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Report No. : |
325078 |
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Report Date : |
04.06.2015 |
IDENTIFICATION DETAILS
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Name : |
METSA BOARD HONG KONG LTD. |
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Registered Office : |
Room 2003-5, 20/F., Jubilee Centre, Phase II, 46 Gloucester Road |
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Country : |
Hong Kong
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Date of Incorporation : |
20.05.1986 |
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Com. Reg. No.: |
10343486 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of Paperboard. |
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No. of Employees : |
15 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 40.7 million
in 2013, 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 48.5% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9%
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. As of year-end 2014, the Democracy protests that
began in late September probably will have some adverse effects on economic
growth, particularly retail sales.
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Source
: CIA |
METSA BOARD HONG KONG
LTD.
ADDRESS: Room 2003-5, 20/F., Jubilee
Centre, Phase II, 46 Gloucester Road, Hong Kong.
PHONE: 852-2865 7829
FAX: 852-2528 9029
E-MAIL: Geraldine.leung@metsagroup.com
MANAGEMENT:
Managing Director: Mr. Per Markus
Holm
Incorporated on: 20th May, 1986.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Paperboard
Trader.
Group Sales: EUR 2,008.4 million (Year ended 31-12-2014)
Employees: 15.
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
METSA BOARD
HONG KONG LTD.
Registered Head
Office:-
Room 2003-5, 20/F., Jubilee Centre, Phase II, 46 Gloucester Road,
Hong Kong.
Holding Company:-
Metsa Board International Oy, Finland.
Intermediate
Holding Company:-
Metsa Board Corporation, Finland.
Ultimate Company:-
Metsaliitto Cooperative, Finland.
Associated/Affiliated
Companies:-
Metsa Board Group
of Companies
Aaneverkko Oy, Finland.
Aanevoima Oy, Finland.
Alrec Boiler Oy, Finland.
BGE Eisenbahn Verkehr GmbH, Germany.
Metsa Board (Middle East & North Africa) Ltd., Cyprus.
Metsa Board Americas Corporation, USA.
Metsa Board Australia & New Zealand Pty. Ltd., Australia.
Metsa Board Benelux n.v./s.a., Belgium.
Metsa Board CZ. s.r.o., Czech Republic.
Metsa Board Deutsche Holding GmbH, Germany.
Metsa Board Deutschland GmbH, Germany.
Metsa Board France S.A., France.
Metsa Board Hungary Kft, Hungary.
Metsa Board Iberia S.A., Spain.
Metsa Board IBP (HK) Ltd., Hong Kong.
Metsa Board IBP China Ltd., China.
Metsa Board IBP Deals Americas Ltd., USA.
Metsa Board Ireland S.A., Ireland.
Metsa Board Italia S.r.l., Italy.
Metsa Board Kemi Oy, Finland.
Metsa Board Netherlands Fine B.V., the Netherlands.
Metsa Board NL Holdings B.V., the Netherlands.
Metsa Board Nordic A/S, Denmark.
Metsa Board Nordic AB, Sweden.
Metsa Board OOO, Russia.
Metsa Board Polska Sp. Z.o.o., Poland.
Metsa Board Reinsurance AG, Switzerland.
Metsa Board Schweiz AG, Switzerland.
Metsa Board Shanghai Ltd., China.
Metsa Board Singapore Pte. Ltd., Singapore.
Metsa Board Sverige AB, Sweden.
Metsa Board UK Ltd., UK.
Metsa Board Zanders GmbH, Germany.
Metsaliitto Energie GmbH, Germany.
M-real Hellas Ltd., Greece.
M-real UK Holdings Ltd., UK.
M-real UK Services Ltd., UK.
OOO Peterbox, Russia.
Oy Hango Stevedoring AB, Finland.
