|
Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
PACIFIC FOREST
PRODUCTS NZ LIMITED |
|
|
|
|
Registered Office : |
Level 6, 35 High
Street Auckland Central Auckland 1010 |
|
|
|
|
Country : |
New Zealand |
|
|
|
|
Date of Incorporation : |
02.02.2009 |
|
|
|
|
Com. Reg. No.: |
2206024 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Exporter of logs
and lumber. |
|
|
|
|
No. of Employees : |
20 employees |
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 : |
Slow |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
New Zealand |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
NEW ZEALAND - ECONOMIC OVERVIEW
Over the past 20 years the government has transformed New
Zealand from an agrarian economy dependent on concessionary British market
access to a more industrialized, free market economy that can compete globally.
This dynamic growth has boosted real incomes - but left behind some at the
bottom of the ladder - and broadened and deepened the technological
capabilities of the industrial sector. Per capita income rose for ten
consecutive years until 2007 in purchasing power parity terms, but fell in
2008-09. Debt-driven consumer spending drove robust growth in the first half of
the decade, helping fuel a large balance of payments deficit that posed a
challenge for economic managers. Inflationary pressures caused the central bank
to raise its key rate steadily from January 2004 until it was among the highest
in the OECD in 2007-08; international capital inflows attracted to the high
rates further strengthened the currency and housing market, however,
aggravating the current account deficit. The economy fell into recession before
the start of the global financial crisis and contracted for five consecutive
quarters in 2008-09. In line with global peers, the central bank cut interest
rates aggressively and the government developed fiscal stimulus measures. The
economy posted a 2% decline in 2009, but pulled out of recession late in the
year, and achieved roughly 2% per year growth in 2010-12. Nevertheless, key
trade sectors remain vulnerable to weak external demand. The government plans
to raise productivity growth and develop infrastructure, while reining in
government spending.
Source
: CIA
Verified Address
Subject name : PACIFIC FOREST PRODUCTS NZ LIMITED
Business address :
Level 6, 35 High Street
Town : Auckland
Central
Province : Auckland
Zip/postal code : 1010
Country : New Zealand
Tel : +64 9 3090868
Fax : +64 9 3090866
Website : www.pfpltd.co.nz
Registered address
: Level 6, 35 High Street
Town : Auckland Central
Province : Auckland
Zip/postal code : 1010
Country : New Zealand
Postal address : PO Box 597, Shortland Street
Town : Auckland Central
Province : Auckland
Zip/postal code : 1140
Country : New Zealand
Executive Summary
Date founded or
registered : 02/02/2009
Legal form : Private Limited
Company
Chief executive : Gregory Kevin Molloy
Issued & paid
up capital : NZD 10,000
Line of business :
Exporter of logs and
lumber.
Staff employed : 20 employees
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is in start-up phase
Management
experience : Management is reasonably experienced
Financial
performance : Financial performance is undetermined
Organization
structure : Organizational structure is acceptable
Detrimental : No
detrimental found
Payment history : No payment delays noted
Registry Data
Registration date
: 02/02/2009
Legal form : Private Limited Company
Registration no 2206024
Registered
authority : New Zealand Companies
Office
Registry status : Live/Active
Previous name : None reported.
Change of legal
form : None reported.
Key Management
Name : Gregory Kevin Molloy
Designation : Director of Operations
Name : Eddie Shin
Designation : Director of Sales & Marketing
Appointments
Name : Gregor John Barclay
Designation : Director
Appointment date :
02/02/09
Address : 31B Aldred Road
Remuera, Auckland 1050
New Zealand
Biography : Greg is a
founding principal of Claymore Law, a specialist commercial advisory practice
established in 1997. He has a law degree from Canterbury University and a post
graduate diploma of business from Auckland University. In addition to being
Chairman of PFP, Greg was
formerly Chairman of Kim Crawford Wines Ltd, is an executive member of
the Canada NZ Business Association and honorary solicitor to the Canadian trade
consulate. Greg is on the Board of a number of private and public companies,
and is currently a board member of NZ Cricket. Greg’s role as independent
Chairman serves to provide separation between the board and management and
provides a highly valuable independent presence on the board.
Name : Gregory Kevin Molloy
Designation : Director
Appointment date :
02/02/09
Address : 94 Tauranga Direct Road, Rd 2
Hamurana, Rotorua 3072
New Zealand
Biography : Greg is responsible for all of PFP’s
operations as well as their vessel
chartering through South Pacific Shipping. Greg’s previous role was
GM Operations for CITIC NZ. Prior to joining CITIC, Greg was
Operations Manager for Rayonier responsible for some 1.2 m m3 of
harvest and prior to that spent 4 years on the East Coast as Area
Manager for Rayonier.
Name : Eddie Shin
Designation : Director
Appointment date :
02/02/09
Address : 10 Estuary Views
Shelly Park, Auckland 2014
New Zealand
Biography : Eddie Shin is responsible for all of PFF’s
sales and marketing
activities in Asia and India. Eddie has over 25 years’ experience in
both the softwood and hardwood business throughout the Pacific
Rim. Eddie has a degree in Forestry Science from Seoul National
University, Korea.
