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Report Date : |
03.06.2013 |
IDENTIFICATION DETAILS
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Name : |
CARTER HOLT HARVEY PULP & PAPER LIMITED |
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Registered Office : |
173 Captain Springs Road Onehunga Auckland 1061 |
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Country : |
New Zealand |
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Date of Incorporation : |
23.05.2003 |
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Com. Reg. No.: |
1308173 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Producer of kraft linerboard and hardwood pulp. |
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No. of Employees : |
1,100 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 |
|
Risk Category |
ECGC
Classification |
|
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 : CARTER HOLT HARVEY PULP & PAPER
LIMITED
Business address :
State Highway 1
Town : Tokoroa
Province : Waikato
Zip/postal code : 3491
Country : New Zealand
Tel : +64 7 8855999
Fax : +64 7 8855614
Website : www.chhpulpandpaper.com
Registered address
: 173 Captain Springs Road
Town : Onehunga
Province : Auckland
Zip/postal code : 1061
Country : New Zealand
Postal address : Private Bag 6
Town : Tokoroa
Province : Waikato
Zip/postal code : 3444
Country : New Zealand
Executive Summary
Date founded or
registered : 23/05/2003
Legal form : Private Limited
Company
Chief executive : Jon Ryder
Issued & paid
up capital : USD 474,444,843
Line of business :
Producer of kraft
linerboard and hardwood pulp.
Staff employed : 1,100 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
steady
Management
experience : Management is
adequately experienced
Financial
performance : Financial
performance is undetermined
Organization
structure : Organizational
structure is stable
Detrimental : No
detrimental found
Payment history : No payment delays noted
Registry Data
Registration date
: 23/05/2003
Legal form : Private Limited
Company
Registration no 1308173
Registered
authority : New Zealand
Companies Office
Registry status : Live/Active
Previous name : None reported.
Change of legal
form : None reported.
Key Management
Name : Jon Ryder
Designation : Chief Executive Officer
Name : Bryce McCheyne Murray
Designation : Chief Financial Officer
Name : Lyndon Haugh
Designation : Energy Manager
Appointments
Name : Gregory Alan Cole
Designation : Director
Appointment date :
25/06/09
Address : 18 Tarata Street
Mount Eden, Auckland 1024
New Zealand
Name : Allen Philip Hugli
Designation : Director
Appointment date :
25/06/09
Address : 1 Hay Place
Epsom, Auckland 1023
New Zealand
Name : Bryce McCheyne Murray
Designation : Director
Appointment date :
23/12/09
Address : 14 Siota Crescent
Kohimarama, Auckland 1071
New Zealand
Name : Helen Dorothy Golding
Designation : Alternate Director
Appointment date :
23/12/09
Address : 75 Evans Street
Rozelle, NSW 2039
Australia
Staff employed : 1,100 employees
Composition
Authorized Capital
: USD 474,444,843
No of shares : 474,444,843 Ordinary Shares
Share par value : USD 1
Issued capital : USD 474,444,843
Paid up capital : USD 474,444,843
How listed : Full
List
Composition
Shareholder name :
CARTER HOLT HARVEY LIMITED
Address : 173 Captain Springs Road
Onehunga, Auckland 1061
New Zealand
No. of shares : 474,444,843 Ordinary Shares
% of shares : 100%
Structure
Name : RANK GROUP LIMITED
Affiliation type :
Ultimate Holding Company
Address : Level 9, 148 Quay Street
Auckland Central, Auckland 1010
New Zealand
Comments : The company is a privately held investment
company in Auckland, New Zealand.
The company acquisition includes companies from the packaging, consumer
goods, building supplies, and automotive aftermarket industries.
The company is 100% owned by Mr. Graeme Hart which is New Zealand
richest
man with a net worth of USD 5.3 billion as of March 2013.
Name : FERNBROOK INVESTMENTS LIMITED
Affiliation type :
Holding Company
Address : Level 9, 148 Quay Street
Auckland Central, Auckland 1010
New Zealand
Comments : Investment holding company.
Name : RANK GROUP INVESTMENTS LIMITED
Affiliation type :
Intermediate Holding Company
Address : Level 9, 148 Quay Street
Auckland Central, Auckland 1010
New Zealand
Comments : Investment holding company.
