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Report No. : |
316295 |
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Report Date : |
13.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
APP CHINA TRADING LTD. |
|
|
|
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Registered Office : |
C/o Focus Corporate Services Ltd., Room 603, 6/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
10.08.1995 |
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Com. Reg. No.: |
19424649 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of paper products
especially toilet tissue, facial tissue, kitchen tissue and wet tissue. |
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No. of Employees : |
15. (Including Associates) |
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 |
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Status : |
Satisfactory |
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|
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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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
HONGKONG - 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 |
APP CHINA TRADING
LTD.
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.
Issued Share Capital: 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.
Registered Office:-
c/o Focus Corporate Services Ltd.
Room 603, 6/F., Harbour Crystal Centre, 100 Granville
Road, Tsimshatsui, 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 (Canada) Ltd., Canada.
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 East Trading (Hong Kong) Co. Ltd., Hong Kong.
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.
etc.
19424649
0522702
Managing Director:
Mr. Lai Rong Ren
HK$77,800,000.00
(As per registry
dated 10-08-2014)
|
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 10-08-2014)
|
Name (Nationality) |
Address |
|
LAI Rong Ren |
7/F., No. 1, LN, 162, Section 4, Nanjing E. Road.,
Songshan District., Taipei City 105, Taiwan. |
|
TEI Ah Lek |
8/F., No. 222 Yan An Road East, Shanghai, China. |
(As per registry
dated 10-08-2014)
|
Name |
Address |
Co. No. |
|
Focus Corporate Services Ltd. |
Room 603, 6/F., Harbour Crystal Centre, 100 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 Room 1203, 12/F., Inter-Continental
Plaza, 94 Granville Road, Tsimshatsui East, Kowloon, Hong Kong with effect from
17th February, 2010, and further to the present address December, 2013,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
Employees: 15. (Including associates)
Commodities Imported: Provided
by inter-group companies in China and Southeast Asia.
Markets: Hong
Kong, Macau, China, other Asian countries, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: As per contracted.
Issued Share Capital: HK$77,800,000.00
Mortgage or Charge:-
Date of Trade Finance
Security Assignment: 07-03-2011
Amount: As security for the payment of all Secured
liabilities
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.
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: Good.
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 603, 6/F.,
Harbour Crystal Centre, 100 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 operating office of the subject is
located at a different address.
In Hong Kong, the
subject shares the office with its associated company Gold East Trading (Hong
Kong) Co. Ltd. [Gold East]. The subject
is a paper trading company.
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 while some are located at the same
office of Gold East.
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. The subject is one of the members of the
Group.
APP is responsible
for delivering quality products to meet the growing global demand for tissue,
packaging and paper.
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) in 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
APP produces small
quantities of no-MTH paper (based on plantation wood, certified virgin pulp or
recycled pulp).
APP now has
operations across Indonesia and China with an annual combined pulp, paper,
packaging product and converting capacity of over 19 million tons per
annum. Today, APP markets its products
in more than 120 countries across six continents.
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 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.
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.
In Hong Kong the
subject has got an associated company APP (Hong Kong) Ltd. [APPHK].
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 nineteen years
and eight months.
On the whole, in view
of the background and parentage of the subject, consider it good for normal
business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.37 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.66.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.