|
Report Date : |
06.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
GOLD EAST TRADING ( |
|
|
|
|
Registered Office : |
Room 501-504A, 5/F., Empire Centre, 68 Mody Road, Tsimshatsui East, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
14.06.2007 |
|
|
|
|
Com. Reg. No.: |
38159647 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of paper. |
|
|
|
|
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 |
GOLD
EAST TRADING (HONG
KONG) CO. LTD.
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
cs@goldeastpaper.com.hk
Managing
Director: Mr. Chu Wing Hong, Park
Incorporated on: 14th June, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$3,097,939,200.00
Issued: HK$2,555,171,200.00
Business Category: Paper Trader.
Employees: 15. (Including associates)
Main Dealing Banker: CITIC Bank International Ltd., Hong Kong.
Banking Relation: Satisfactory.
GOLD
EAST TRADING (HONG
KONG) CO. LTD.
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 (Macao Commercial Offshore) Co. Ltd., Macau.
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 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.
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 (Hong Kong) Co Ltd., Hong Kong.
Ningbo Zhonghua Paper Co. Ltd., China.
P.T. Purinusa Ekapersada, Indonesia.
P.T. Smart Tbk., Indonesia.
P.T. Wirakarya Sakti, Indonesia.
Richwood Group Ltd., British Virgin Islands.
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.
Tricell (HK) Trading 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.
38159647
1141342
Managing
Director: Mr. Chu Wing Hong, Park
Contact Person: Ms. Viona Shek
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$2,555,171,200.00
(As
per registry dated 14-06-2014)
|
Name |
|
No.
of shares |
|
Gold East Paper (Jiangsu) Co. Ltd. 8 Xing Gang Dong
Road, Dagang, Zhenjiang, Jiangsu 212132, China. |
|
429,274,534 |
|
Ever Dragon Investments Group Ltd., Hong
Kong. |
|
2,125,896,666 |
|
|
|
–––––––––––– |
|
|
Total: |
2,555,171,200 =========== |
(As
per registry dated 21-08-2014)
|
Name (Nationality) |
Address |
|
CHU Wing Hong,
Park |
Room 3814, 38/F., Un Shing House, Un Chau
Estate, Kowloon, Hong Kong. |
|
QI Hezhai |
8, Xing Gang Dong Road, Dagang, Zhenjiang,
Jiangsu, China. |
|
LEE Cha Ming |
5F, No. 21, LN. 136, Sec. 3, Zhongshan
Road, Changhua City, Changhua County 500, Taiwan. |
|
Erwin ISKANDAR |
Plaza Bill Tower 2, 9/F, Jalan M. H.
Thamrin 51, Jakarta 10350, Indonesia. |
|
Ah Lek TEI |
8F, No. 222 Yan An Road East, Shanghai,
China. |
CHU Wing Hong,
Park (As per registry dated 14-06-2014)
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.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of paper.
Employees: 15. (Including associates)
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.
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$2,555,171,200.00
Increases of Nominal Capital:-
|
From |
HK$ 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$3,097,939,200.00 |
on |
25-10-2010 |
Alternation of Issued Capital:-
|
Initially |
paid up |
HK$ 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 |
|
December 2011 |
paid up |
HK$ 233,442,000.00 |
|
27-12-2012 |
paid up |
HK$ 388,105,000.00 |
|
|
|
–––––––––––––––––– |
|
Total: |
paid up |
HK$2,555,171,200.00 ================ |
Mortgage or Charge (since 2011): (See attachment)
Profit or Loss: Making a small profit in the past four years.
Condition: Business is active.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Good.
Bankers:-
China CITIC Bank International Ltd., Hong Kong.
Bank of Communications Co. Ltd., Hong Kong Branch.
Bank SinoPac, Hong Kong Branch.
Cathay United Bank Co. Ltd., Hong Kong Branch.
China Development Bank Corporation, Hong Kong Branch.
China Development Industrial Bank Co. Ltd., Taiwan.
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Industrial & Commercial Bank of China Ltd., Hong Kong Branch
Taishin International Bank Co. Ltd., Hong Kong Branch.
Standing: Very Good.
Having
issued 2,555,171,200 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 16.8% interests, and Ever Dragon
Investments Group Ltd., holding 83.2%.
The equities of the holding companies changed in late December 2012.
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.
The
subject 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. The subject provides various types of
PEFC-CoC certified paper, recycled paper, coated and uncoated digital paper.
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.
GHP,
located in Suzhou Industry Park in Jiangsu Province, was founded in 1996 with
an area of 2.8 million sq.m. It was
solely invested by the Sinar-Mars Group with a total investment of US$1.4
billion and currently has over 2,500 employees.
GHP is the largest carbonless paper producer in China and has an annual
production capacity of 600,000 tons. GHP
has a complete production line of fine paper.