Name : CARTER HOLT HARVEY LIMITED
Affiliation type :
Parent Company
Address : 173 Captain Springs Road
Onehunga, Auckland 1061
New Zealand
Comments : Carter Holt Harvey Ltd., a forest products
company, provides wood products,
pulp, and paper and packaging products. It offers paper bags and montage
graphics. The company was formerly known as Carter Holt Holdings Ltd.
and
changed its name to Carter Holt Harvey Ltd. in the year 1985. Carter
Holt Harvey
Ltd. was founded in 1859 and is headquartered in Auckland, New Zealand.
Name : CARTER HOLT HARVEY HBU LIMITED
Affiliation type :
Sister Company
Address : 173 Captain Springs Road
Onehunga, Auckland 1061
New Zealand
Name : CARTER HOLT HARVEY INSURANCE
LIMITED
Affiliation type :
Sister Company
Address : 173 Captain Springs Road
Onehunga, Auckland 1061
New Zealand
Name : RANK COMMERCIAL LIMITED
Affiliation type :
Sister Company
Address : Level 9, 148 Quay Street
Auckland Central, Auckland 1010
New Zealand
Name : RANK GROUP PROPERTY INVESTMENTS
LIMITED
Affiliation type :
Sister Company
Address : Level 9, 148 Quay Street
Auckland Central, Auckland 1010
New Zealand
Name : CARTER HOLT HARVEY PACKAGING NZ
LIMITED
Affiliation type :
Sister Company
Address : 173 Captain Springs Road
Onehunga, Auckland 1061
New Zealand
Name : CARTER HOLT HARVEY EQUITIES LIMITED
Affiliation type :
Sister Company
Address : 173 Captain Springs Road
Onehunga, Auckland 1061
New Zealand
Related companies and corporate affiliations comments
: Other companies
of the Rank Group should be considered affiliates of the Subject.
Bank Details
Name of bank : Bank of New Zealand
Address : New Zealand
Account details : Current Account
Name of bank : ASB Bank Limited
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 Subject latest financial
information was not filed with the New Zealand
Companies Office. The Subject's available financial information is for
financial
year end 31/12/2004.
Main activities :
The Subject is engaged as producer of kraft linerboard, hardwood pulp,
corrugated cardboard etc.
The Subject
operates from four mills located in Kinleith, Tasman,
Whakatane, and
Penrose.
Purchases
International :
Asia, Europe, United States
Sales
Local : Yes
International :
Australia, Asia countries
Property & Assets
Premises : The Subject operates from premises at the
verified heading address
consisting of a production mill, warehouse and administrative office.
This
production facilities is also known as the Kinleith Mill.
Kinleith Mill is located near Tokoroa in New Zealand's Central North
Island
Region.
Kinleith is the largest mill, producing bleached and unbleached softwood
kraft pulp and a range of linerboards and medium used in packaging.
Branches : In addition, the Subject operates from 3 other production
mills located at
Tasman, Whakatane, and Penrose.
Tasman Mill is located in the Bay of Plenty Region of New Zealand near
Kawerau. Here the Subject manufactures a range of specialty pulp
products used by manufacturers of high quality paper, tissue and
building
products.
Whakatane Mill is also located in the Bay of Plenty Region of New
Zealand
near the Whakatane township. Here the Subject manufactures a range of
coated cartonboards used to package FMCG products.
Penrose Mill is located in Auckland, close to a ready supply of waste
paper
from New Zealand's largest population centre and to two of the country's
largest producers of corrugated packaging.
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$ 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 : 2009:
2.1%
2010: 2.3%
2011: 4%
Unemployment rate
: 2009: 6.1%
2010: 6.5%
2011: 6.5%
Public debt
(General
Government gross debt as
a % GDP): 2009:
26.1%
2010: 32.3%
2011: 37%
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 : Westpac
Limited, Transpower, Fletcher Building Limited, National Bank of New Zealand,
Fonterra Co-Operative Group Ltd, Air New Zealand Limited, The Warehouse Group
Limited, Progressive Enterprises Ltd
Trade & Competitiveness Overview
Total exports : US$33.24
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 : 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 : 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: 83%
Purchase Term
Local :
Prepayment, Bank transfer, Credit up to 150 days
International :
L/C, Telegraphic transfer, Credit up to 150 days
Sales Term
Local :
Prepayment, Bank transfer, Credit up to 150 days
International : L/C,
Telegraphic transfer, Credit up to 150 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.56.49 |
|
|
1 |
Rs.86.01 |
|
Euro |
1 |
Rs.73.68 |
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 |
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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 |
-- |
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.