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Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
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Name : |
EKMAN PULP & PAPER LTD. |
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Registered Office : |
Room 4024-39, 40/F., Sun Hung Kai Centre, |
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Country : |
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Date of Incorporation : |
23.02.1982 |
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Com. Reg. No.: |
08536079 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Wholesaler and Re-exporter of Pulp and paper. |
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No. of Employees : |
25. |
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 : |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
EKMAN PULP &
PAPER LTD.
ADDRESS: Room 4024-39, 40/F., Sun
Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.
PHONE: 852-2542 1268, 2827 1010
FAX: 852-2542
1626, 2827 7711
E-MAIL: ekman.hk@ekman-co.se
gustav.appelgren@ekmangroup.com
Managing Director: Mr. Michael
James Flynn
Incorporated on: 23rd February, 1982.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$100,000.00
Business Category: Importer,
Wholesaler and Re-exporter.
Employees: 25.
Main Dealing Banker: Skandinaviska
Enskilda Banken AB (publ), Hong Kong Branch.
Banking Relation: Satisfactory.
EKMAN PULP & PAPER
LTD.
Registered Head
Office:-
Room 4024-39, 40/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong
Kong.
China Offices:-
Suite 5-2010, Guanghua Xuan Guang An Men Wai, Xuan Wu District, Beijing,
China 100055.
[Tel: 86 10 6343 5411, Fax: 86
10 6343 5412]
Room 2313, Nan Zheng Building, No. 580 West Nanjing Road, Shanghai,
China 200041.
[Tel: 86 21 5234 0543/4/5, Fax:
86 21 5234 0546]
6/F., New Yield Fast Commercial Building, 63 Jida Road, Zhuhai SEZ,
China 519015.
[Tel: 86 756 3221 671/72/73,
Fax: 86 756 3221 670]
Holding Company:-
Ekman & Co. AB
Ekelundsgatan 1, P.O. Box 230, SE-401 23 Gothenburg, Sweden.
[Tel: 46 31 750 55 00, Fax: 46
31 750 56 80]
Associated/Affiliated
Companies:-
AB Jan Liebig Ltd., Sweden.
Ekman & Co China Ltd., Hong Kong.
Ekman & Co. (Korea) Ltd., South Korea.
Ekman & Co. Inc., U.S.A.
Ekman & Co. SA, Belgium.
Ekman Asia Pte. Ltd., Singapore.
Ekman do Brazil Comercial Ltda., Brazil.
Ekman Equipment AB, Sweden.
Ekman Iberica S.A., Spain.
Ekman Ltd., Turkey.
Ekman Pacific Enterprises Inc., Canada.
Ekman Paper & Board Mexico, Mexico.
Ekman Paper Central Europe SA, Belgium.
Ekman Polska Sp z o.o., Poland.
Ekman Pty Ltd., Australia.
Ekman Pulp & Paper Co. Ltd., Japan.
Ekman Pulp & Paper Gulf Fze., UAE.
Ekman Pulp & Paper Pvt. Ltd., India.
Ekman Pulp & Paper s.r.o., Czech Republic.
Ekman Taiwan Ltd., Taiwan.
Ekman U.K. Ltd., U.K.
P.T. Ekman Indonusa, Indonesia.
Percy von Schoultz & Co. AB, Sweden.
Protector Insurance Ltd., U.K.
Rappresentanza Ekman Srl, Italy.
08536079
0109142
Managing Director: Mr. Michael
James Flynn
Nominal Share Capital: HK$100,000.00 (
Divided into 50,000 “A” Ordinary shares and 50,000 “B” Ordinary shares of
HK$1.00 each)
Issued Share Capital: HK$100,000.00
(As per registry dated 23-02-2014)
|
Name |
|
No. of shares |
|
|
|
|
“A” Ordinary |
“B” Ordinary |
|
Ekman & Co. AB Ekelundsgatan 1, P.O. Box 230, SE-401 23, Gothenburg, Sweden. |
|
50,000 |
49,999 |
|
Westferry Ltd. Tropic Lsle Building, P.O. Box 438, Road Town, Tortola, British Virgin
Islands. |
|
- |
1 |
|
|
|
–––––– |
–––––– |
|
|
Total: |
50,000 ===== |
50,000 ===== |
(As per registry dated 27-05-2014)
|
Name (Nationality) |
Address |
|
Jan Olof SVENSSON |
Ronnbacken 7751, 409 37 Onsala, Sweden. |
|
Hans TIDEBRANT |
Utlandagatan 10, SE-412 61, Gothenburg, Sweden. |
|
Michael James FLYNN |
8 Mountain Lane, Holmdel, NJ 07733, U.S.A. |
|
Annie Elisabeth EDVARDSEN |
Baverstigen 3, S-448 34 Floda, Sweden. |
|
Kiyokazu UEDA |
1-5-4 Mukaihara, Asao-ku, Kawasaki-city, Kanagawa, Japan. |
(As per registry dated 23-02-2014)
|
Name |
Address |
Co. No. |
|
Macfarlance Ltd. |
Room 1701, 17/F., Tai Yau Building, 181 Johnston Road, Wanchai,
Hong Kong. |
0562735 |
The subject was incorporated on 23rd February, 1982 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Suite 4702, 47/F., Central Plaza,
18 Harbour Road, Wanchai, Hong Kong, moved to the present address in
October 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Wholesaler and Re-exporter.
