MIRA INFORM REPORT

 

 

 

Report Date :

06.11.2008

 

IDENTIFICATION DETAILS

 

Name :

TENCO LTD

 

 

Formerly Known As :

THAILAND EXPORTS NEW ZEALAND COMPANY LIMITED

 

 

Registered Office :

430 Ngongotaha Rd Rotorua

 

 

Country :

New Zealand

 

 

Date of Incorporation :

31.03.1981

 

 

Com. Reg. No.:

110939

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Distribution of Sawn Timber and Timber Logs.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

REGISTERED NAME      

 

TENCO LTD

 

 

CORPORATE SEARCH

 

Company Number                                  110939                                                                        

                                                                                                                                                

Company                                               TENCO LIMITED                                                              

                                                                                                                                                

Incorporated                                           31-MAR-1981                                                               

                                                                                                                                                

Current Status                                       REGISTERED                                                                 

                                                                                                                                                

Entity Type                                            Company                                                                        

                                                                                                                                                

Constitution Filed                                   Yes                                                                                

                                                                                                                                                

Annual Return Filing Month                     September                                                                      

 

 

Previous Names

(Names changed prior to 1992 may not be recorded)

 

Company Name                                                                                               Date Changed

THAILAND EXPORTS NEW ZEALAND COMPANY LIMITED                                 06-DEC-1999

SITKA TRADING COMPANY LIMITED                                                                 15-MAR-1993

ORUPE FOREST LIMITED                                                                                 17-JUN-1987

 

 

Address Details

 

Registered Office

430 NGONGOTAHA RD

 ROTORUA

Address for Service

 430 Ngongotaha Road

 Rotorua

 

 

Directors

 

Name                                                                                       Date Appointed:

BANNAN, Joshua                                                                          18-JUN-2007

    182 Kawaha Point Road, Rotorua

BANNAN, Kenneth James                                                              10-JUL-1995

    75 Mokoia Rd, Rotorua

 

 

Share Parcels

Total Number of shares           311,323

                                                                                               

Number of Shares                  155,973                                         

Shareholder(s)                       BANNAN, Kenneth James             75 Mokoia Road, Ngongotaha

                                                                                               

Number of Shares                  96,413                                           

Shareholder(s)                       BANNAN, Joshua                          182 Kawaha Point Road, Rotorua

                                                                                               

Number of Shares                  53,113                                           

Shareholder(s)                       HORKAEW, Akaradej                    232/4 Prachakorn Tai 7, Bangkok, Thailand

                                                                                               

Number of Shares                  5,824                                            

Shareholder(s)                       SOMWAN, Natini                          232 / 4 Prachakorn Thai 7, B K K Thailand

 

                                                                       

BUSINESS STRUCTURE

 

TRADING ADDRESS                 430 Ngongotaha Rd

                                                ROTORUA, NZ 3041

 

POSTAL                                   PO Box 341 Ngongotaha

                                                ROTORUA, NZ 3041

 

TELEPHONE                             (647) 357 5356

 

BANK                                       HSBC

                                                ANZ BANKING GROUP 

                                               

EMPLOYEES                            6

           


 

BACKGROUND

 

The subject was incorporated in NEW Zealand on 31 March 1981 as Orupe Forest Ltd, changing name on 17 June 1987 to Sitka Trading company Ltd, changing name on 15 March 1993 to Thailand Exports New Zealand Company Ltd, before adopting the current style on 6 December 1999.

The subject commenced international wood trading in 1991.

 

In recent years the subject has expanded their product range and operating sectors so that now a large part of the business is focused on USA hardwood lumber, Brazil hardwood lumber, European hardwood logs and European hardwood lumber, European softwood logs and sawn lumber and panel products including MDF, particleboard, OSB & plywood.

                                              

 

OPERATIONS

 

The subject operates in the distribution of sawn timber and timber logs.

 

Activities are conducted from premises located at the above listed trading address.

 

 

FINANCES

 

The subject is not required to lodge financial statements with the New Zealand Companies Office.

 

During the current interview conducted with the subjects Financial Controller, she confirmed the subjects search and operational details, however declined to provide any financial or trading information as a matter of strict company policy.

 

Subsequently details in this regard were unable to be obtained during the current investigation

 

In regards to asset backing the subject is in the process of purchasing the premises located at the above listed trading address.

 

Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a credit basis.

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

  1. (Reetec Timber) Purchases range between US$100,000 and US$300,000 per month on 20 day terms. Payment is met in 20 days and the account is considered satisfactory, having been known since October 2003.

 

  1. (Quadran Pacific) Purchases range between $36,000 and $40,000 per month on 20 day terms. Payment is met in 20 days and the account is considered satisfactory, having been known over 10 years.

 

 

 

SUMMARY

 

The subject was incorporated in New Zealand on 31 March 1981, before adopting the current style on 6 December 1999.

 

The subject commenced international wood trading in 1991.

 

Details pertaining to the subject’s financial position were unable to be obtained for the current enquiry.

 

In regards to asset backing the subject is in the process of purchasing the premises located at the above listed trading address.

 

Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a credit basis.

                                               

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.67

UK Pound

1

Rs.75.47

Euro

1

Rs.61.18

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions