MIRA
INFORM REPORT
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Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAYONIER NEW ZEALAND LTD |
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Formerly Known as : |
ITT NEW ZEALAND LIMITED |
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Registered Office : |
Level 5, Symonds Centre, 49 Symonds Street, Auckland |
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Country : |
New Zealand |
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Date of Incorporation : |
04.03.1987 |
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Com. Reg. No.: |
334608 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Forestry Management and in the Sale and Harvesting of Logs. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
REGISTERED NAME
RAYONIER NEW ZEALAND LTD
CORPORATE SEARCH
Company Number 334608
Company RAYONIER
NEW ZEALAND LIMITED
Incorporated 04-MAR-1987
Current Status REGISTERED
Entity Type Company
Constitution Filed Yes
Annual Return Filing Month August
Previous Names
(Names changed prior to 1992 may not be recorded)
Company Name Date
Changed
RAYONIER NZ HOLDINGS LIMITED 07-SEP-2005
ITT RAYONIER NZ HOLDINGS LIMITED 28-FEB-1994
ITT NEW ZEALAND LIMITED 08-MAY-1992
Address Details
Registered Office
Level 5
Symonds Centre
49 Symonds Street
Auckland
Address for Service
Level 5
Symonds Centre
49 Symonds Street
Auckland
Directors
Name Date
Appointed:
BRANNON, Timothy Hudson 01-JAN-1999
3305
St. Johns Avenue, Jacksonville, FL 32205, United States Of America
MARGIOTTA, Charles 17-MAR-1997
7545
Founder's Way, Ponte Vedra, Florida, United States Of America
NICHOLLS, Paul Francis 22-DEC-2004
10
Marina View Drive, West Harbour, Auckland
THOMAS, Lee Muller 11-MAY-2007
3918
Alhambra Drive West, Jacksonville, FL 32207, USA
Share Parcels
Total
Number of shares 1,015
Number
of Shares 1,015
Shareholder(s) 537014 - RAYONIER NZ
MANAGEMENT LIMITED Level 5,
Symonds
Centre,
49 Symonds
Street,
Auckland
BUSINESS STRUCTURE
TRADING ADDRESS The
Symonds Centre
5/49
Symonds St Auckland City
PO
Box 9283 Newmarket, New Zealand
TELEPHONE (649) 9302 2988
CONTROLLED ENTITY RAYONIER
HB LIMITED
HOLDING
ENTITY RAYONIER
NZ
ULTIMATE HOLDING
ENTITY RAYONIER INC
BANK Not
determined
EMPLOYEES Not
determined
BACKGROUND
The subject was incorporated in New Zealand on 4 March 1987 as ITT New
Zealand Ltd, changing name on 8 May 1992 to ITT Rayonier NZ Holdings Ltd,
changing name on 28 February 1994 to Rayonier NZ Holdings Ltd, before adopting
the current style on7 September 2005.
Global operations were
established in the USA in 1926 when The Rainier Pulp and Paper Company mill is
constructed in Shelton, Washington.
OPERATIONS
The subject operates in forestry management and in the sale and harvesting
of logs.
In New Zealand Rayonier manages 143,000 hectares of forest and markets
logs in domestic and export markets.
Activities are conducted from premises located at the above listed
trading address.
FINANCES
From the subjects most recently lodged financial statements, it is noted that for the financial year ended 31 December 2007 the subject recorded revenue of $55,335,000, which resulted in an operating profit before and after tax of $480,000 representing a Net Profit Margin of 0.87%.
Below is a summary of the subject’s income results for the past two financial years.
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Rayonier New Zealand Limited |
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As at 31 December 2007 |
As at 31 December 2006 |
Change (%) |
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Revenue |
$55,335,000 |
$46,094,000 |
20.05% |
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Profit b/tax |
$480,000 |
($1,094,000) |
-143.88% |
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Profit a/tax |
$480,000 |
($1,144,000) |
-141.96% |
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Net Profit Margin |
0.87% |
-2.48% |
3.35% |
As at 31 December 2007 the subject recorded total current assets of $19,460,000. They included cash of $9,467,000, receivables of $1,393,000 and related party receivables of $7,652,000.
Current liabilities at the same date totalled $2,601,000 and included payables of $2,333,000.
As at 31 December 2007 the subject recorded Working Capital of $16,859,000 and a current ratio of 7.48 to 1 indicating strong liquidity levels.
Net Assets totalled $23,047,000 as at 31 December 2007. At this date, the subject further recorded a Debt to Equity ratio of 0.11 to 1 showing low levels of gearing.
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Rayonier New Zealand Limited |
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As at 31 December 2007 |
As at 31 December 2006 |
Change (%) |
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Revenue |
$55,335,000 |
$46,094,000 |
20.05% |
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Profit b/tax |
$480,000 |
($1,094,000) |
-143.88% |
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Profit a/tax |
$480,000 |
($1,144,000) |
-141.96% |
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Net Profit Margin |
0.87% |
-2.48% |
3.35% |
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Current Assets |
$19,460,000 |
$20,061,000 |
-3.00% |
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Non Current Assets |
$6,188,000 |
$7,390,000 |
-16.27% |
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Total Assets |
$25,648,000 |
$27,451,000 |
-6.57% |
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Current Liabilities |
$2,601,000 |
$4,929,000 |
-47.23% |
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Non Current Liabilities |
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Total Liabilities |
$2,601,000 |
$4,929,000 |
-47.23% |
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Net Assets |
$23,047,000 |
$22,522,000 |
2.33% |
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Working Capital |
$16,859,000 |
$15,132,000 |
11.41% |
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Current Ratio |
7.48 |
4.07 |
83.83% |
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Debt to Equity |
0.11 |
0.22 |
-48.43% |
The subject is ultimately owned by Rayonier Inc, a corporation that is
listed on the New York Stock Exchange and employs 2,000 staff globally.
For the last financial year ended 31 December 2007, the global group
recorded sales of US$1,224.7 million which resulted in Net Income of US$174.3
million.
TRADE SURVEY
During the current investigation, contact with the subject’s 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 New Zealand on 4 March 1987 as ITT New Zealand
Ltd, changing name on 8 May 1992 to ITT Rayonier NZ Holdings Ltd, changing name
on 28 February 1994 to Rayonier NZ Holdings Ltd, before adopting the current
style on7 September 2005.
Global operations were
established in the USA in 1926 when The Rainier Pulp and Paper Company mill is
constructed in Shelton, Washington.
For the financial year ended 31 December 2007 the subject recorded
revenue of $55,335,000, which resulted in an operating profit before and after
tax of $480,000 representing a Net Profit Margin of 0.87%.
As at 31 December 2007 the subject recorded Working Capital of
$16,859,000 and a current ratio of 7.48 to 1 indicating strong liquidity
levels.
Net Assets totalled $23,047,000 as at 31 December 2007.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.40 |
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UK Pound |
1 |
Rs.83.57 |
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Euro |
1 |
Rs.66.02 |
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%)