|
Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
APP CHINA TRADING
LTD. |
|
|
|
|
Registered Office : |
c/o Focus
Corporate Services Ltd. Room 1203, 12/F., Inter-Continental Plaza, 94 Granville Road,
Tsimshatsui East, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
10.08.1995 |
|
|
|
|
Com. Reg. No.: |
19424649 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of paper
products especially toilet tissue, facial tissue, kitchen tissue and wet
tissue, etc. |
|
|
|
|
No. of Employees : |
15 |
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 : |
No complaints |
|
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 |
|
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 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 |
APP CHINA TRADING
LTD.
Address: Room 501-504A, 5/F., Empire Centre,
68 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong.
(Head Office)
And
c/o Focus Corporate Services Ltd.
Room 1203, 12/F., Inter-Continental Plaza,
94 Granville Road, Tsimshatsui East,
Kowloon, Hong Kong.
(Registered Office)
Note: Please be advised that there is no such a firm known as APP Lching Trading Limited registered with the Companies Registry of Hong Kong. There is a firm known as APP China Trading Ltd. located at your given address. It seems that the second word of your given name is a mistake.
ADDRESS:
Room 501-504A,
5/F., Empire Centre, 68 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-2733 0488; 2733 0074
FAX: 852-2732 2202
E-MAIL: sales@goldeastpaper.com.hk
Managing
Director: Mr. Lai Rong Ren
Incorporated on: 10th August, 1995.
Organization: Private Limited Company.
Capital: Nominal: HK$77,800,000.00
Issued: HK$77,800,000.00
Business Category: Paper Trader.
Employees: 15. (Including associates)
Main Dealing Banker: Wing Lung Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
APP
CHINA TRADING LTD.
Registered
Office:-
c/o Focus
Corporate Services Ltd.
Room 1203, 12/F.,
Inter-Continental Plaza, 94 Granville Road, Tsimshatsui East, Kowloon, Hong
Kong.
Head
Office:-
Room 501-504A, 5/F.,
Empire Centre, 68 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
Holding
Company:-
Pyro Success Ltd.,
British Virgin Islands.
Associated/Affiliated
Companies:-
Sinar Mas Group of Companies
APP (Hong Kong)
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 East Trading
(Hong Kong) Co. Ltd., Hong Kong. (Same
address)
Gold Hai Paper
Products (Kun Shan) Co. Ltd., China.
Gold Hong Ye Paper
(Suzhou Industrial Park) Co. Ltd., China.
Gold Hong Ye Trading
(Hong Kong) Co. Ltd., Hong Kong.
Gold Huasheng
Paper (Suzhou Industrial Park) Co. Ltd., China.
Gold Huasheng
Trading (Hong Kong) Co. Ltd., Hong Kong.
Gold Shengpu Paper
Products (Suzhou Industrial Park) Co. Ltd., China.
Guangxi Jingui
Pulp & Paper Co. Ltd., China.
Hainan Jinhai Pulp
& Paper Co. Ltd., China.
Hainan Jinhai
Trading (Hong Kong) Co. Ltd., Hong Kong.
Jin Feng Yuan
Paper Industry (Shanghai) Co. Ltd., China.
Jinxin (Qingyuan)
Paper Industry Pte. Ltd., China.
Jinyu (Qingyuan)
Tissue Paper Co. Ltd., China.
Lucky Ever Ltd.,
Hong Kong. [Compulsory winding up]
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 Yajiang
Trading (Hong Kong) Co. Ltd., Hong Kong.
Ningbo Zhonghua
Paper Co. Ltd., China.
P.T. Smart Tbk.,
Indonesia.
Sinar Mas Paper
(China) Investment Co. Ltd., China.
Sinar Mas Paper
(Shenzhen) 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.
19424649
0522702
Managing
Director: Mr. Lai Rong Ren
Nominal Share
Capital: HK$77,800,000.00 (Divided into 77,800,000 shares of HK$1.00 each)
Issued Share
Capital: HK$77,800,000.00
(As per registry dated 10-08-2013)
|
Name |
|
No.
of shares |
|
Pyro Success Ltd. Vanterpool
Plaza, Wickhams Cay I, 2nd FL, Road Town, Tortola, British, Virgin Islands. |
|
77,799,999 |
|
Risewell Holdings Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
|
1 |
|
|
|
––––––––– |
|
|
Total: |
77,800,000 ======== |
(As per registry dated 10-08-2013)
|
Name (Nationality) |
Address |
|
LAI Rong Ren |
7/F., No. 1, LN, 162, Section 4, Nanjing
E. Road., Songshan Disrict., Taipei City 105, Taiwan. |
|
TEI Ah Lek |
8/F., No. 222 Yan An Road East, Shanghai,
China. |
(As per registry dated 10-08-2013)
|
Name |
Address |
Co.
