MIRA
INFORM REPORT
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Report Date : |
22.10.2007 |
IDENTIFICATION DETAILS
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Name : |
CARTER HOLT HARVEY PULP & PAPER LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
23.05.2003 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Operates in the distribution of pulp, paper and packaging. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
REGISTERED NAME
CARTER HOLT HARVEY PULP & PAPER LTD
Company Number
1308173
Company
CARTER HOLT HARVEY
PULP & PAPER LIMITED
Incorporated
23-MAY-2003
Current Status
REGISTERED
Entity Type
Company
Constitution
Filed
Yes
Annual Return
Filing Month
October
Previous Names
No Previous Names on record
Address Details
Registered Office
Onehunga
Address for Service
Onehunga
Directors
Name Date Appointed:
LANDMAN, Brice Charles 12-SEP-2003
SHORT, Nicolas William Garrick 12-JUL-2006
Total Number of shares 474,444,843
Number of Shares 474,444,843
Shareholder(s) 82279 - CARTER HOLT HARVEY LIMITED
BUSINESS STRUCTURE
TRADING ADDRESS
Private Bag 92808, Penrose
TELEPHONE (649) 525 4505
FACSIMILE (649) 580 4480
BRANCHES
TOKOROA, NZ
HOLDING ENTITY
CARTER HOLT HARVEY LIMITED
ULTIMATE HOLDING
ENTITY
RANK GROUP INVESTMENTS
BANK
Not determined
EMPLOYEES
Not determined
BACKGROUND
The subject was incorporated in
Group operations were originally established as a new venture in 1900 by
founders Francis Carter, Robert Holt and Alexander Harvey.
In May 1961, the group became public listed.
International Paper had owned 50.5% of the group, but in 2005 sold its
stake to Rank Group Investments which acquired the remainder of the group in
2006.
Rank Group Investments is controlled by Director (and billionaire)
Graeme Hart.
In August 2006, the subject amalgamated with Wood Export New
OPERATIONS
The subject operates in the distribution of pulp, paper and packaging.
The subjects Kinleith Mill produces approximately 330,000
tonnes of paper grades annually and 265,000 tonnes of predominantly bleached
kraft market pulp. Tasman Mill produces approximately 275,000 tonnes of
specialty market pulp annually. A range of chemical by-products are also
manufactured.
FINANCES
During the current investigation, contact with the subjects principals
was unable to be established. Despite messages being left, no reply has been
received.
The subject is wholly owned by carter Holt Harvey Ltd (CHH) a
corporation that employs 10,000 people across
For the six months ended 30 June 2006, the group recorded consolidated
revenue of NZ$1,635 million which resulted in an operating profit be fore tax
of NZ$9 million and an operating loss after tax of NZ$5 million.
At 30 June 2006, the group recorded total assets of NZ$5,330 million and
Net Assets of NZ$3,746 million.
From the subjects most recently lodged financial statements, it is noted
that for the financial year ended 31 December 2004 the subject recorded revenue
of $410,805,833, which resulted in an operating loss before tax of $48,055,395
and an operating loss after tax of $37,863,357.
Below is a summary of the subject’s income results for the past two
financial years.
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Carter Holt Harvey Pulp & Paper Ltd |
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As at 31 December 2004 |
As at 31 December 2003 |
Change (%) |
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Revenue |
$410,805,833 |
$170,139,391 |
141.45% |
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Profit b/tax |
($48,055,395) |
($29,059,807) |
65.37% |
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Profit a/tax |
($37,863,357) |
($24,687,797) |
53.37% |
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Net Profit Margin |
-9.22% |
-14.51% |
5.29% |
As at 31 December 2004 the subject recorded total current assets of
$146,050,133. They included trade receivables of $52,787,157 and inventories of
$81,153,693.
Current liabilities at the same date totalled $34,415,155 and included
payables of $34,027,972.
As at 31 December 2004, the subject recorded Working Capital of
$111,634,978 and a current ratio of 4.24 to 1.
Net Assets totalled $411,893,689 as at 31 December 2004.
Further investigations revealed that as at 1 September 2006 the subject recorded
total assets of NZ$1,052,814,000 and Net Assets of NZ$701,939,000
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Carter Holt Harvey Pulp & Paper Ltd |
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As at 31 December 2004 |
As at 31 December 2003 |
Change (%) |
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Revenue |
$410,805,833 |
$170,139,391 |
141.45% |
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Profit b/tax |
($48,055,395) |
($29,059,807) |
65.37% |
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Profit a/tax |
($37,863,357) |
($24,687,797) |
53.37% |
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Net Profit Margin |
-9.22% |
-14.51% |
5.29% |
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Current Assets |
$146,050,133 |
$127,426,066 |
14.62% |
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Non Current
Assets |
$422,975,450 |
$458,158,509 |
-7.68% |
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Total Assets |
$569,025,583 |
$585,584,575 |
-2.83% |
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Current
Liabilities |
$34,415,155 |
$39,668,205 |
-13.24% |
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Non Current
Liabilities |
$122,716,739 |
$96,159,324 |
27.62% |
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Total Liabilities |
$157,131,894 |
$135,827,529 |
15.68% |
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Net Assets |
$411,893,689 |
$449,757,046 |
-8.42% |
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Working Capital |
$111,634,978 |
$87,757,861 |
27.21% |
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Current Ratio |
4.24 |
3.21 |
32.11% |
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Debt to Equity |
0.38 |
0.30 |
26.32% |
TRADE SURVEY
During the current investigation, contact with the subjects principals
was unable to be established.
Subsequently details pertaining to the company’s suppliers were unable
to be obtained and a trade survey could not be conducted.
SUMMARY
The subject was incorporated in
Group operations were originally established as a new venture in 1900.
The subject is wholly owned by carter Holt Harvey Ltd (CHH) a corporation
that employs 10,000 people across
For the six months ended 30 June 2006, the group recorded consolidated
revenue of NZ$1,635 million which resulted in an operating profit be fore tax
of NZ$9 million and an operating loss after tax of NZ$5 million.
for the financial year ended 31 December 2004 the subject recorded
revenue of $410,805,833, which resulted in an operating loss before tax of
$48,055,395 and an operating loss after tax of $37,863,357.
As at 1 September 2006 the subject recorded total assets of
NZ$1,052,814,000 and Net Assets of NZ$701,939,000
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. |
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%)