MIRA INFORM REPORT
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Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
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Name : |
ZINDIA LIMITED |
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Registered Office : |
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Country : |
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Date of Incorporation : |
14.06.2004 |
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Com. Reg. No.: |
1521564 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Logs and lumber exporters |
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No. of Employees : |
05 |
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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Maximum Credit Limit : |
USD 340,000 |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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New Zealand |
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 |
Verified Address
Subject name : ZINDIA LIMITED
Business address : 8B Mariners Mall, 100 High Street
Town : Picton
Province : Marlborough
Zip/postal code : 7220
Country : New Zealand
Tel : +64 3 5737477
Fax : +64 3 5737460
Website : www.zindia.co.nz
Registered address : P.O. Box 137
Town : Picton
Province : Marlborough
Zip/postal code : 7250
Country : New Zealand
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 : Logs and lumber exporters.
Staff employed : 5 employees
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 good
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 340,000
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.
Key Management
Name : Jacob Mani Mannothra
Designation : Managing Director
BOARD OF D
IRECTORS/ OTHER APPOINTMENTS
Appointments
Name : Gerald Hunt
Designation : Director and Company Secretary
Appointment date : 14/06/04
Address : 148A East Coast Road
Milford,
Auckland 0620
New
Zealand
Biography : - Director of Zindia Ltd,
Fortimber Exports Ltd
-Winner of
Leadership Award in Forestry
-Ex
Chairman of Wood New Zealand ( New Zealand’s Pan Industry
Forestry Promotion
Programme )
-Ex CEO of
Pine Manufacturers Association
Name : Jacob Mani Mannothra
Designation : Director
Appointment date : 14/06/04
Address : 19 Rimu Terrace
Waikawa,
Picton 7220
New
Zealand
Biography : -Director of Zindia Ltd, Fortimber
Exports Ltd, Simangie Movies Ltd
-Member
Executive Committtee of India - New Zealand Business
Council
-Awarded
for his role in Promotion of Rubberwood
-Ex member
of Global Ruberwood Project ( ITC/UNCTAD/WTO)
-Ex
Manager of New Zealand’s India Pine Export Network
Staff employed : 5 employees
Key Advisors
Auditors : SHAW TAX CHARTERED
ACCOUNTANTS
16
Portland Crescent
Thorndon, Wellington, 6011
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
How listed : Full List
Composition
Shareholder name : FLIGHT FORESTRY LIMITED
Address : 75 Wainui Road
Lower Hutt
PO Box 38
252
Wellington
Mail Centre
5010
Wellington
New Zealand
No. of shares : 1,500,000 Shares
% of shares : 50%
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
% of shares : 50%
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.
Structure
Name : SOUNDS OF FOREST
LIMITED
Affiliation type : Shareholder
Address : C/o Nair & Chen
Chartered Accountants Ltd
280 Great
South Road
Greenlane,
Auckland 1051
New
Zealand
Name : FLIGHT FORESTRY LIMITED
Affiliation type : Shareholder
Address : 75 Wainui Road
Lower Hutt
PO Box 38
252
Wellington
Mail Centre
5010
Wellington
New
Zealand
Name : FORTIMBER EXPORTS
LIMITED
Affiliation type : Associate
Address : C/o Nair & Chen
Chartered Accountants Ltd
280 Great
South Road
Greenlane,
Auckland 1051
New
Zealand
Name : OYSTER BAY RESORTS
LIMITED
Affiliation type : Associate
Address : C/o Nair & Chen
Chartered Accountants Ltd
280 Great
South Road
Greenlane,
Auckland 1051
New
Zealand
Name : FLIGHT PROPERTIES
(BLENHEIM) LIMITED
Affiliation type : Associate
Address : 75 Wainui Road
Lower Hutt
PO Box 38
252
Wellington
Mail Centre
5010
Wellington
New
Zealand
Name : FLIGHT PLASTICS LIMITED
Affiliation type : Associate
Address : 75 Wainui Road
Lower Hutt
PO Box 38
252
Wellington
Mail Centre
5010
Wellington
New
Zealand
Name : FORTIMBER EXPORTS LIMITED
Affiliation type : Associate
Address : C/o Nair & Chen Chartered
Accountants Ltd
280 Great
South Road
Greenlane,
Auckland 1051
New
Zealand
Name : OYSTER BAY RESORTS LIMITED
Affiliation type : Associate
Address : C/o Nair & Chen Chartered
Accountants Ltd
280 Great
South Road
Greenlane,
Auckland 1051
New
Zealand
Name : FLIGHT TIMBERS LIMITED
Affiliation type : Associate
Address : 75 Wainui Road
Lower Hutt
PO Box 38
252
Wellington
Mail Centre
5010
Wellington
New
Zealand
Name : FLIGHT LIMITED
Affiliation type : Associate
Address : 75 Wainui Road
Lower Hutt
PO Box 38
252
Wellington
Mail Centre
5010
Wellington, 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.
Description
Comments : Industry source
states the Subject estimated annual turnover is between NZD 70 million to NZD
100 million.
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
Main activities : The
Subject's main activities are logs and lumber exporters.
Purchases
Local : Yes
International : None reported.
Sales
Local : None reported.
International : Mainly to India
Property &
Assets
Premises : The Subject operates from premises located at the verified heading address consisting of
administrative office.
Branches : None reported.
Gross Domestic
Products (GDP) & Economic Overview
Central bank Reserve Bank of New Zealand
Reserve of foreign exchange & gold US$ 20.562 billion
Gross domestic product - GDP US$ 153.252 billion
GPP (Purchasing power parity) 120.2 billion of International dollars
GDP per capita - current prices US$ $ 34,701
GDP - composition by sector agriculture: 4.7% industry: 24% services: 71.3%
Inflation 2009: 2.1%
2010: 2.3%
2011: 4.1.%
Unemployment
rate 2009:
6.2%
2010: 6.5%
2011: 6.7%
Public debt
(General Government gross
debt as a % GDP) 2009: 26.1 %
2010: 31.6%
2011: 35.8%
Government bond
ratings Standard
& Poor's: AA+/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, Trans power, Fletcher Building, Infratil
Trade & Competitiveness Overview
Total exports US$33.24billion
Exports commodities dairy products, meat, wood and wood products, fish, machinery
Total imports US$31.11 billion
Imports commodities machinery and equipment, vehicles and aircraft, petroleum,
electronics, textiles, plastics
Export - major partners Australia 22%, US 11.5%, Japan 9.2%, China 5.3%, UK 4.6%
Import - major partners Australia 20.7%, China 13.4%, US 9.7%, Japan 9.5%, Singapore 4.9%,
Germany 4.7%
FDI Inflows 2008: US$ 4,598 million
2009: US$ -1,293 million
2010: US$ 561 million
FDI Outflows 2008: US$ 462 million
2009: US$-308 million
2010: US$-589 million
Best countries for doing
business 3 out of 183 countries
Global competitiveness ranking 23 (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 Dollar (NZD)
Internet
users as % of total population
:
83 %
Purchase Term
Local : Cash against document, Prepayment,
Credit 30-60 days
Sales Term
International : L/C, Prepayment, Credit 30-60 days
Trade Reference/
Payment Behaviour
Comments : As local and international trade
references were not supplied, the Subject's payment track record
history
cannot be appropriately determined but based on our research, payments are
believed to be met without delay.
Investigation Note
Sources : Interviews and material
provided by the Subject
Other official and local business sources
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.05 |
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UK Pound |
1 |
Rs.81.09 |
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Euro |
1 |
Rs.67.39 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.