MIRA INFORM REPORT

 

 

Report Date :           

07.09.2011

 

IDENTIFICATION DETAILS

 

Name :

ZINDIA LIMITED 

 

 

Registered Office :

C/o Flight Group Limited, 75 Wainui Road, Gracefield, Lower Hutt, Zip/Postal Code 5010

 

 

Country :

New Zealand

 

 

Date of Incorporation :

14.06.2004

 

 

Com. Reg. No.:

1521564

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Log Exporter

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Identification details  Bottom of Form

 

 

Verified Address

 

Subject name                ZINDIA LIMITED

Business address          8 Alma Street North

Town                             Renwick

Province                        Marlborough

Zip/postal code              7204

Country             New Zealand

Tel                                +64 3 5728525

Email                            andrew@zindia.co.nz  

 

Registered address        C/o FLIGHT GROUP LIMITED

75 Wainui Road

Town                             Gracefield

Province                        Lower Hutt

Zip/postal code              5010

Country                         New Zealand

Postal address              P.O. Box 145

Town                             Renwick

Province                        Marlborough

Zip/postal code              7352

Country                                                           New Zealand

 

 

Summary details

 

Executive Summary

Date founded or registered          14/06/2004

Legal form                                 Private Limited Company

Chief executive                          Jacob Mani Mannothra

Issued & paid up capital             NZD 3,000,000

Line of business             Log exporters.

Staff employed                                                                        5 employees

 

 

Credit risk opinion

 

Company Analysis

 

Country risk                               Country risk is minimal

Operation trend                          Operational trend is steady

Management experience Management is reasonably experienced

Financial performance                Financial performance is undetermined

Organisation structure                Organisational structure is stable

Detrimental                    No detrimental records found

Payment history            :                       No payment delays noted

 

 

Credit amount asked                                                              Not described.

Comments                                           It is advisable to conduct business dealing on prepayment or L/C for

larger credit transaction than suggested. Although the Subject seems well positioned in the market and financially stable as the Subject is a joint venture of a well organized groups however without official financial information it would be difficult to grant a large credit amount. Our suggestion of credit is based on years of establishment, nature of business, capital investment and ownership background.

 

 

 

Statutory details

 

Registry Data

 

Registration date                                   14/06/2004

Legal form                                            Private Limited Company

Registration no                                      1521564

Registered authority                              New Zealand Companies Office

Registry status                                      Live/Active

Previous name                                       None reported.

Change of legal form                               None reported

 

 

Management / directors

 

Key Management

 

Name                           :      Jacob Mani Mannothra

Designation                                                   :            Managing Director

 

 

Board of directors / other appointments

 

Appointments

 

Name                            Gerald Hunt

Designation                   Director

Appointment date           14/06/04

Address                        148A East Coast Road

Milford, Auckland 0620

New Zealand

 

Name                           Jacob Mani Mannothra

Designation                   Director

Appointment date          14/06/04

Address                        19 Rimu Terrace

Waikawa, Picton 7220

New Zealand

 

Name                            Derek Ralph Lander

Designation                   Director

Appointment date           14/06/04

Address                        6 Moana Road

Days Bay, Lower Hutt 5013

New Zealand

 

Name                            Richard James Osborne

Designation                   Director

Appointment date           14/06/04

Address                        8 Alma Street North

Renwick, Marlborough 7204

New Zealand

Staff employed                        :                       5 employees

 

 

Share capital

 

Composition

 

Authorized Capital                                 :   NZD 3,000,000

No of shares                                         :   3,000,000 Shares

Share par value                                     :   NZD 1

Issued capital                                       :   NZD 3,000,000

Paid up capital                                                                                              :   NZD 3,000,000

 

 

ownership / shareholders

 

How listed                                            Full List

 

Composition

Shareholder name                      FLIGHT FORESTRY LIMITED

Address                                    8 Alma Street North

Renwick, Marlborough 7204

New Zealand

No. of shares                             1,500,000 Shares

 

Shareholder name                      SOUNDS OF FOREST LIMITED

Address                                    C/o Nair & Chen Chartered Accountants Ltd

280 Great South Road

Greenlane, Auckland 1051

New Zealand

No. of shares                                        :   1,500,000 Shares

 

Comments                                            :   The Subject is a joint venture between the Flight Group which is

majority owned by Mr. Derek Ralph Lander with Mr. Richard James Osborne and the company Sound of Forest Group which is majority owned by Mr. Gerald Hunt with Mr. Jacob Mani Mannothra.

