Turnover: US$6,347
million (Year ended 30-09-2012)
Group Employees: About
14,000. (As at 30-09-2012)
Main Dealing Banker: Union Bank of Switzerland, Hong Kong Branch.
Banking Relation: Good.
Hong Kong Principal Place of Business:-
c/o Sappi Trading Hong Kong Ltd.
41/F., AIA Tower, 183 Electric Road, North Point, Hong Kong.
Ultimate Holding Company:-
Sappi Ltd., South Africa.
Sister/Affiliated Companies:-
Sappi Group of Companies
S.D. Warren Co., USA.
Sappi Alfeld GmbH, Germany.
Sappi Austria Produktions-GmbH & Co. KG, Austria.
Sappi Cloquet LLC, USA.
Sappi Ehingen GmbH, Germany.
Sappi Esus Beteiligungsverwaltungs GmbH, Austria.
Sappi Europe S.A., Belgium.
Sappi Fine Paper plc, South Africa.
Sappi Finland Oy, Finland.
Sappi Holding GmbH, Austria.
Sappi International S.A., Belgium.
Sappi Lanaken NV, Belgium.
Sappi Lanaken Press Paper NV, Belgium.
Sappi Maastricht B.V., the Netherlands.
Sappi Management Services (Pty) Ltd., South Africa.
Sappi Nijmegen B.V., the Netherlands.
Sappi Papier Holding GmbH, Austria.
Sappi Property Co. Ltd., South Africa.
Sappi Schweiz AG, Switzerland.
Sappi Share Faciliation Co. (Pty) Ltd., South Africa.
Sappi Southern Africa (Pty) Ltd., South Africa.
Sappi Stockstadt GmbH, Germany.
Sappi Trading Hong Kong Ltd., Hong Kong.
[Formerly known as: Speciality Pulp Services Ltd.]
Sappi Trading Pulp AG, Switzerland.
Sappi UK Ltd., UK.
Umkomass Lignin (Pty) Ltd., South Africa.
Usutu Forest Products Co. Ltd., South Africa.
etc.
32091643
F0011425
Authorised Representative in Hong Kong:
Mr. Wayne Victor Rau
[Address: House 29, Palm Drive
The Redhill Peninsula, Site D, 18 Pak Pat Shan Road, Hong Kong.]
Authorized Share Capital: EUR$72,700.00
Issued & Pais Up Capital: EUR$72,700.00
Stephen John BLYTH
Mark Richard GARDNER
Jorg Harri PASSLER
Bernd Herbert Dieter ROSS
Berend John WIERSUM
Nil.
The subject was incorporated in Austria as a limited company. It has established a principal place of
business in Hong Kong and was registered on 21st September, 2001 as a
Non-Hong Kong company under part XI of the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Sappi Papier
Holding AG, name changed to the present style on 3rd September, 2003.
Apart from these, neither material change nor amendment has been ever traced
and noted.
Activities: Paper
and Pulp Trader.
Lines: Wood
pulp, paper and related products.
Group Employees: About 14,000. (As at 30-09-2012)
Commodities Imported: Taiwan, Southeast Asia, North America, etc.
Markets: Europe,
North America, etc.
Group Turnover: US$5,863 million
(Year ended 30-09-2008)
US$5,369
million (Year ended 30-09-2009)
US$6,572
million (Year ended 30-09-2010)
US$7,286
million (Year ended 30-09-2011)
US$6,347 million (Year ended
30-09-2012)
Terms/Sales:
L/C, T/T, etc
Terms/Buying: L/C,
D/P, O/A, etc.
Authorized Share Capital: EUR$72,700.00
Issued & Pais Up Capital: EUR$72,700.00
Mortgage or Charge: (See
attachment)
Group Net Profit/(Loss): US$102
million (Year ended 30-09-2008)
(US$177
million)(Year ended 30-09-2009)
US$ 66 million (Year
ended 30-09-2010)
(US$232
million)(Year ended 30-09-2011)
US$104 million (Year ended 30-09-2012)
Profit or Loss: Group suffered from losses in FY 2011
& 2009.
Condition:
Keeping
in a normal manner.
Facilities:
Making
active use of general banking facilities.
Payment:
Met
trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:- Union
Bank of Switzerland, Hong Kong Branch.
J.P. Morgan Europe Ltd., UK.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing:
Good.
Sappi Papier Holding GmbH was registered in Hong Kong as a non‑Hong Kong
Company in September 2001. It was
registered in Austria. Its ultimate
holding company Sappi Ltd. [Sappi] is a South Africa-based firm. In fact, the subject is a member of the Sappi
Group in the Asia Pacific region as well as in Europe.
The subject is engaged in the production and sale of coated fine paper
and chemical cellulose in North America, Europe, and Africa. It also manufactures coated fine paper for
use in magazines, catalogues, brochures, annual reports, and commercial
printing applications; uncoated fine paper for use in bonds/writing; and offset
printing and photocopy papers, writing tablets, and lightweight printing and
thin papers. The subject also produces
dissolving pulp, which is used in the manufacture of viscose textiles.
The subject was formerly known as Sappi Papier Holding AG. It is based in Gratkorn, Austria. It operates as a subsidiary of Sappi.
