MIRA INFORM REPORT
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Report Date : |
27.08.2012 |
IDENTIFICATION DETAILS
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Name : |
ZINDIA LIMITED |
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Registered Office : |
P.O. Box
137, Picton, Marlborough, Zip/postal code 7250 |
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Country : |
New Zealand |
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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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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
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.55.38 |
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1 |
Rs.87.80 |
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Euro |
1 |
Rs.69.48 |
INFORMATION DETAILS
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Report Prepared
by : |
SDA |
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.