No. |
|
Focus
Corporate Services Ltd. |
Room 1203, 12/F., Inter-Continental Plaza, 94 Granville Road,
Tsimshatsui, Kowloon, Hong Kong. |
0867959 |
The
subject was incorporated on 10th August, 1995 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Bright Century Engineering Ltd.,
name changed to APP International Trading (Hong Kong) Ltd. on 15th February,
1999; and further to the present style on 25th February, 2000.
Formerly
the subject’s registered office was located at Room 508B, 5/F., Empire Centre,
68 Mody Road, Tsimshatsui East, Kowloon, Hong Kong where was the operating
office of Focus Corporate Services Ltd.
As Focus Corporate Services Ltd. moved to the present address with
effect from 17th February, 2010, so did the subject. Now, the subject shares its office with its
associate Gold East Trading (Hong Kong) Co. Ltd. which is also a Hong
Kong-registered firm.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of paper products especially toilet tissue, facial tissue, kitchen tissue and wet tissue, etc.
Employees: 15. (Including associates)
Commodities Imported: Provided by inter-group companies in China and Southeast Asia.
Markets: Hong Kong, Macau, other Asian countries, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$77,800,000.00 (Divided into 77,800,000 shares of HK$1.00 each)
Issued Share Capital: HK$77,800,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Group made a small profits every year.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Bankers:
Wing Lung Bank Ltd., Hong Kong.
CITIC Bank International Ltd., Hong Kong.
Standing: Normal.
Having
issued 77.8 million ordinary shares of HK$1.00 each, APP China Trading Ltd.
formerly was wholly-owned by P.T. Purinusa Ekapersada [PTPE] which was an
Indonesia-based firm. Now, it is almost
wholly-owned by Pyro Success Ltd. which is a BVI-registered firm.
The
directors of the subject are Mr. Tei Ah Lek, who is a Malaysia passport holder,
and Mr. Lai Rong Ren, who is a Taiwan passport holder.
The
subject’s registered address is in a commercial service firm located at “Room
1203, 12/F., Inter-Continental Plaza, 94 Granville Road, Tsimshatsui,
Kowloon, Hong Kong” known as ‘Focus Corporate Services Ltd.” which is
handling its correspondences and documents.
Focus Corporate Services Ltd. is also the corporate secretary of the
subject.
The
subject is a paper trading company.
In
Hong Kong, the subject shares the office with its associated company Gold East
Trading (Hong Kong) Co. Ltd. [Gold East].
Gold
East is the sole agent of Asia Pulp and Paper in Hong Kong and Southern China. It offers a wide range of art paper, art
board, woodfree, brief card, ivory board, playing card board, carbonless paper,
thermal paper, and photocopy paper, etc.
The
subject has had other associated companies in Hong Kong which is located at a different
address.
We
do not know your given phone number 3153 5343 belongs to whom as nobody
answered our phone calls.
The
subject in fact is a member of Sinar Mas Group – a famous Indonesian consortium
which was founded in 1962 by Mr. Eka Tjipta Wijaya (also known as Oei Ek
Tjhong), a prominent Chinese entrepreneur from Asia. The Sinar Mas Group started making
investments in China in 1992.
The
core businesses of the Group are pulp and paper, finance, real estate and
agriculture and food processing. Sinar
Mas Group now has about 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
Group’s paper industry is led by Asia Pulp & Paper Co. Ltd. [APP], Indonesia.
Incorporated
in August 1995, the subject is trading in the Group’s products. Currently, the Group operates 2 manufacturing
facilities in West and Central Java. It
commenced commercial production in November 1995, converting containerboard
into corrugated shipping containers.
APP
is a vertically integrated group of seven pulp and paper companies (some of
which having more than one mill location) inside Indonesia:-
P.T.
Ekamas Fortuna
P.T.
Indah Kiat Pulp & Paper Tbk.
P.T.
Lontar Papyrus Pulp & Paper Industry
P.T.
Pabrik Kertas Tjiwi Kimia Tbk.
P.T.
Pindo Deli Pulp & Paper Mills
P.T.
Purinusa Ekapersada [PTPE]
P.T.
The Univenus
Among
them, P.T. Indah Kiat Pulp & Paper Tbk. and P.T. Lontar Papyrus Pulp &
Paper Industry produce pulp from mixed tropical hardwood [MTH] obtained from
clear cutting of natural forests that include HCVFs in Riau Province and Jambi
Province, both on the island of Sumatra, Indonesia. Most of the pulp is consumed by the APP
Group’s own paper mills.
APP
produces small quantities of no-MTH paper (based on plantation wood, certified
virgin pulp or recycled pulp).
