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Report No. : |
353144 |
|
Report Date : |
10.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAPPI PAPIER HOLDING GMBH |
|
|
|
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Registered Office : |
c/o Sappi Trading Hong Kong Ltd. 28/F., One Pacific
Centre, 414 Kwun Tong Road, Kwun Tong, Kowloon |
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Country : |
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Date of Incorporation : |
21.09.2001 |
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Com. Reg. No.: |
32091643 |
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Legal Form : |
Non-Hong Kong Company. |
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Line of Business : |
Paper and Pulp Trader of Wood Pulp, Paper and Related
Products. |
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No. of Employee : |
About 14,000. (As
at 30-09-2014) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
|
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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
SAPPI PAPIER
HOLDING GMBH
ADDRESS: c/o
Sappi Trading Hong Kong Ltd.
28/F., One
Pacific Centre, 414 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2219
1060, 2219 1061, 2877 4974,
2877 4969
FAX: 852-2877
4962, 2877 3523
E-MAIL: kirsten.kuo@sappi.com
trading@sappi.com
AUTHORIZED REPRESENTATIVE IN HONG KONG:
Name: Mr. Wayne
Victor Rau
Registered in Hong Kong on:
21st September, 2001.
Organization: Non-Hong Kong
Company.
Capital: Authorised: EUR 72,700.00
Issued & Paid Up: EUR
72,700.00
Business Category: Paper
and Pulp Trader.
Group Turnover: US$5,390 million (Year ended 30-09-2015)
Group Employees: About
14,000. (As at 30-09-2015)
Main Dealing Banker: Union
Bank of Switzerland, Hong Kong Branch.
Banking Relation: Good.
Registered Office:-
Brucker Strasse 21, 8101, Gratkorn, Austria.
Hong Kong Principal Place of Business:-
c/o Sappi Trading Hong Kong Ltd.
28/F., One Pacific Centre, 414 Kwun Tong Road, Kwun Tong,
Kowloon, Hong Kong.
Intermediate Holding Company:-
Sappi Holding GmbH, Austria.
Ultimate Holding Company:-
Sappi Ltd., South Africa.
Sister/Associated Companies:-
Sappi Group of Companies
S.D. Warren Co., USA.
Sappi Alfeld GmbH, Germany.
Sappi Austria Produktions-GmbH & Co. KG, Austria.
Sappi Cloquet LLC, USA.
Sappi Ehingen GmbH, Germany.
Sappi Esus Beteiligungsverwaltungs GmbH, Austria.
Sappi Europe S.A., Belgium.
Sappi Fine Paper plc, South Africa.
Sappi Finland Oy, Finland.
Sappi International S.A., Belgium.
Sappi Lanaken NV, Belgium.
Sappi Lanaken Press Paper NV, Belgium.
Sappi Maastricht B.V., the Netherlands.
Sappi Management Services (Pty) Ltd., South Africa.
Sappi Nijmegen B.V., the Netherlands.
Sappi Papier Holding GmbH, Austria.
Sappi Property Co. Ltd., South Africa.
Sappi Schweiz AG, Switzerland.
Sappi Share Faciliation Co. (Pty) Ltd., South Africa.
Sappi Southern Africa (Pty) Ltd., South Africa.
Sappi Stockstadt GmbH, Germany.
Sappi Trading Hong Kong Ltd., Hong Kong.
[Formerly known as: Speciality Pulp Services Ltd.]
Sappi Trading Pulp AG, Switzerland.
Sappi UK Ltd., UK.
Umkomass Lignin (Pty) Ltd., South Africa.
Usutu Forest Products Co. Ltd., South Africa.
32091643
F0011425
(As per registry dated 21-09-2015)
Name: Mr. Wayne Victor Rau
Address: House
29, Palm Drive, The Redhill Peninsula, Site D, 18 Pak Pat Shan Road, Hong
Kong.]
