MIRA
INFORM REPORT
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Report Date : |
12.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
PACIFIC
FOREST PRODUCTS LIMITED |
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Registered Office : |
Level
9, Bridgecorp House, 36 Kitchener Street, Auckland |
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Country : |
New
Zealand |
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Date of Incorporation : |
9
April 2002 |
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Com. Reg. No.: |
1201781 |
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Legal Form : |
Limited
liability company |
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Line of Business : |
Subject
operates as a log exporter |
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 : |
Regular
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Litigation : |
Clear |
REGISTERED NAME: |
PACIFIC FOREST PRODUCTS LIMITED |
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REGISTERED NUMBER: |
1201781 |
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OPERATING ADDRESS: |
Level
9, Bridgecorp
House, 36
Kitchener Street, AUCKLAND |
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REGISTERED ADDRESS: |
Level
9, Bridgecorp
House, 36
Kitchener Street, AUCKLAND |
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OTHER TRADING NAMES: |
Nil |
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TELEPHONE NUMBER: |
(09)
309 0868 |
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FAX NUMBER: |
(09)
309 0866 |
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WEB SITE ADDRESS: |
Under
construction |
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DATE OF INCORPORATION: |
9
April 2002 – Incorporated in New Zealand
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CHANGE OF NAME: |
Nil |
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PAID CAPITAL: |
$10,000
in $1 shares. |
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DIRECTORS: |
GREGOR JOHN BARCLAY 26A
Wiles Avenue, Remuera, AUCKLAND
GREGORY KEVIN MOLLOY 94
Tauranga Direct Road, Rd2, ROTORUA EDDIE SHIN 10
Estuary Views, Howick, AUCKLAND KEITH ROLAND SMITH 36
Albert Road, Devonport, AUCKLAND
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SHAREHOLDERS: |
Refer HISTORY |
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SECRETARY: |
Not
shown |
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AUDITORS: |
Not
shown |
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REGISTERED CHARGES: |
Refer REGISTERED CHARGES |
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PAYMENTS: |
In
accordance with terms |
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LEGAL ACTIONS / DEFAULTS: |
Nil |
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EMPLOYEES: |
15-16 |
ACTIVITIES
The subject operates as a log exporter.
The company exports on a worldwide basis.
Operations are conducted from premises situated at
the heading address.
The company also has offices in Tauranga, Rotorua and
Gisborne.
The subject employs 15-16 in activities.
HISTORY
The subject was incorporated in New Zealand
on 9 April 2002 as Pacific Forest
Products Limited.
Registered Number: 1201781.
Paid capital $10,000 in 10,000 shares paid
to $1 each.
Shares are held by:
CLAYMORE TRUSTEES LIMITED }
AND }
JOINTLY 3,334
KEITH ROLAND SMITH }
GREGORY KEVIN MOLLOY }
AND }
JOINTLY 3,333
CLAYMORE TRUSTEES LIMITED }
EDDIE SHIN }
AND }
JOINTLY 3,333
CLAYMORE TRUSTEES LIMITED }
The above information is in accordance with
the last Annual Return lodged with the New Zealand Companies Office on 14
November 2005 and compiled at report date.
Operations of the company were commenced 5
years ago.
DIRECTORS
GREGOR JOHN BARCLAY
was appointed to
the board of directors on 9 April 2002.
GREGORY KEVIN
MOLLOY was
appointed to the board of directors on 19 November 2003.
EDDIE SHIN was appointed to the board of
directors on 5 December 2003.
KEITH ROLAND SMITH was appointed to the board of
directors on 5 December 2003.
BANK
ANZ NATIONAL BANK LIMITED
AUCKLAND
The bank holds a Registered Charge over
company assets. Please refer to the REGISTERED
CHARGE section for details.
TRADING
Following are details of a trade survey
undertaken in June 2006:
- This supplier
has advised that purchases for May 2006 totaled $200,000. Payment is being
met within the terms of the account. The account was opened on 31 May 2002
and there are no problems.
- This supplier
could not be contacted as at report date. Messages left have remained
unanswered.
FINANCE
The subject has not lodged financial
accounts with the New Zealand Companies Office.
REGISTERED CHARGES
The following Registered Charge has been
recorded over the subject’s assets:
On 14 September 2004, Charge to ANZ National
Bank Limited, charging all present and after acquired personal property.
The ‘Personal Property Securities Act 1999’
(PPSA) came into effect on 1 May 2002.
The PPSA has brought together registered
charges that were historically created under several different Acts, e.g.
debentures registered pursuant to the Companies Act and charges over specific
assets registered pursuant to the Chattels Transfer Act 1924.
Charges registered are called Security
Interests.
The PPSA is also used by suppliers to
register a charge over goods which have been supplied to the subject in respect
of which the supplier terms of trade may previously have contained a
“reservation of title” clause.
Charges over land are not registered under
the PPSA and there may be charges over land in the name of the subject.
There are also 5
Security Interests registered over goods – other and/or goods – motor vehicles.
RECORDED ACTIONS
Nothing of an adverse nature has been
recorded against the subject.
INVESTIGATION
An interview was conducted with the
Financial Controller in June 2006. At this time she confirmed operational and
trading details, however declined all financial information as a matter of
company policy.
Enquiries made with trade sources failed to
trace any additional information in relation to the subject.
A Land Titles Search has not been undertaken
to ascertain what land, if any, stands in the subject’s name. This can be undertaken on request.
CONCLUSION
The subject was incorporated in New Zealand
on 9 April 2002 as Pacific Forest
Products Limited.
Paid capital $10,000 in 10,000 shares paid
to $1 each.
The subject operates as a log exporter.
Suppliers contacted have reported large
commitments being met in accordance with terms and is a no problem account,
having been held for some four years.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |