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Report No. : |
304377 |
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Report Date : |
28.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SAPPI PAPIER HOLDING GMBH |
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Formerly Known As : |
Sappi Papier Holding AG |
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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 : |
Hong Kong |
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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 : |
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No. of Employee : |
About 14,000 (As at 30-09-2014) (Group) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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.
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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
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$6,061 million (Year ended 30-09-2014)
Group
Employees: About 14,000. (As at 30-09-2014)
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/AFFILIATED
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 21-09-2014)
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 21-09-2014)
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Name (Nationality) |
Address |
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Brend
Herbert Dieter ROSS |
1560 Hoeilaart,
Overwinningsstraat 1, Belgium. |
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Stephen
John BLYTH |
Avenue Du Bois
De Chapelle 66, 1380 Lasne, Belgium. |
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Mark
Richard GARDNER |
9 Cove Landing,
Kittery, ME 03904, USA. |
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Berend
John WIERSUM |
Balistraat 99,
2585 Xr Den Haag, The Netherlands. |
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Jörg
Harri PÄSSLER |
5 Avenue General
Morand, Maransart, 1380 Lasne, Belgium. |
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, etc.
Markets: Europe,
North America, etc.
Group Turnover: US$6,572
million (Year ended 30-09-2010)
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)
Terms/Sales: L/C,
T/T, etc
Terms/Buying: L/C,
D/P, O/A, etc.
Authorized Share Capital:
EUR$72,700.00
Issued
& Paid Up Capital: EUR$72,700.00
Mortgage
or Charge: (See attachment)
Group Net Profit/(Loss):
US$ 48 million (Year ended 30-09-2010)
(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)
Profit or Loss: Group
suffered from losses in FY 2009, 2011 & 2013.
Condition: Keeping
in a normal manner.
Facilities: Making
active use of general banking facilities.
Payment: Met
trade commitments as required.
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 140 employees in 2014.
The sales of the Sappi Group for the year ended 30th September, 2014 amounted to US$6,061 million, increased by 2.3% as compared with US$5,925 million in FY 2013. However, in FY 2014, the Group made a profit of US$135 million as compared with a loss of US$182 million in FY 2013.
The performance of the group in the past year was pleasing, with its investments in the specialised cellulose business increasing its exposure to higher margin and higher growth markets and contributing significantly to its improved year-on-year performance.
Its European graphic paper business steadily improved during the course of the year, with an intense focus on cost reduction.
Its North American graphic paper business experienced a difficult year.
Industry prices for coated woodfree paper reels declined by as much as 9% over the course of the first nine months, and an extremely cold winter and subsequent wet start to the spring resulted in higher energy and wood costs.
The Southern African business had an excellent year, with the expanded dissolving wood pulp and restructured paper packaging businesses both improving on their prior year performance.
The Group is able to produce approximately 5.7 million tons per year of paper, 2.4 million tonnes per year of paper pulp and 1.3 million tonnes per year of dissolving wood pulp.
Sappi Trading operates a network for the sale and distribution of its products outside its core operating regions of North America, Europe and Southern Africa. Sappi Trading also coordinates its shipping and logistical functions for exports from these regions.
Sales offices are in Bogota, Johannesburg, Mexico City, Nairobi, Sao Paulo, Singapore, Shanghai, Sydney, and Vienna apart from Hong Kong. Its Logistics offices are in Durban, and New York.
The subject is fully supported by the Sappi Group.
On the whole, in view of the background of the subject, consider it good for normal business engagements.
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Date |
Particulars |
Amount |
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14-04-2011 |
Instrument: Security Assignment of Receivables Property: All present and
future intercompany loan for greater than US$25,000,000 with the company as
lender and each debtor Mortgagee: J.P. Morgan Europe Ltd. 125 London Wall, London EC2Y 5AJ, UK. |
All the senior liabilities and all other present
and future obligations at any time due, owing or incurred by any member of
the Group and by each Debtor to any Secured Party under the Bonds Finance
Documents, the RCF Finance Documents, the OeKB Finance Doucments, any Pari
Passu Document, the Hedging Agreements and the Security Documents. |
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05-07-2012 |
Instrument: Security Assignment of Receivables Property: All each present
and future intercompany loan for greater than US$25,000,000 with the company
as lender to a member of the Group as borrower Mortgagee: J.P. Morgan Europe Ltd. 125 London Wall, London EC2Y 5AJ, UK. |
All the senior liabilities and all other present and
future obligations at any time due, owing or incurred by any member of the
Group and by each Debtor to any Secured Party under the Bonds Finance
Documents, the PCF Finance Documents, the OeKB Finance Documents, any Pari
Passu Document, the Hedging Agreements and the Security Documents |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 61.46 |
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1 |
Rs. 92.76 |
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Euro |
1 |
Rs. 69.03 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared by
: |
ASH |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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-- |
NB |
New Business |
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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.