Authorized Share Capital: EUR 72,700.00
Issued & Paid Up
Capital: EUR 72,700.00
(As per registry dated 21-09-2015)
|
Name (Nationality) |
Address |
|
Stephen John BLYTH |
Avenue Du Bois De Chapelle 66, 1380 Lasne, Belgium. |
|
Mark Richard GARDNER |
9 Cove Landing, Kittery, ME 03904, USA. |
|
Berend John WIERSUM |
Balistraat 99, 2585 Xr Den Haag, The Netherlands. |
|
Jörg Harri PÄSSLER |
5 Avenue General Morand, Maransart, 1380 Lasne, Belgium. |
|
William MARROW |
Steinergasse 4/6, 1170 Vienna, Austria. |
Nil.
The subject was incorporated in Austria as a limited
company. It has established a principal
place of business in Hong Kong and was registered on 21st September, 2001
as a Non-Hong Kong company under part XI of the Hong Kong Companies
Ordinance.
Originally the subject was registered under the name of
Sappi Papier Holding AG, name changed to the present style on 3rd September,
2003.
Formerly the registered address of the subject was located
at ‘41/F., AIA Tower, 183 Electric Road, North Point, Hong Kong’, moved to the
present address in March 2014.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Paper
and Pulp Trader.
Lines: Wood
pulp, paper and related products.
Group Employees: About 14,000. (As at 30-09-2014)
Commodities Imported: Taiwan,
Southeast Asia, North America.
Markets: Europe,
North America.
Group Turnover: US$7,286
million (Year ended 30-09-2011)
US$6,347
million (Year ended 30-09-2012)
US$5,925 million (Year ended 30-09-2013)
US$6,061 million (Year ended 30-09-2014)
US$5,390 million (Year ended 30-09-2015)
Terms/Sales: L/C, T/T
Terms/Buying: L/C,
D/P, O/A,
Authorized Share Capital: EUR
72,700.00
Issued & Paid Up Capital: EUR 72,700.00
Indebtedness: US$8,000,000 &
EUR 211,000,000 (Total amount outstanding on all mortgaes and charges as per
last Annual Return dated 21-09-2015)
Mortgage or Charge: (See attachment)
Group Net Profit/(Loss): (US$250
million)(Year ended 30-09-2011)
US$ 93 million (Year
ended 30-09-2012)
(US$182 million)(Year
ended 30-09-2013)
US$135 million (Year ended 30-09-2014)
US$167 million (Year ended 30-09-2015)
Profit or Loss: Group
made profits in past two years.
Condition: Keeping in a
normal manner.
Facilities: Making active
use of general banking facilities.
Payment: Regular
Commercial Morality: Satisfactory.
Bankers:-
Union Bank of Switzerland, Hong Kong Branch.
J.P. Morgan Europe Ltd., UK.
Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
Standing: Good.
Sappi Papier Holding GmbH was registered in Hong Kong as a
non‑Hong Kong Company in September 2001. It was registered in Austria. Its ultimate holding company Sappi Ltd.
[Sappi] is a South Africa-based firm. In
fact, the subject is a member of the Sappi Group in the Asia Pacific region as
well as in Europe.
The subject is engaged in the production and sale of coated
fine paper and chemical cellulose in North America, Europe, and Africa. It also manufactures coated fine paper for
use in magazines, catalogues, brochures, annual reports, and commercial
printing applications; uncoated fine paper for use in bonds/writing; and offset
printing and photocopy papers, writing tablets, and lightweight printing and
thin papers. The subject also produces
dissolving pulp, which is used in the manufacture of viscose textiles.
The subject was formerly known as Sappi Papier Holding
AG. It is based in Gratkorn,
Austria. It operates as a subsidiary of
Sappi.
The subject has had an associated company Sappi Trading Hong
Kong Ltd. [Sappi Trading] located at the same office.
The subject and Sappi Trading are engaged in the same lines
of business, more or less.
Headquartered in Hong Kong, Sappi Trading manages a network
of 11 sales offices and serves over 100 countries around the world. Sales and logistical operations are provided
for most of the Group’s pulp sales and a large proportion of the Group’s fine
paper and specialty paper sales in export markets. Sappi Trading also manages the Group’s China
joint venture’s export sales.
