MIRA INFORM REPORT

 

 

Report Date :           

10.10.2011

 

IDENTIFICATION DETAILS

 

Name :

CARTER HOLT HARVEY PULP & PAPER LTD

 

 

Registered Office :

173 Captain Springs Road, Onehunga, Auckland

 

 

Country :

New Zealand

 

 

Date of Incorporation :

23.05.2003

 

 

Legal Form :

Limited Company

 

 

Line of Business :

distribution of pulp, paper and packaging

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

New Zealand

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

REGISTERED NAME      

 

CARTER HOLT HARVEY PULP & PAPER LTD

CN: 1308173

 

 

CORPORATE SEARCH

 

 

Entity Type:

NZ Limited Company

Incorporated:

23 May 2003

Current Status:

Registered

Constitution Filed:

Yes

Annual Return Filing Month:

October

 

Registered Office

173 Captain Springs Road, Onehunga, Auckland

 

Address for Service

173 Captain Springs Road, Onehunga, Auckland

 

Directors

COLE, Gregory Alan

18 Tarata Street, Mount Eden, Auckland, 1024

GOLDING, Helen Dorothy

1 Macquarie Terrace, Balmain Nsw 2041, Australia, (alternate For Bryce Murray)

HUGLI, Allen Philip

1 Hay Place, Epsom, Auckland, 1023

MURRAY, Bryce Mccheyne

11 Lammermoor Drive, St Heliers, Auckland 1071

 

Shareholdings

Total Number of Shares:

474,444,843

Extensive Shareholdings:

No

 

474,444,843

82279

CARTER HOLT HARVEY LIMITED

173 Captain Springs Road, Onehunga, Auckland

 

BUSINESS STRUCTURE

 

HEAD OFFICE              173 Captain Springs Road
Te Papapa
Auckland 1142

 

TELEPHONE                 (649) 633 0600

 

FACSIMILE                   (649) 633 0601

 

TRADING ADDRESS                                 Kinleith Mill

                                                                                                                        State Highway 1

                                                                                                                               Kinleith, NZ

 

TELEPHONE                                                                                                       (647) 885 5999

 

BRANCHES                                                                                                        TOKOROA, NZ

 

MILLS                                                                                                                         KINLEITH

                                                                                                                                   TASMAN

                                                                                                                           WHAKATANE

                                                                                                                                PENROSE

 

HOLDING ENTITY                     CARTER HOLT HARVEY LIMITED

 

ULTIMATE HOLDING

ENTITY                                                                                        RANK GROUP INVESTMENTS           

 

BANK                           Not determined 

                                               

EMPLOYEES                Not determined

           

 

BACKGROUND

 

The subject was incorporated in New Zealand on 23 May 2003 under the current style.

 

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 Zealand (1986) Ltd.

                       

OPERATIONS

The subject operates in the distribution of pulp, paper and packaging

 

The subject is comprised of four mills in the North Island of New Zealand and two associated operational units, which work as a single integrated business.  The four mills are Kinleith, Tasman, Whakatane, and Penrose, plus the operational units of Fullcircle and Lodestar.

 

Total production of market pulp and linerboard is nearly 900,000 tonnes per year. Around 40% of this is sold to customers in New Zealand and Australia with the balance exported to Asia.

 

 

FINANCES

 

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

 

During the current investigation, contact with the subjects Financial Controller Steve Fossett was unable to be established. Despite messages being left, no reply has been received.

 

As a result, details pertaining to the subjects trading and financial position were unable to be obtained for the current enquiry.

 

The subject is wholly owned by Carter Holt Harvey Ltd one of the largest diversified forestry and wood products companies in the region, comprising 17 different businesses and employing more than 10,500 staff.

 

The ultimate holding entity Rank Group Investments Ltd acquired Carter Holt Harvey in April 2006, for a reported NZ$3.3 billion.

 

Rank Group Investments is the private investment arm for its shareholder Graeme Hart. Mr Hart was born in 1955 and has an estimated worth in 2010 of $5.3 billion.

 

 

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 23 May 2003 under the current style.

 

Group operations were originally established as a new venture in 1900.

 

Details pertaining to the subjects trading and financial position were unable to be obtained for the current enquiry.

 

The subject is wholly owned by Carter Holt Harvey Ltd one of the largest diversified forestry and wood products companies in the region, comprising 17 different businesses and employing more than 10,500 staff.

 

The ultimate holding entity Rank Group Investments Ltd acquired Carter Holt Harvey in April 2006, for a reported NZ$3.3 billion.

 

                                   

                                               

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.14

UK Pound

1

Rs.75.97

Euro

1

Rs.65.99

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.