Related companies & corporate Affiliations

 

Structure

 

Name                KAUAPEPE FOREST LIMITED

Affiliation type    Associate

Address            New Zealand

 

 

Name                OYSTER BAY RESORTS LIMITED

Affiliation type    Associate

Address            New Zealand

 

Name                FORTIMBER LIMITED

Affiliation type    Associate

Address            New Zealand

 

Name                FORTIMBER EXPORTS LIMITED

Affiliation type    Associate

Address            New Zealand

 

Name                FLIGHT GROUP LIMITED

Affiliation type    Associate

Address            New Zealand

 

Name                SOUNDS OF FOREST TRADING LIMITED

Affiliation type    Associate

Address            New Zealand

 

Name                FLIGHT PLASTICS LIMITED

Affiliation type    Associate

Address            New Zealand

 

Name                FLIGHT PROPERTIES (BLENHEIM) LIMITED

Affiliation type    Associate

Address            New Zealand

 

Name                CHESTNUT VALLEY LIMITED

Affiliation type    Associate

Address            New Zealand

 

Name                HIDDEN VALLEY FOREST LIMITED

Affiliation type    Associate

Address            New Zealand

 

Related companies and corporate affiliations comments Other companies of the Flight Group and Sound of Forest Group should be considered affiliates of the Subject.

 

Bank & mortgages

 

Bank Details

Name of bank    :   Bank of New Zealand

Address            :   New Zealand

Account details  :   Current Account

Comments                                            :   It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

 

Mortgages        None reported.

 

 

Legal Fillings

Bankruptcy fillings          None reported.

Court judgements           None reported.

Tax liens                       None reported.

Others                          None reported.

 

 

financials

 

Description

 

Comments                                            :   Private Companies in New Zealand are not required to file accounts

                                                            unless classified as "Large", which at the moment means that two out

                                                            of the following

 

- The company has a sales turnover of over NZD 20,000,000;

- The company has total assets of over NZD 10,000,000;

- The company employs 50 people or more.

The Subject does not meet the criteria of being a large Private Company.

 

 

Operation details

 

Main activities                                       :   The Subject's main activities are log exporters.

 

Purchases

Local                                                    :   Yes

 

Sales

International                                          :   Mainly to India

 

Property & Assets

 

Premises                                              Subject operates from premises located at the verified

                                                            heading address consisting of administrative office.

Branches                                                                                                       None reported.

 

 

Summarized country risk

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                          Reserve Bank of New Zealand

Reserve of foreign exchange & gold         US$ 18.421 billion

Gross domestic product – GDP               US$ 140,434 billion

GPP (Purchasing power parity)               119.791 billion of International dollars

GDP per capita - current prices               US$ $32,145

 

GDP - composition by sector                  Agriculture: 4.6%

Industry: 23.7%

Services: 71.7%

 

Inflation :                                               2008: 4%

2009: 2.1%

2010: 2.5%

 

Unemployment rate                                2008: 4.2%

2009: 6.2%

2010 : 6.2%

 

 

Public debt

(General Government gross

debt as a % GDP)                                  2008: 20.4 %

2009:  26.2 %

2010:   31 %

 

Government bond ratings                        Standard & Poor's: AAA/Stable/A-1+

Moody's rating: Aaa

Moody's outlook: STA

 

Market value of publicly traded shares      US$ 67.061 billion

 

Largest companies in the country            Telecom of New Zealand, Transpower, Fletcher Building,Infratil

 

Trade & Competitiveness Overview

 

Total exports                             US$29.53 billion

 

Exports commodities                 dairy products, meat, wood and wood products, fish, machinery

 

Total imports                             US$31.11 billion

 

Imports commodities                 machinery and equipment, vehicles and aircraft, petroleum, electronics,textiles,

plastics

Export - major partners               Australia 22%, US 11.5%, Japan 9.2%, China 5.3%, UK 4.6%

 

Import - major partners               Australia 20.7%, China 13.4%, US 9.7%, Japan 9.5%, Singapore 4.9%, Germany 4.7%

 

FDI Inflows                                2007: US$3,441 million

2008: US$4,993 million

2009: US$348 million

 

FDI Outflows                              2007: US$3,703 million

2008: US$-239 million

2009: US$-406 million

 

Best countries for doing business  3 out of 183 countries

 

Global competitiveness ranking    25 (ranking by country on a basis of 142, the first is the best)

 

 

Country and Population Overview

Total population                                    :   4.37 million

Total area                                             :   270,467 km2

Capital                                                 :   Wellington

Currency                                                                                                      :   New Zealand dollars (NZD)

Internet users as % of total population   :  84.38 %

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.13

UK Pound

1

Rs.74.18

Euro

1

Rs.64.88

 

 

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.