Staff employed :
20 employees
Composition
Authorized Capital
: NZD 10,000
No of shares : 10,000 Shares
Share par value : NZD 1
Issued capital : NZD 10,000
Paid up capital : NZD 10,000
How listed : Full List
Composition
Shareholder name :
POINT VIEW HOLDINGS LIMITED
Address : C/o MTH CHARTERED ACCOUNTANTS
LIMITED
Level 14, 41 Shortland Street
Auckland Central, Auckland 1010
New Zealand
No. of shares : 3,895 Shares
% of shares : 38.95%
Shareholder name : FINN MACCOOL HOLDINGS LIMITED
Address : Level 6, 35 High Street
Auckland Central, Auckland 1010
New Zealand
No. of shares : 3,895 Shares
% of shares : 38.95%
Shareholder name : BISHOPS PINE LIMITED
Address : C/o MTH CHARTERED
ACCOUNTANTS LIMITED
Level 14, 41 Shortland Street
Auckland Central, Auckland 1010
New Zealand
No. of shares : 955 Shares
% of shares : 9.55%
Shareholder name :
EAST BUND HOLDINGS LIMITED
Address : C/o MTH CHARTERED
ACCOUNTANTS LIMITED
Level 14, 41 Shortland Street
Auckland Central, Auckland 1010
New Zealand
No. of shares : 955 Shares
% of shares : 9.55%
Shareholder name :
SENLAC RIDGE HOLDINGS LIMITED
Address : C/o MTH CHARTERED
ACCOUNTANTS LIMITED
Level 14, 41 Shortland Street
Auckland Central, Auckland 1010
New Zealand
No. of shares : 300 Shares
% of shares : 3.00%
Structure
Name : SOUTH PACIFIC SHIPPING LIMITED
Affiliation type :
Wholly-owned Subsidiary
Address : Level 6, 35 High Street
Auckland Central, Auckland 1010
New Zealand
Name : ASIA PACIFIC WOOD PRODUCTS LIMITED
Affiliation type :
Wholly-owned Subsidiary
Address : Level 6, 35 High Street
Auckland Central, Auckland 1010
New Zealand
Name : PACIFIC FOREST PRODUCTS
INTERNATIONAL LIMITED
Affiliation type :
Wholly-owned Subsidiary
Address : Level 6, 35 High Street
Auckland Central, Auckland 1010
New Zealand
Name : PFP MANAGEMENT LIMITED
Affiliation type :
Wholly-owned Subsidiary
Address : Level 6, 35 High Street
Auckland Central, Auckland 1010
New Zealand
Name : ADAC SHIPPING SERVICES LIMITED
Affiliation type :
Wholly-owned Subsidiary
Address : Level 6, 35 High Street
Auckland Central, Auckland 1010
New Zealand
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 : The representative contacted declined to
provide any financial information until
the inquiring party details are revealed.
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 is engaged
in the export of logs and lumber.
Product &
services : Logs
Lumber
Purchases
Local : Yes
International : None reported.
Sales
Local : None reported.
International : Mainly to China, South Korea,
India
Property & Assets
Premises : The Subject operates from
premises at the verified heading address
consisting of an administrative office.
Branches : In addition, the Subject
operates from branch office located at:
Level 2, 6 Tasman Quay
Mount Maunganui, Tauranga 3116
New Zealand
+64 7 5756335
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Reserve
Bank of New Zealand
Reserve of foreign
exchange & gold : US$ 17.012
billion
Gross domestic
product - GDP : US$ 180.548
billion
GPP (Purchasing
power parity) :
126.628 billion of International dollars
GDP per capita -
current prices : US$ 40,454
GDP - composition
by sector : agriculture:
4.7%
industry: 24%
services: 71.3%
Inflation : 2010:
2.3%
2011: 4%
2012: 2.1%
Unemployment rate
: 2010: 6.5%
2011: 6.5%
2012: 6%
Public debt
(General
Government gross debt as
a % GDP): 2010:
32.3%
2011: 37%
2012: 36%
Government bond
ratings : Standard
& Poor's: AA
Moody's rating: Aaa
Moody's outlook: STA
Market value of
publicly traded
shares: US$71.66
billion
Largest companies in the country : Fletcher
Building Limited, Fonterra Co-Operative Group Ltd, ANZ National Bank Limited,
Telecom Corporation of New Zealand Ltd, Westpac New Zealand Ltd, Carter Holt
Harvey Limited, Progressive Enterprises Ltd
Trade & Competitiveness Overview
Total exports : US$37.73
billion
Exports
commodities : Dairy
Products, Meat, Wood And Wood Products, Fish, Machinery
Total imports : US$35.65
billion
Imports commodities :
Machinery And Equipment, Vehicles And Aircraft, Petroleum, Electronics,
Textiles, Plastics
Export - major
partners : Australia
22.2%, China 12.5%, US 8.5%, Japan 7.1%
Import - major
partners : China
16.1%, Australia 15.9%, US 10.4%, Japan 6.3%, Singapore 4.6%,
Germany 4.3%
FDI Inflows : 2009: US$-761
million
2010: US$636 million
2011: US$3,369 million
FDI Outflows : 2009:
US$-1,037 million
2010: US$591 million
2011: US$2,856 million
Best countries for
doing business : 3 out of 185
countries
Global
competitiveness ranking : 23
(ranking by country on a basis of 144, the first is the best)
Country and Population Overview
Total population :
4.46
million
Total area : 270,467
km2
Capital :
Wellington
Currency : New
Zealand dollars (NZD)
Internet users as
% of total
population: 86%
Purchase Term
Local : Bank
transfer, D/P, Credit 30-120 days
Sales Term
International :
L/C, Telegraphic transfer, D/P, Credit 30-120 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
|
1 |
Rs.90.78 |
|
Euro |
1 |
Rs.77.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.