Lines: Pulp
and paper.
Employees: 25.
Commodities Imported: Mainly
imported from Europe, Canada
Markets: China
and other Asian countries.
Terms/Sales: As per contracted.
Terms/Buying: On various terms.
Nominal Share Capital: HK$100,000.00
(Divided into 50,000 “A” Ordinary shares and 50,000 “B” Ordinary shares
of HK$1.00 each)
Issued Share Capital: HK$100,000.00
Mortgage or Charge:-
Date of Charge Over
Account Receivables: 26-04-2001
Amount: The maximum aggregate
principal amount of US$3,000,000 under Facility Letter dated 23-04-2001
Property: The Company as beneficial
owner thereby charged with the payment or discharge of all monies and
liabilities owing by the Company to the Lender in respect of the Facility
Mortgagee: Skandinaviska
Enskilda Banken AB (publ), Singapore Branch.
Profit & Loss: Business
is profitable.
Condition: Keeping
in an active state.
Facilities: Making
active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Banker: Skandinaviska Enskilda Banken AB (publ),
Hong Kong Branch.
Standing: Good.
Ekman Pulp & Paper Ltd. is a wholly-owned subsidiary of Ekman &
Co. AB [Ekman] which is a Sweden-based firm.
The subject is one of the members of the Ekman Group which is trading in
pulp and paper. It imports paper and
pulp from Europe and Canada and re-exported to China and other Asian
countries. Business has been good and
active.
The major activities of the subject are marketing, selling, financing
and distribution of forest products throughout Southeast Asia with a special
emphasis on the Chinese market. Main
products include wood pulp, recycled paper, paper and packaging grades as well
as biofuels. The subject also supports
the sales activities of other Ekman offices located throughout Asia.
The Ekman Group, incorporated in 1802 and headquartered in Gothenburg,
is one of the world’s leading international trading companies focusing on the
global forest products industry.
Ekman is one of the world’s leading trading houses, working for the
global forest industry. Its mission is
to facilitate and to add value to the process of marketing, selling and
distributing forest products worldwide.
Since the establishment of Ekman, it has been long experienced in the
marketing and selling of forest products as well as creating solutions for
related financial and logistical matters.
Ekman’s own sales offices, in close cooperation with an international
network of partners and representatives ensure a strong presence in all
producing and selling areas for the forest industry throughout the world.
The operations are coordinated from Ekman’s three hubs in Gothenburg,
Miami and Hong Kong. These three offices
are fully equipped trading houses, capable of providing all of the different
services it may offer to its principals.
All other offices within the Ekman Group are relatively smaller units,
focused on the sales and marketing efforts for only one or a few markets.
Ekman works with a matrix organization.
It has local managers responsible for each individual office’s total
operation but also division leaders responsible for different product segment
worldwide. The support functions, such
as finance, administration and IT are organized in the same way.
Its main activities are focused on marketing, selling and distributing
its principals’ products to the customers.
However, in connection with this process it provides a number of other,
closely related, services such as:-
·
Advance payments and financing;
·
Credit risk coverage;
·
Currency and interest rates hedge;
·
Invoicing and documentation;
·
Logistic and warehouse administration;
·
Market information and market research;
·
Payment administration;
·
Price risk hedge;
·
Trade finance; &
·
Transportation and warehouse insurance.
Ekman was founded by Mr. Daniel Joensson Ekman in 1663 selling iron and
timber.
The following table is the financial highlights of the Ekman Group –
Five years summary (Unit: US$ million):-
|
|
2013 |
2012 |
2011 |
2010 |
2009 |
|
Total sales |
2,510 |
2,301 |
2,420 |
2,100 |
1,493 |
|
Income after financial items |
11.5 |
10.5 |
11.5 |
10.6 |
6.7 |
|
Total assets |
324 |
296 |
302 |
257 |
199 |
|
Equity |
53.3 |
51.7 |
49.6 |
43.0 |
34.2 |
Now, Ekman has set up subsidiaries in Australia, Belgium, Brazil,
Canada, China, Czech Republic, Dubai, India, Indonesia, Mexico, Italy, Japan, Poland,
Singapore, South Korea, Spain, Sweden, Taiwan, Turkey, the United Kingdom and
the United States.
Ekman has 260 employees working at about 40 locations throughout the
world. Operations are coordinated from
our hubs in Gothenburg, Miami and Hong Kong.
Its own sales offices, in close cooperation with an international
network of partners and representatives, ensure a strong presence throughout
the world in all producing and consuming areas for the forest industry.
The history of the subject in Hong Kong is over 32 years.
On the whole, in view of the subject’s history, parentage and
background, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.80 |
|
|
1 |
Rs.102.42 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NNA |
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.