The subject has had an associated company Sappi Trading Hong Kong Ltd.
[Sappi Trading] located at its operating office.
The subject and Sappi Trading are engaged in the same lines of business,
more or less.
Headquartered in Hong Kong, Sappi Trading manages a network of 11 sales
offices and serves over 100 countries around the world. Sales and logistical operations are provided
for most of the Group’s pulp sales and a large proportion of the Group’s fine
paper and specialty paper sales in export markets. Sappi Trading also manages the Group’s China
joint venture’s export sales.
By providing the Group’s manufacturing regions with cost effective
access to worldwide markets, the division is an essential component in
maximising Sappi’s profitability.
Sappi is a global paper and pulp group.
It is a leading producer of coated woodfree and coated mechanical paper
widely used in books, brochures, magazines, catalogues and many other print
applications. It believes it is also the
world’s largest producer of chemical cellulose, used primarily in the
manufacture of viscose fibre, acetated tow, and consumer and pharmaceutical
products. In addition, it produces
newsprint, uncoated graphic and business papers, premium quality packaging
papers, a range of coated speciality papers and a range of paper grade pulp.
Sappi is a public company incorporated in the Republic of South
Africa. Its principal executive offices
are located at 48 Ameshoff Street, Braamfontein, Johannesburg, 2001, Republic
of South Africa, its telephone number is 27‑11‑407-8111. It currently has its primary listing on the
JSE Ltd. [JSE], formerly the Johannesburg Stock Exchange, and has a secondary
listing on the New York Stock Exchange.
Sappi was founded and incorporated in 1936 in South Africa and is a
corporation organized under the Companies Act 61 of 1973 of the Republic of
South Africa. Until 1990, Sappi
primarily expanded its operations within southern Africa. Since 1990, it has grown through acquisitions
outside of southern Africa. In the mid
1990’s, it acquired S.D. Warren Company, a market leader in the United States
in coated woodfree paper and a major producer of other speciality paper products. It now conducts business as Sappi Fine Paper
North America. In the late 1990’s, it
acquired KNP Leykam, a leading European producer of coated woodfree paper. KNP Leykam now conducts business as Sappi
Fine Paper Europe. In 2002, it acquired
Potlatch Corporation’s coated woodfree paper business and have integrated it in
Sappi Fine Paper North America. During
August 2009, it permanently ceased operations at Muskegon mill in the United
States. Customers were being served from
its other North American operations. On
2nd November, 2009, it delisted from the London Stock Exchange. The London share register was closed on 23rd
November, 2009 with all remaining shareholders on the United Kingdom share
register being transferred to the South African share register.
Sappi’s trading network, Sappi Trading, coordinates the international
marketing and distribution of its woodfree and mechanical paper products
outside its core regions. Sappi Trading
operates in Hong Kong (China) which is the subject, Sydney (Australia), Sao
Paulo (Brazil), Shanghai (China), Konstanz (Germany), Nairobi (Kenya), Mexico
City (Mexico), Singapore, Johannesburg and Durban (South Africa), Zurich
(Switzerland), Taipei (Taiwan) and New York (United States). It manages a network of agents around the
world, handling exports to over 70 countries.
Sappi Trading also manages the export logistics of the southern African
operations. In total, Sappi Trading had
148 employees in 2010.
On 31st January, 2010, Sappi closed its production facilities at the
Usutu mill in Swaziland due to market conditions and forest fire damage. During January 2010, Sappi permanently ceased
operations at the Kangas mill in Finland.
The sales of the Sappi Group for the year ended 30th September, 2012
amounted to US$6,347 million, decreased by 12.9% as compared with
US$7,286 million in FY 2011.
However, in FY 2012, the Group made a profit of US$104 million as
compared with a loss of US$232 million in FY 2011.
The followings are the highlights of the Group:-
The subject is fully supported by the Sappi Group.
On the whole, in view of the background of the subject, consider it good
for normal business engagements.
|
Date |
Particulars |
Amount |
|
14-04-2011 |
Instrument: Security Assignment of Receivables Property: All present and future intercompany loan for greater than
US$25,000,000 with the company as lender and each debtor Mortgagee: J.P. Morgan Europe Ltd. 125 London Wall, London EC2Y 5AJ, UK. |
All the senior liabilities and all other present and future
obligations at any time due, owing or incurred by any member of the Group and
by each Debtor to any Secured Party under the Bonds Finance Documents, the
RCF Finance Documents, the OeKB Finance Doucments, any Pari Passu Document,
the Hedging Agreements and the Security Documents. |
|
05-07-2012 |
Instrument: Security Assignment of Receivables Property: All each present and future intercompany loan for greater than
US$25,000,000 with the company as lender to a member of the Group as borrower Mortgagee: J.P. Morgan Europe Ltd. 125 London Wall, London EC2Y 5AJ, UK. |
All the senior liabilities and all other present and future obligations
at any time due, owing or incurred by any member of the Group and by each
Debtor to any Secured Party under the Bonds Finance Documents, the PCF
Finance Documents, the OeKB Finance Documents, any Pari Passu Document, the
Hedging Agreements and the Security Documents |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.61 |
|
|
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.