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Report Date : |
21.03.2014 |
IDENTIFICATION DETAILS
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Name : |
GP
CELLULOSE ASIA MARKETING (HK) LTD. |
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Registered Office : |
Room 4904-4905, 49/F., Central Plaza, 18 Harbour Road, Wan
Chai |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.03.2004 |
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Com. Reg. No.: |
34463434 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Pulp, paper pulp |
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No of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 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 |
GP CELLULOSE
ASIA MARKETING (HK)
LTD.
ADDRESS: Room 4904-4905, 49/F.,
Central Plaza, 18 Harbour Road, Wan Chai, Hong Kong.
PHONE: 852-2802 2628
FAX: 852-2802 2610
E-MAIL: bcheung@gapac.com
Managing Director: Mr. Darrell D.
Adams
Incorporated on: 29th March, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 8.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
GP CELLULOSE
ASIA MARKETING (HK)
LTD.
Registered Head Office:-
Room 4904-4905, 49/F., Central Plaza, 18 Harbour Road, Wan Chai, Hong
Kong.
GP Cellulose GmbH, Switzerland.
Georgia-Pacific LLC, US.
Koch Industries Inc., US.
Bunn Fertiliser Ltd., UK.
Flint Hills Resources Asia Ltd., Hong Kong.
Flint Hills Resources LLC, US.
GP Cellulose LLC, US.
Guardian Industries Corp., US.
INVISTA B.V., US.
John Zink Co. LLC, US.
KMP Exploration Co. LLC., US.
KMP Holdings LLC, US.
Koch Agronomic Services LLC, US.
Koch Carbon LLC, US.
Koch Chemical Technology (Wuxi) Co. Ltd., China.
Koch Chemical Technology Group LLC, US.
Koch Energy Services LLC, US.
Koch Exploration Co. LLC., US.
Koch Fertiliser Australia Pty. Ltd., Australia.
Koch Fertilizer LLC, US.
Koch Knight LLC, US.
Koch Membrane Systems Inc., US.
Koch Methanol LLC, US.
Koch Minerals LLC, US.
Koch Nitrogen Co. LLC., US.
Koch Pipeline Co. L.P., US.
Koch Supply & Trading LP, US.
Koch-Glitsch LP, US.
Molex Inc., US.
Opeimized Process Designs Inc., US.
The C. Reiss Coal Co., US.
The Matador Cattle Co., US.
etc.
34463434
0892324
Managing Director: Mr. Darrell D.
Adams
Contact Person: Mr. Henri Taimi
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry
dated 29-03-2013)
|
Name |
|
No. of share |
|
GP Cellulose GmbH |
|
1 = |
(As per registry
dated 22-11-2013)
|
Name (Nationality) |
Address |
|
Darrell D. ADAMS |
9154, Forest Estates Cove Germatown, Tennessee 38139, US. |
|
Munir Leites ABDALLAH |
3044, Canton Pines Place, Marietta - GA 30068, US. |
|
Patrick Joseph BOUSHKA |
775 Lovette Lane, Atlanta, Georgia 30342, US. |
(As per registry dated
03-09-2013)
|
Name |
Address |
Co. No. |
|
Tricor Corporate Secretary Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong. |
0714799 |
The subject was incorporated on 29th March, 2004 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Koch Cellulose
Asia Marketing (HK) Ltd., name changed to the present style on 21st January,
2006.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Pulp,
paper pulp, etc.
Employees: 8.
Commodities Imported: US, Asian
countries, etc.
Markets: China,
other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a
satisfactory manner.
Facilities: Making rather
active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GP Cellulose Asia Marketing (HK) Ltd. is a wholly-owned subsidiary of GP
Cellulose GmbH [GP Cellulose] which is a Switzerland-based company. Its ultimate holding company Koch Industries,
Inc. [Koch Industries] is a US-based company.
The subject is a paper pulp and paper trader. It has had an associated company GP Cellulose
LLC which is also a US-based company.
GP Cellulose, LLC, is a wholly owned subsidiary of Koch Industries,
Inc., and owns two state-of-the-art pulp mills in Brunswick, Georgia, and in
New Augusta, Mississippi, the United States.
These mills produce fluff, market and filter pulps.
GP Cellulose pulps are used for a variety of applications. Golden Isles fluff and filter pulps are used
for absorbent applications including diapers and feminine hygiene products,
baby wipes and other disposable wipes, filter applications such as automotive and
coffee filters and tea bags. Southern
softwood pulps, including Leaf River 90 are used for all types of paper
products, including fine writing and printing papers, computer and copy paper,
coffee filters, postage stamps and calendars.
The subject is responsible for the marketing activities of GP
Cellulose’s Golden Isles fluff and filter pulp in Asia Pacific regions.
Koch Industries is an American multinational corporation based in
Wichita, Kansas, the United States, with subsidiaries involved in
manufacturing, trading and investments.
Koch Industries also owns Invista, Georgia-Pacific, Flint Hills
Resources, Koch Pipeline, Koch Fertilizer, Koch Minerals and Matador Cattle
Company. Koch Industries companies are
involved in core industries such as the manufacturing, refining and
distribution of petroleum, chemicals, energy, fibre, intermediates and
polymers, minerals, fertilizers, pulp and paper, chemical technology equipment,
ranching, finance, commodities trading, as well as other ventures and
investments. The firm employs 50,000
people in the United States and another 20,000 in 59 other countries.
In 2013, Forbes called it the second largest privately held company in
the United States (after Cargill), with an annual revenue of US$115 billion,
down from the largest in 2006.
The subject is fully supported by GP Cellulose and ultimately Koch
Industries.
As the history of the subject is about ten years in Hong Kong, on the
whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
07-05-2004 |
Instrument: Debenture Property: Pursuant to Clause 3 (Security) of the Debenture, the company, as beneficial owner and as security for the payment or discharge of all Secured Obligations, charges and assign, by way of floating security, to the Collateral Agent for the benefit of the secured parties all the business, undertaking, property, assets, revenues and rights of the company whatsoever and whatsoever both present and future excluding any Excluder Assets Mortgagee: Leaf River Cellulose, LLC |
The Leaf River Obligations, the Brunswick Obligations
and all obligations of the company from time to time arising under or in
respect of the Debenture |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.13 |
|
|
1 |
Rs. 101.17 |
|
Euro |
1 |
Rs. 84.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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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 |
|
-- |
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.