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MIRA INFORM REPORT
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Report No. : |
483701 |
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Report Date : |
01.01.2018 |
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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Principal
Place of Business
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C/o Sappi Trading Hong Kong Ltd., 28/F., One Pacific
Centre, 414 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong |
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Registered Office : |
Brucker Strasse 21, 8101, Gratkorn |
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Country : |
Austria |
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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 : |
Trader of wood pulp, paper and related
Products. |
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No. of Employees : |
About
12,000 (Group) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous
Rating (30.06.2017) |
Current
Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 4.4% in 2014, but slowed to 2.9% in 2015. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues
to be most evident in the banking and finance sector. Initiatives like the Hong
Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong
Shanghai Gold Connect are all important steps towards opening up the Mainland’s
capital markets and has reinforced Hong Kong’s leading role as China’s offshore
RMB market. Additional connect schemes from bonds to commodities and other
investment products are also under exploration by Hong Kong authorities.
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Source
: CIA |
Company
name and address
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
SUMMARY
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$5,141
million (Year ended 30-09-2016)
Group Employees: About
12,000. (As at 30-09-2016)
Main Dealing Banker: Union Bank of Switzerland, Hong Kong Branch.
Banking Relation: Good.
ADDRESS
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.
BUSINESS
REGISTRATION NUMBER
32091643
COMPANY
FILE NUMBER
F0011425
AUTHORISED
REPRESENTATIVE IN HONG KONG
(As
per registry dated 01-08-2016)
Name: Mr. Wayne Victor Rau
Address: Flat
3A, Bluewater, 25 Tai Tam Road, Hong Kong.
CAPITAL
Authorized Share Capital: EUR 72,700.00
Issued & Paid Up Capital: EUR 72,700.00
DIRECTORS
(As per registry dated 21-09-2016)
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Name (Nationality) |
Address |
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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. |
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William MARROW |
Steinergasse 4/6, 1170 Vienna, Austria. |
SECRETARY
Nil.
HISTORY
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.
OPERATIONS
Activities: Paper
and Pulp Trader.
Lines: Wood
Pulp, Paper and Related Products.
Group Employees: About
12,000. (As at 30-09-2016)
Commodities Imported: Taiwan, Southeast Asia, North America, etc.
Markets: Europe,
North America, etc.
Net Sales of Subject:
EUR
1,222.9 million (Year ended 30-09-2014)
EUR
1,285.1 million (Year ended 30-09-2014)
Group Turnover: 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)
US$5,141
million (Year ended 30-09-2016)
US$2,578
million (Half year ended 31-03-2016)
US$2,625
million (Half year ended 31-03-2017)
Terms/Sales:
L/C, T/T, etc.
Terms/Buying:
L/C, D/P, O/A, etc.
FINANCIAL
INFORMATION
Authorized Share Capital: EUR 72,700.00
Issued & Paid Up Capital: EUR 72,700.00
Mortgage or Charge: (See
attachment)
Profit / (Loss) of the subject:
EUR 24.2 million (Year ended 30-09-2014)
(EUR
136.1 million) (Year ended 30-09-2014)
Group Net Profit/(Loss): US$ 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)
US$319
million (Year ended 30-09-2016)
US$175
million (Half year ended 31-03-2016)
US$178
million (Half year ended 31-03-2017)
Profit or Loss: Group made profits in past three years.
Condition:
Keeping
in a normal manner.
Facilities:
Making
active use of general banking facilities.
Payment:
No
Complaints
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:
Normal.
GENERAL
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 formerly was 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. Sappi Trading has about 145
employees.
The sales of the Sappi Group for the year ended 30th September,
2016 amounted to US$5,141 million, decreased by 4.6% as compared with
US$5,390 million in FY 2015. However,
in FY 2016, the Group made a profit of US$319 million, increased by 91.0%, as
compared with US$167 million in FY 2015.
For the year ended 30th September, 2016, the Group had 750
fixed-term contractors.
The sales of the Sappi Group for the 6 months ended 31st March,
2017 amounted to US$2,625 million, profit for the period was US$178
million. The business of the Group was
good.
For the year ended 30th September, 2015, the net sales of the
subject amounted to EUR 1,285.1 million, grew by 5.1% as compared with
EUR1,222.9 million in previous year, it made a loss of EUR 136.1 million in the
year as compared with a profit of EUR 24.2 million in FY 2014.
The subject is fully supported by the Sappi Group. History in Hong Kong is over fifteen years
and nine months.
On the whole, in view of the background of the subject, consider
it good for normal business engagements.
MORTGAGE
OR CHARGE
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Date |
Description of Instrument |
Mortgagee |
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14-04-2011 |
Security Assignment of Receivables |
J.P. Morgan Europe Ltd. 125 London Wall, London EC2Y 5AJ, UK. |
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05-07-2012 |
Security Assignment of Receivables |
J.P. Morgan Europe Ltd. 125 London Wall, London EC2Y 5AJ, UK. |
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.93 |
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|
1 |
INR 86.07 |
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Euro |
1 |
INR 76.39 |
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HKD |
1 |
INR 8.17 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
PRA |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.