10343486
0169484
Managing Director: Mr. Per Markus
Holm
Contact Person: Mr. Geraldine
Leung
HK$10,000.00
(As per registry dated 20-05-2014)
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Name |
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No. of shares |
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Metsa Board International Oy Revontulenpuisto 2, FI-02100 Espoo, Finland. |
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99 |
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Metsa Board Kemi Oy Revontulenpuisto 2, FI-02100 Espoo, Finland. |
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1 |
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––– |
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Total: |
100 === |
(As per registry dated 29-08-2014)
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Name (Nationality) |
Address |
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Per Markus HOLM |
Kotilahdentie 19, 02580 Siuntio, Finland. |
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Johan Anders Mikael STAHLBERG |
Lokirinne 6 C 54 FI-02320 Espoo, Finland. |
(As per registry dated 20-05-2014)
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Name |
Address |
Co. No. |
|
TMF Secretaries (HK) Ltd. |
36/F., Tower Two Times Square, 1 Matheson Street, Causeway Bay, Hong
Kong. |
0099444 |
The subject was incorporated on 20th May, 1986 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Finnboard (H.K.)
Ltd., name changed to Metsa-Serla Ltd. on 6th June, 1996, changed to Forest
Alliance Hong Kong Ltd. on 4th January, 1999, to M-Real Alliance Hong Kong
Ltd. on 6th June, 2001, to M-Real Hong Kong Ltd. on 11th December, 2002
and further to the present style on 2nd
May, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Paperboard
Trader.
Lines: All
kinds of paper.
Employees: 15.
Commodities Imported: Europe.
Markets: Asian countries.
Group Sales: EUR
2,019.3 million (Year ended 31-12-2013)
EUR 2,008.4
million (Year ended 31-12-2014)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P.
Issued Share Capital: HK$10,000.00
Profit or Loss: Making a small
profit every year.
Group profit attributable to shareholders:
EUR 63.9 million (Year ended
31-12-2013)
EUR 68.5 million (Year ended
31-12-2014)
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 Hong Kong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 100 ordinary shares of HK$1.00 each, Metsa Board Hong Kong
Ltd. is jointly owned by Metsa Board International Oy, holding 99% interests;
and Metsa Board Kemi Oy, just holding 1%.
Both companies are Finland-based companies.
The intermediate holding company of the subject is Metsa Board
Corporation [Metsa Board/Group]. It is
also a Finland-based company.
Metsa Board is a listed company in Finland.
Metsa Board is a paper board and paper product Trader. The subject is trading in the products of the
Group. Main commodities are the
followings:
CARTONBOARDS
Avanta Prima;
Carta Allura;
Carta Dedica;
Carta Elega;
Carta Integra;
Carta Solida;
Simcote;
Tako grades;
GRAPHIC
BOARDS
Carta Elega;
Carta Integra;
Carta Solida;
WHITE
FRESH FOREST FIBRE LINERBOARDS
Carta Selecta;
Kemiart grades;
Modo Northern Light grades;
CAST-COATED
SPECIALITY PAPERS
Chromolux;
UNCOATED
FINE PAPERS
Data Copy;
Logic;
Modo Papers;
WALLPAPER
BASE
Cresta grades;
PULP
Botnia Nordic Husum;
Botnia High Yield Kaskinen;
Metsä Board has entered a new era.
In December, 2014 it launched the final steps in its transformation into
the leading fresh forest fibre paperboard company in Europe. The structural change of Metsä Board started
in 2005, when the company was the largest European fine paper producer. Its exposure to the declining paper business
has been materially reduced. The
transformation will be completed during the next couple of years. Metsä Board is becoming a pure paperboard
company with strong pulp self-sufficiency and top-class profitability.
Besides, it is planning to discontinue Husum’s paper production. This is expected to happen mostly by the end
of 2015, and fully by the end of 2017.
Metsä Board has been the folding boxboard market leader in Europe for a
long time.
In 2014, Metsä Board’s sales of fresh forest fibre paperboard and
linerboard to North America grew by more than 40 per cent compared to the
previous year. The greatest growth
opportunities can be found in food service packaging, since North America is a
solid consumer of cup stock and microwaveable meals.
For the year ended 31st December, 2014, the sales of the group amounted
to EUR 2,008.4 million (2013: EUR 2,019.3 million). Profit of the Group attributable to
shareholder was EUR 68.5 million (2013: EUR 63.9 million).
The subject’s business is fully supported by the Group. History in Hong Kong is over 29 years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.85 |
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|
1 |
Rs.98.12 |
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Euro |
1 |
Rs.71.28 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
TPT |
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.