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Report No. : |
351961 |
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Report Date : |
30.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
GOLD EAST TRADING (HONG KONG) CO. LTD. |
|
|
|
|
Registered Office : |
Room 501-504A, 5/F., Empire Centre, 68 Mody Road, Tsimshatsui East, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
14.06.2007 |
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|
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Com. Reg. No.: |
38159647 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of Paper. |
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|
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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 |
|
Status : |
Satisfactory |
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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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 |
GOLD EAST TRADING (HONG KONG) CO. 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
cs@goldeastpaper.com.hk
MANAGEMENT:
Managing Director: Mr. Chu Wing
Hong, Park
Incorporated on: 14th June, 2007.
Organization: Private Limited Company.
Issued Share Capital: HK$8,143,279,370.00
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
HK$8,143,279,370.00
(As per registry dated 30-09-2015)
|
Name |
|
No. of shares |
|
Gold East Paper (Jiangsu) Co. Ltd. 8 Xing Gang Dong Road, Dagang, Zhenjiang, Jiangsu 212132, China. |
|
1,591,764,534 |
|
Ever Dragon Investments Group Ltd., Hong Kong. |
|
6,551,514,836 |
|
|
|
–––––––––––– |
|
|
Total: |
8,143,279,370 =========== |
(As per registry dated 02-07-2015)
|
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 |
31/F., Tower II, Shanghai Arch, No. 533 Loushanguan Road, Changning
District, Shanghai 200051, China. |
CHU Wing Hong, Park (As per
registry dated 14-06-2015)
The subject was incorporated on 14th June, 2007 as a private limited liability
company under the Hong Kong Companies Ordinance.
The subject increased its ordinary shares to 8,143,279,370 in September
2015.
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.
Markets: Hong
Kong, China, other Asian countries.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P.
Issued Share Capital: HK$8,143,279,370.00
Mortgage or Charge (since 2011): (See attachment)
Profit or Loss: Making
small profits in the past 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.
East West Bank, Hong Kong Branch.
Standing: Very Good.
Having issued 8,143,279,370 ordinary shares of HK$1.00 each in total as
at October 2015, 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
19.5% interests, and Ever Dragon Investments Group Ltd., holding 80.5%. The equities of the holding companies changed
in September 2015. The equities changed
last time was in late December 2012.
GEP is a member of the Sinar Mas Group of Companies. Formerly, the subject was wholly-owned by GEP
which is a paper trader.
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.
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%.
GEP is was officially established on 18 May, 1997. It occupies an area of 5.33 square kilometers
and has more than 5,300 employees at present.
Its total investment amounts to US$3.51 billion and the annual
production capacity is more than 2 million tons of art board, ranking it one of
the top art board manufacturers in the world in terms of the size of a single
factory.
GEP is the flagship enterprise of APP China.
GEP has started-up two paper machines manufactured by Voith Sulzer Paper
Technology in Germany. The paper
machines are PM1 and PM2 of which 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 advanced technology and the biggest paper machines and coater
in the world. Wood-free paper line and
coating base paper line are imported completely from Voith-Sulzer/Germany. Its OMC was ordered from Valmet/Finland. The whole process is a state of the art
leading control system, including but not limit to DCS and QCS.
GEP is able to offer a series of eco-friendly products with recycled
content and have got “PEFC-COC” certification.
It also has 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.
GEP possess a power station, a Ground Calcium Carbonate Plant, and a
Precipitated Calcium Carbonate Plant in addition to a pier.
Since its incorporation, GEP has established 60 branches and liaison
offices all over the world.
GEP’s major products include C2S Art Paper, C1S Art Paper, Art
Paper/Matt, HSWO Gloss Art Paper, Digital Paper, and Handbag and packaging
paper.
GEP’s brands include Space Shuttle, XPLORE, Nireus, Art-tech, Sunbrite,
and Nevia. Among other things, Space
Shuttle was rated as a prominent trademark in China in 2007. Its notoriety, satisfaction and market share
ranks the top in the industry in China.
It was also selected as the 2011-2013 Internationally Prominent Brand
Nurtured and Developed in Jiangsu Province.
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. It offers a wide range of art
paper, art board, woodfree board, brief card, ivory board, playing card board,
carbonless paper, thermal paper, and photocopy paper which are traded by APP.
By the end of 2014, APP-China owned over 20 pulp and paper mills as
wholly owned subsidiaries and holding companies, along with 19 forestry
companies, with total assets valued about RMB147.1 billion Yuan. Total production volume of its mills reached
11 million tons, with sales revenues amounted to RMB42.2 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. Its associated company 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 is supported by GEP and ultimately by Sinar Mas Group. History in Hong Kong is over eight years and
five months. Business is active and
steady.
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. |
|
12-01-2015 |
Charge Over Depsot to Secure Liabilities of the Depositors |
East West Bank, Hong Kong Branch. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.100.67 |
|
Euro |
1 |
Rs.70.87 |
|
HKD |
1 |
Rs.8.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
TPT |
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.