Major product lines: Specialty Paper (Carbonless, thermal paper),
Uncoated Woodfree Paper (Offset Paper, Office Paper) and Artboard. Three major brands are Record, Gold
Ball, and Glod Butterfly.
All
these paper mills offer a series of eco-friendly products with recycled content
and have got “PEFC-COC” certification.
They have got the certifications of ISO9001 Quality Management System,
ISO9002 Quality Management System, ISO14001 Environment Management System and
OHSAS18001 Occupation Health and Safety Management System and PEFC-CoC
certification.
According
to GEP, it is currently the single largest Art Paper Mill in the world.
GEP
was incorporated on 18th 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.
APP
has over 20 pulp & paper subsidiaries and over 1 million hectares of
fast-growing forests in Indonesia and China, with total assets over US$20
billion. It is one of the three largest
paper companies in the world, and the largest pulp & paper group in Asia
outside of Japan. Currently, APP has
total assets of RMB120.3 billion Yuan in China.
It has built more than 20 large modern pulp & paper companies and
tree farms in Jiangsu, Zhejiang, Guangdong and Hainan provinces, with an annual
production capacity of 11 million tons.
2012 sales in China reached RMB36.8 billion Yuan. Currently, APP employs nearly 40,000
full-time staff members in China.
APP-China
has focused on operations in the Yangtze River and Pearl River Delta regions
since 1992, and has invested in several large world-leading pulp & paper
companies, including Gold East Paper (Jiangsu), Ningbo Zhonghua, Ningbo Asia,
Gold Huasheng, Gold Hongye, Hainan Jinhai and Guangxi Jingui. Gold East Paper (Jiangsu) is the largest paper company in
China, and the world’s largest coated paper producer. Ningbo Zhonghua and Ningbo Asia are among the
largest industrial paper companies in China.
Gold Huasheng is one of the largest diversified paper product companies
in China. Gold Hongye is the largest household paper company in both China and
also in Asia. Hainan Jinhai is China’s
largest pulping enterprise. Guangxi
Jingui is China’s largest chemi-mechanical pulp (CMP) enterprise, and
Yalong—one of APP-China’s main subsidiaries—is China’s largest paper product
processing enterprise.
The
business of the subject keeps on improving as the demand of paper of the world
market has been increasing as well.
The
subject also trades in recycling papers.
Ningbo Zhonghua and Ningbo Asia Pulp & Paper are among China’s
largest recycled industrial paper makers that use waste paper as raw materials,
recycling more than 600,000 tons of waste paper respectively each year. By recycling waste paper, they save around 17
million trees from being cut down in a year.
The
subject has had an associated company Simar Mas Paper (Shenzhen) Co. Ltd. which
is servicing the customers in Southern China.
The
subject is supported by GEP and ultimately by Sinar Mas Group. History in Hong Kong is over seven years and
two months. Business keeps on improving.
On
the whole, in view of the parentage and background of the subject, consider it
good for normal business engagements.
(Since 2011)
|
Date |
Description of
Instrument |
Mortgagee |
|
12-01-2011 |
Deed of
Indemnity, Charge Over Deposit and Set-Off |
Bank of Communications Co. Ltd., Hong Kong Branch. |
|
07-03-2011 |
Security Over Deposit in respect of Obligations
of the Depositor |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
|
28-04-2011 |
Contract of Mortgage or Charge
(Contract No.: Zhen Fa Li Gi Zhi OSCOZY0006NJ) |
Shenzhen Development Bank, China. |
|
21-05-2011 |
Charge on Cash
Deposit(s) |
Bank SinoPac, Hong Kong Branch. |
|
26-09-2011 |
Charge over Bank
Accounts |
Cathay United Bank Co. Ltd.,
Hong Kong Branch. |
|
26-09-2011 |
General
Assignment |
Cathay United Bank Co. Ltd.,
Hong Kong Branch. |
|
28-11-2011 |
Master Agreement |
Taishin International Bank Co. Ltd., Hong Kong Branch. |
|
06-03-2012 |
Security Deed in Respect of Goods Receivables and
Accounts. |
China Development Bank Corporation, Hong Kong Branch. |
|
30-04-2012 |
Trade Finance
Security Assignment |
Industrial & Commercial Bank of China Ltd., Hong Kong Branch |
|
13-08-2012 |
Special Account
Pledge Agreement |
China Development Industrial Bank Co.,
Ltd. |
|
26-06-2013 |
Account Charge |
China Development Bank Corporation,
Hong Kong Branch. |
|
23-06-2014 |
Security Deed |
Bank of Communications Co. Ltd.,
Hong Kong Branch. |
|
30-06-2014 |
Debenture |
China CITIC Bank International Ltd.,
Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.43 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.78.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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.