APP
also has set up a subsidiary company in Hong Kong known as APP (Hong Kong) Ltd.
[APPHK] besides the subject. The
registered address of APPHK is also located at the office of Focus Corporate
Services Ltd.
The
other main associates of APP are the following firms:-
1. APP
International Trading (China) Ltd., British Virgin Islands;
2. Lucky
Ever Ltd., Hong Kong.
APP
also has had associated company in China which is managed by Mr. Lai Rong Ren
who is the Managing Director of the subject.
APP
claims having 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 every year.
APP
is one of the world’s leading pulp and paper companies and is ranked one of the
largest vertically integrated pulp and paper producer in Asia, excluding Japan.
Its
combined pulp, paper and packaging capacities in Indonesia amount to about 7.5
million tonnes, using fibre from plantations and wood residues of plantation
development. APP currently has its
principal operations located in Indonesia, and markets its products to more
than 65 countries on six continents.
The
subject was set up in Hong Kong as one of APP’s marketing arms. It has a full range of paper products
including printing paper, packaging board, converted packaging products, office
supply, tissue, and hygiene products.
The subject is responsible for the sale of various kinds of paper
products especially toilet tissue, facial tissue, kitchen tissue and wet
tissue, etc. Products are mainly sourced
from its inter group factories in China and Southeast Asia countries.
The
subject’s affiliate, Top Harvest Asia Ltd. [THAL] is also engaged in the same
line of business. THAL is also the
registered trade mark holder of “VIR JOY APP”, “Sara
Sara Silk”, “Breeze” tissues and toilet paper, napkins and
related items.
The
subject and APPHK are trading in the following commodities:-
|
Product/Service |
Product/Service
Remarks |
|
Tableware –
Disposable |
Paper
napkin from China and Indonesia |
|
Napkin – Paper
(Serviettes) |
From
China and Indonesia (Importer) From
China and Indonesia (Exporter) |
|
Paper and Paper
Products |
Kraft/white
top liner, medium/duplex/tripel and ivory board (Exporter) Kraft/white
top liner, medium/duplex/triple and ivory board (Importer) |
|
Writing Pad and
Memo Pad |
Writing
pads from China, Indonesia, Malaysia and India (Exporter) Writing
pads from China, Indonesia, Malaysia and India (Importer) |
|
Paper, Others |
Include
woodfree print/inkjet/laser/photocopy/fancy paper and board (Exporter) Include
woodfree print/inkjet/laser/photocopy/fancy paper and board (Importer) |
|
Paper Roll (For
Printer Use) |
Computer
paper from China, Indonesia, Malaysia and India (Exporter) Computer
paper from China, Indonesia, Malaysia and India (Importer) |
|
Exercise Book |
Exercise/spiral/loose
leaf/hard cover books (Exporter) Exercise/spiral/loose
leaf/hard cover books (Importer) |
|
Toilet Paper and
Facial Tissue |
Pocket
tissue, jumbo/tissue roll, facial box and tissue hand towels (Exporter) Pocket
tissue, jumbo/tissue roll, facial box and tissue hand towels (Importer) |
|
Diary / Address
Book / Organiser |
Diary
(Exporter) Diary
(Importer) |
|
Envelope and
Stationery |
|
|
Bag – Paper,
Printed |
Shopping
bag from China and Asia (Exporter) Shopping
bag from China and Asia (Importer) |
|
Paper – Wrapping |
Gift
wrapping paper from China and Asia (Exporter) Gift
wrapping paper from China and Asia (Importer) |
The
business of the subject is normally operated.
Annual sales turnover is significant.
No derogatory data have been heard.
The
subject is fully supported by APP and ultimately by Sinar Mas Group. History in Hong Kong is over eighteen years.
On
the whole, in view of the background and parentage of the subject, consider it
good for normal business engagements.
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
|
07-03-2011 |
Instrument: Trade
Finance Security Assignment Property: The Borriwer as
beneficial owner: A) Assigns and agrees to assign absolutely to
the Bank all the present and future right, title, interests and benefits f
the Borrower in and in the following assets:- 1) Export Credits, 2) Export Collection Bills; 3) Sales Contracts; 4) Invoice Receivables; 5) Trade Documents; and 6) All claims, remedies and
proceeds in connection with any of the foregoing, and B) Charges and agrees to charge
to the Bank by way of first fixed charge all the present and future rights,
title, interest and benefits of the Borrower in and to the following assets:- 1) The Goods together in and to
the following assets:- 2) The Deposit, and C) Pledges and agrees to pledge
to the Bank the Pledged Goods and the Trade Documents which are now or may in
the future be in the Bank’s possession Mortgagee: CITIC
Bank International Ltd., Hong Kong. |
As security for the payment of all Secured liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.