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Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
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Name : |
ZINDIA LIMITED |
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Registered Office : |
C/o NAIR & CHEN CHARTERED ACCOUNTANTS LIMITED, 280 Great South
Road Greenlane Auckland 1051 |
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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 : |
The Subject engages in export of logs and lumber. |
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No. of Employees : |
5 employees |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
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 : 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
Email : jacob@zindia.co.nz
Website : www.zindia.co.nz
Registered address : C/o NAIR
& CHEN CHARTERED ACCOUNTANTS LIMITED
280 Great South
Road
Town : Greenlane
Province : Auckland
Zip/postal code : 1051
Country : New Zealand
Postal 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 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 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.
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
Appointments
Name : Gerald
Hunt
Designation : Director
Appointment date : 14/06/04
Address : 148A
East Coast Road
Forrest Hill, 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 : Yogesh
Jain
Designation : Director
Appointment date : 08/01/13
Address : C/o
SITA RAM FEROZI LALL JAIN PRIVATE LIMITED
1/38, W.H.S., Kirti Nagar
New Delhi 110015
Delhi
India
Name : Jacob
Mani Mannothra
Designation : Director
Appointment date : 14/06/04
Address : 58
Marina View Estate
Waikawa, Marlborough 7281
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 : NAIR
& CHEN CHARTERED ACCOUNTANTS LIMITED
280 Great South Road
Greenlane, Auckland 1051
New Zealand
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 : Jointly
held by Jacob Mani Mannothra, Lali Jo Jacob & NAIR & ASSOCIATES
TRUSTEE COMPANY
LIMITED
Address : Jacob
Mani Mannothra
58 Marina View Estate
Waikawa, Marlborough 7281
New Zealand
Lali Jo Jacob
3 Rochdale Circuit
Stanhope Gardens, NSW 2768
Australia
NAIR &
ASSOCIATES TRUSTEE COMPANY LIMITED
280 Great South Road
Greenlane, Auckland 1051
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 LIMITED
280 Great South Road
Greenlane, Auckland 1051
New Zealand
No. of shares : 1,500,000
Shares
% of shares : 50%
Structure
Name : SOUNDS OF
FOREST LIMITED
Affiliation type : Shareholder
Address : C/o NAIR &
CHEN CHARTERED ACCOUNTANTS LIMITED
280 Great South Road
Greenlane, Auckland 1051
New Zealand
Name : FORTIMBER
EXPORTS LIMITED
Affiliation type : Associate
Address : C/o NAIR &
CHEN CHARTERED ACCOUNTANTS LIMITED
280 Great South Road
Greenlane, Auckland 1051
New Zealand
Name : GREEN TREE
HARVESTERS LIMITED
Affiliation type : Associate
Address : C/o NAIR & CHEN
CHARTERED ACCOUNTANTS LIMITED
280 Great South Road
Greenlane, Auckland 1051
New Zealand
Name : OYSTER BAY
RESORTS LIMITED
Affiliation type : Associate
Address : C/o NAIR &
CHEN CHARTERED ACCOUNTANTS LIMITED
280 Great South Road
Greenlane, Auckland 1051
New Zealand
Name : HAKA HAKA BAY
LIMITED
Affiliation type : Associate
Address : C/o NAIR &
CHEN CHARTERED ACCOUNTANTS LIMITED
280 Great South Road
Greenlane, Auckland 1051
New Zealand
Related companies and corporate affiliations comments: Other companies
of the Sound of Forest Group should be considered affiliates of the Subject.
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's 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 engages in export of logs and lumber.
The Subject is the largest New Zealand log
exporter to India.
Product & services : Unsawn
logs
Timber products
Plywoods
Lumber
Wood Pulp
Laminated wood
Purchases
Local : Yes
International : None
reported.
Sales
Local : None
reported.
International : Mainly
to India, China
Key events : 26
March 2010
Wood Exports Show India Trade Potential
New Zealand’s population might be 0.37% the
size of India’s, but an exporter of Kiwi wood to the Indian market says there
are enoughsimilarities to make the two countries natural trading partners.
Jacob Mani Mannothra – managing director at
Marlborough-based Zindia –said the free trade agreement now being negotiated
between the twonations could have a massive impact.
“India could be New Zealand’s biggest trading
ally in the coming years,because we have so many things in common. There is
synergy in thoughtand language, as well as similar legal systems and a love of
cricket. The owner/operator style of business is also a significant part of
both economies, with India and New Zealand both producing people who would
rather own the business than just work for it.”
Zindia was named the top business operating
in the Indian business sector in NBR‘s monthly Exciting Companies series with
an 85.8% rating in surveys conducted by strategic business consultancy New
River. It was followed by Relianz Forex, Masala Indian Restaurant in Wellington
and fast food retailer Bikanervala.
Getting Wood
The business was established in 2004 and
ships logs and other timber products out of Marlborough, with one ship making
the trip to the subcontinent every month, generating about $US4 million in
turnover each voyage.
It’s a competitive industry with other New
Zealand timber companies keeping an eye on India, while there is also competition
from low-costbusinesses from countries such as Malaysia or Korea.
Mr Mannothre – who co-owns Zindia with Rick
Osborne – said Zindia had sidestepped its competitors by focusing on that
shared trait for small businesses.
“As a rule, in India we only sell to small
sawmillers, so there are no middlemen. By going directly to the small guys who
actually use the product, we cut all the middlemen speculators right out of the
picture.”
He said having a sales channel to India also
helped Zindia make the logging business more viable, as the company found a
willing market for wood that wasn’t always wanted in New Zealand.
“India takes the industry-logs, for which
there is a limited market for in New Zealand. For a forest owner, to be really
viable, you need to sell every single grade and you can get a reasonable return
by shipping to India.”
With India’s economy emerging from the
global recession relatively unscathed, Mr Mannothra said he had no doubt the
business links between the two countries were only going to strengthen.
“India is a growing market with one billion
people and a younger population than any other country. It’s a natural fit for
New Zealand in the future.”
Source: www.nzwood.co.nz
Property &
Assets
Premises : The Subject operates from
premises at the verified heading address consisting of an administrative
office.
Branches : None
reported.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of New Zealand
Reserve of foreign exchange & gold : US$ 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 |
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|
1 |
Rs.90.78 |
|
Euro |
1 |
Rs.77.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
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 |
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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.