MIRA INFORM REPORT
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Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
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Name : |
RAYONIER NEW ZEALAND LTD |
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Formerly Known As : |
Rayonier NZ
Holdings Ltd, |
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Registered Office : |
Level 5, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
04.03.1987 |
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Legal Form : |
Limited Company |
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Line of Business : |
Forestry Management and in the |
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 : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
REGISTERED
NAME
RAYONIER NEW ZEALAND
LTD
CORPORATE
SEARCH
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Entity Type: |
NZ Limited Company |
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Incorporated: |
04 Mar 1987 |
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Current Status: |
Registered |
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Constitution Filed: |
Yes |
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Annual Return Filing Month: |
August |
Registered Office
Level 5,
Address for Service
Level 5,
Directors
BOYNTON,
Paul Gerard
MARGIOTTA,
Charles
7545
Founder's Way,
NICHOLLS,
Paul Francis
THOMAS,
Lee Muller
Shareholdings
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Total Number of Shares: |
1,015 |
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Extensive Shareholdings: |
No |
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1,015 |
537014 RAYONIER
NZ MANAGEMENT LIMITED Level
5, Symonds Centre, |
BUSINESS
STRUCTURE
TRADING
ADDRESS The Symonds Centre
TELEPHONE (649) 302 2988
CONTROLLED ENTITY RAYONIER HB
LIMITED
HOLDING ENTITY RAYONIER
NZ MANAGEMENT LTD
ULTIMATE HOLDING
ENTITY RAYONIER
INC
BANK HSBC
EMPLOYEES 90
BACKGROUND
The subject was incorporated in
Global operations were established in the
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
During the current interview conducted with the subjects Financial Controller he advised that for the last financial year ended 31 December 2010 the subject traded profitably and recorded revenue of $80,000,000.
A similar result is projected for the current financial year ending 31 December 2011.
From the subjects most recently lodged financial statements, it is noted that for the financial year ended 31 December 2009 the subject recorded revenue of $51,653,000, which resulted in an operating Loss before and after tax of $3,842,000.
Below is a summary of the subject’s income results for the past two financial years.
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Rayonier New Zealand Ltd - consolidated |
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As at 31 December 2009 |
As at 31 December 2008 |
Change (%) |
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Revenue |
$51,653,000 |
$54,370,000 |
-5.00% |
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Profit b/tax |
($3,842,000) |
$1,924,000 |
-299.69% |
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Profit a/tax |
($3,842,000) |
$1,917,000 |
-300.42% |
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Net Profit Margin |
-7.44% |
3.53% |
-10.96% |
As at 31 December 2009 the subject recorded total current assets of $21,760,000. They included cash of $2,573,000, receivables of $2,657,000 and related party receivables of $15,735,000.
Current liabilities at the same date totalled $4,308,000 and included payables of $4,140,000.
As at 31 December 2009 the subject recorded Working Capital of $17,452,000 and a current ratio of 5 to 1 indicating strong liquidity levels.
Net Assets totalled $19,820,000 as at 31 December 2009. At this date, the subject further recorded a Debt to Equity ratio of 0.22 to 1 showing low levels of gearing.
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Rayonier New Zealand Ltd - consolidated |
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As at 31 December 2009 |
As at 31 December 2008 |
Change (%) |
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Revenue |
$51,653,000 |
$54,370,000 |
-5.00% |
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Profit b/tax |
($3,842,000) |
$1,924,000 |
-299.69% |
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Profit a/tax |
($3,842,000) |
$1,917,000 |
-300.42% |
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Net Profit Margin |
-7.44% |
3.53% |
-10.96% |
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Current Assets |
$21,760,000 |
$25,464,000 |
-14.55% |
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Non-Current Assets |
$2,368,000 |
$3,283,000 |
-27.87% |
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Total Assets |
$24,128,000 |
$28,747,000 |
-16.07% |
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Current Liabilities |
$4,308,000 |
$3,539,000 |
21.73% |
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Non-Current Liabilities |
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- |
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Total Liabilities |
$4,308,000 |
$3,539,000 |
21.73% |
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Net Assets |
$19,820,000 |
$25,208,000 |
-21.37% |
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Working Capital |
$17,452,000 |
$21,925,000 |
-20.40% |
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Current Ratio |
5.05 |
7.2 |
-29.80% |
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Debt to Equity |
0.22 |
0.14 |
54.82% |
The subject is ultimately owned by Rayonier Inc, a corporation that is listed on the New York Stock Exchange and employs 1,800 staff globally.
For the last financial year ended 31 December 2010, the global group recorded sales of US$1,315.2 million which resulted in Net Income of US$217.6 million.
TRADE
SURVEY
A trade survey on the subject traced the following accounts:
(
SUMMARY
The subject was incorporated in
For the last financial year ended 31 December 2010 the subject traded profitably and recorded revenue of $80,000,000.
For the financial year ended 31 December 2009 the subject recorded revenue of $51,653,000, which resulted in an operating Loss before and after tax of $3,842,000.
As at 31 December 2009 the subject recorded Working Capital of $17,452,000 and a current ratio of 5 to 1 indicating strong liquidity levels.
Net Assets totalled $19,820,000 as at 31 December 2009.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.38 |
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|
1 |
Rs.72.56 |
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Euro |
1 |
Rs.63.92 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.