By providing the Group’s manufacturing regions with cost
effective access to worldwide markets, the division is an essential component
in maximising Sappi’s profitability.
Sappi is a global paper and pulp group. It is a leading producer of coated woodfree
and coated mechanical paper widely used in books, brochures, magazines,
catalogues and many other print applications.
It believes it is also the world’s largest producer of chemical
cellulose, used primarily in the manufacture of viscose fibre, acetated tow,
and consumer and pharmaceutical products.
In addition, it produces newsprint, uncoated graphic and business
papers, premium quality packaging papers, a range of coated speciality papers
and a range of paper grade pulp.
Sappi is a public company incorporated in the Republic of
South Africa. Its principal executive
offices are located at 48 Ameshoff Street, Braamfontein, Johannesburg, 2001,
Republic of South Africa, its telephone number is 27‑11‑407-8111. It currently has its primary listing on the
JSE Ltd. [JSE], formerly the Johannesburg Stock Exchange, and has a secondary
listing on the New York Stock Exchange.
Sappi was founded and incorporated in 1936 in South Africa
and is a corporation organized under the Companies Act 61 of 1973 of the Republic
of South Africa.
Sappi’s trading network, Sappi Trading, coordinates the
international marketing and distribution of its woodfree and mechanical paper
products outside its core regions. Sappi
Trading operates in Hong Kong (China) which is the subject, Sydney (Australia),
Sao Paulo (Brazil), Shanghai (China), Konstanz (Germany), Nairobi (Kenya),
Mexico City (Mexico), Singapore, Johannesburg and Durban (South Africa), Zurich
(Switzerland), Taipei (Taiwan) and New York (United States). It manages a network of agents around the
world, handling exports to over 70 countries.
Sappi Trading also manages the export logistics of the southern African
operations. In total, Sappi Trading had
145 employees in 2015.
The sales of the Sappi Group for the year ended 30th
September, 2015 amounted to US$5,390 million, decreased by 11.1% as compared
with US$6,061 million in FY 2014.
However, in FY 2015, the Group made a profit of US$167 million,
increased by 23.7%, as compared with US$135 million in FY 2014.
In FY 2015, the Group’s operating performances improved in
all regions in their underlying currencies.
In particular, the group benefitted from the strong export performance
of the Southern African business combined with a weaker South African Rand.
The European business achieved an increase in graphic paper
sales volumes of 5% and average sales prices of 4% over the equivalent quarter
last year, with particular strength in the woodfree coated segment. This was mainly due to the Euro/Dollar
exchange rate on export sales pricing and the graphic paper price increases
implemented in the past quarter.
The speciality paper business continued to improve its sales
volumes and prices compared to both the prior quarter and the equivalent
quarter last year.
The North American business showed a good recovery in a
seasonally stronger quarter. This is
despite the continued impact of the strong US Dollar on the graphic paper
markets in the US and continued weak demand from China for the release paper
business. Coated paper sales volumes
were flat year-on-year, with net sales prices slightly lower.
The Southern Africa business had a strong quarter and year.
Average prices and volumes were higher for both the equivalent quarter last
year and the prior quarter. Demand for
dissolving wood pulp remained strong and sales volumes were higher in both
instances. Demand for virgin packaging
grades was also strong.
The subject is fully supported by the Sappi Group. History in Hong Kong is over fourteen years.
On the whole, in view of the background of the subject,
consider it good for normal business engagements.
|
Date |
Description of Instrument |
Mortgagee |
|
14-04-2011 |
Security Assignment of Receivables |
J.P. Morgan Europe Ltd. 125 London Wall, London EC2Y 5AJ, UK. |
|
05-07-2012 |
Security Assignment of Receivables |
J.P. Morgan Europe Ltd. 125 London Wall, London EC2Y 5AJ, UK. |
|
23-03-2015 |
Security Assignment of Receivables |
J.P. Morgan Europe Ltd. 25 Bank Street, Canary Wharf, London E14 5JP, U.K. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.100.29 |
|
Euro |
1 |
Rs.72.89 |
|
HKD |
1 |
Rs.8.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TRU |
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.