MIRA
INFORM REPORT
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Report Date : |
02.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ZINDIA LIMITED |
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Registered Office : |
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Country : |
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Date of Incorporation : |
14 June 2004 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Operates as pine log exporters. |
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 |
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REGISTERED NAME: |
ZINDIA
LIMITED |
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REGISTERED
NUMBER: |
1521564 |
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OPERATING
ADDRESS: |
Renwick, |
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REGISTERED
ADDRESS: |
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OTHER TRADING
NAMES: |
Nil |
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TELEPHONE
NUMBER: |
(03) 572 8525 |
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WEB SITE
ADDRESS: |
Nil |
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DATE OF
INCORPORATION: |
14 June 2004 – Incorporated in |
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CHANGE OF NAME: |
Nil |
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PAID CAPITAL: |
$700,000 in $1 shares. |
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DIRECTORS: |
GERALD HUNT 148/ DEREK RALPH
LANDER 80 Overtoun Terrace, Hataitai, JACOB MANI
MANNOTHRA San Mateo Stud, Kaukapakapa, RICHARD JAMES
OSBORNE Renwick, |
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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: |
Pay to terms |
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LEGAL ACTIONS /
DEFAULTS: |
Nil |
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EMPLOYEES: |
The Subject has no direct employees, however does have 5
contractors. |
PARENT COMPANY
NIL
SUBSIDIARY COMPANIES
NIL
ASSOCIATE COMPANIES
FLIGHT FORESTRY LIMITED
SOUNDS OF FOREST LIMITED
ACTIVITIES
The subject operates as pine log exporters.
The company charters ships, purchases logs and then ships to
The company exports mainly to
Operations are conducted from premises situated at the heading address. This is the home office of director, Richard J Osborne.
A staff of approximately 160 are employed in the Flight Group.
HISTORY
The subject was incorporated in
Registered Number: 1521564
Paid capital $700,000 in 700,000 shares paid to $1 each.
Shares are held by:
FLIGHT FORESTRY LIMITED 350,000
RENWICK,
SOUNDS OF
C/- NAIR & ASSOCIATES,
GREENLANE,
The above information is in accordance with the last Annual Return
lodged with the New Zealand Companies Office on 20 June 2006 and compiled at
report date.
Operations of the company were commenced three years ago.
DIRECTORS
GERALD HUNT was appointed to
the board of directors on 14 June 2004.
DEREK RALPH LANDER
was
appointed to the board of directors on 14 June 2004.
JACOB MANI
MANNOTHRA was appointed to the board of directors on 14 June 2004.
RICHARD JAMES
OSBORNE was appointed to the board of directors on 14 June 2004.
BANK
ANZ NATIONAL BANK LIMITED
TEL: (04) 496 6920
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 April 2007:
1.
This account varies between $50,000-$80,000 per
month. Payment is being met within the terms of the account. The account has
been held in excess of 12 Months and is a no problem account.
2.
This supplier could not be contacted as at report
date.
This compares with a trade survey undertaken in June 2006 which revealed
the following:
1.
This is a large account, however actual trading
figures were not provided. The terms of the account are payment by the 20th
of the following month, with these terms being adhered to. The account has been
held for some time. It was stated there were some problems in the past, however
there are no problems now.
2.
This is a substantial account. Payment is being met
within terms. The account has been held for some time and there are no
problems.
3.
This is a large account, however again trading
figures have not been provided. Payment is being met within terms. The subject
has traded with this supplier for some time and there are no problems.
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 29 June 2004, Charge to ANZ National Bank Limited, ANZ Corporate
Banking, 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 bought 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.
The registration dates recorded below are the dates that the original
security was registered and since the PPSA came into force the charges are now
registered directly by chargeholders.
There are no
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 Mr Richard J Osborne, Director, in April
2007. At this time he confirmed operational and trading details and advised the
following:
Sales of the company for the last 12 months totaled $55,000,000.
The subject does not hold stock, this being sent direct to the client.
The subject maintains bank overdraft facilities with the ANZ National
Bank Limited. The limit on this is $5,000,000 and is secured over company
assets by the Registered Charge dated 29 June 2004.
However, further financial information could not be provided.
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
Paid capital $700,000 in 700,000 shares paid to $1 each.
The subject operates as log exporters. The company exports
mainly to
One supplier contacted has reported amounts of $50,000-$80,000 per month
being met in accordance with terms and is a no problem account.
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)