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Report No. : |
334458 |
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Report Date : |
05.08.2015 |
IDENTIFICATION DETAILS
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Name : |
CARTER HOLT HARVEY PULP & PAPER LTD |
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Registered Office : |
173 Captain Springs Road, Te Papapa,
Auckland 1142 |
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Country : |
New Zealand |
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Date of Incorporation : |
23.05.2003 |
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Legal Form : |
NZ Limited Company |
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Line of Business : |
Subject is engaged in processing and distribution of pulp,
paper and packaging |
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No. of Employee : |
Not Available |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
NEW ZEALAND - ECONOMIC OVERVIEW
Over the past 30 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, fueling a large balance of payments deficit that posed a challenge for policymakers. 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. The higher rate attracted international capital inflows, which strengthened the currency and housing market while 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 pulled out of recession in 2009, and achieved 2%-3% growth between 2011 to 2014. Nevertheless, key trade sectors remain vulnerable to weak external demand and lower commodity prices. In the aftermath of the Canterbury earthquakes, the government has continued programs to expand export markets, develop capital markets, invest in innovation, raise productivity growth, and develop infrastructure, while easing its fiscal austerity.
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Source
: CIA |
CARTER
HOLT HARVEY PULP & PAPER LTD
1308173
NZBN: 9429035963813
Summary
Panel
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Established |
1900 |
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Incorporated |
2003 |
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Line of Business
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processing and distribution of pulp, paper and packaging |
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Status |
Trading |
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Effective 1 December 2014 the subject and
certain related companies held by Carter Holt Harvey Limited were acquired from
Rank Group by Oji Oceania Management Co., Ltd.
For the year ended 31 December 2013 the
subject recorded revenue of NZ$1,147 million resulting in EBITDA of NZ$113
million and Net Income of NZ$29 million.
AT 31 December
2013 the subject recorded total assets of NZ$875 million
Entity Type: NZ Limited Company
Incorporated: 23 May 2003
Current Status: Registered
Constitution Filed: Yes
Registered Office
173 Captain Springs Road, Onehunga, Auckland, NZ
Address for Service
173 Captain Springs Road, Onehunga, Auckland, NZ
ISONO, Hiroyuki
31-21 Daizawa 1-chome, Setagaya-ku, Tokyo, 155-0032, JP
ITABASHI, Osamu
#507 7-10 Roppongi 1-chome, Minato-ku, Tokyo, 106-0032, JP
MATSUMURA, Motohiro
28-32 Kitaterao 4-chome, Tsurumi-ku, Yokohama, Kanagawa, 230-0074, JP
RYDER, David Jonathan
27 Mount Taylor Drive, Glendowie, Auckland, 1071, NZ
SHINODA, Kazuhisa
#331, 31-7 Takaidohigashi 1-chome, Suginami-ku, Tokyo, 168-0072, JP
TAKAHASHI, Shinichi
15-17 Yakumo 3-chome, Meguro-ku, Tokyo, 152-0023, JP
Shareholdings
Total Number of Shares: 474,444,843
Extensive Shareholdings: No
474,444,843 -OJI OCEANIA MANAGEMENT (NZ) LIMITED
HEAD OFFICE 173
Captain Springs Road
Te Papapa
Auckland 1142
TELEPHONE (649) 633 0600
WEBSITE www.chhpulpandpaper.com
BRANCHES TOKOROA, NZ
MILLS KINLEITH
TASMAN
WHAKATANE
PENROSE
ASSOCIATED
ENTITIES OJI OCEANIA MANAGEMENT (AUS) P/L
HOLDING ENTITY OJI OCEANIA MANAGEMENT (NZ) LIMITED
ULTIMATE HOLDING
ENTITY OJI
HOLDINGS CORP
BANK Not
determined
EMPLOYEES Not
determined
The subject was incorporated in New Zealand on 23 May 2003 under the
current style.
Group operations were originally established as a new venture in 1900 by
founders Francis Carter, Robert Holt and Alexander Harvey.
In May 1961, the group became public listed.
International Paper had owned 50.5% of the group, but in 2005 sold its
stake to Rank Group Investments which acquired the remainder of the group in
2006.
Rank Group Investments is controlled by Director (and billionaire)
Graeme Hart.
In August 2006, the subject amalgamated with Wood Export New Zealand
(1986) Ltd.
The subject
operates in the processing and distribution of pulp, paper and packaging.
The subject is comprised of three mills being Kinleith, Tasman, and Penrose, plus the
operational units of Fullcircle and Lodestar.
The subject produce
a range of kraft market pulps for use in the manufacture of various papers,
boards and speciality products together with containerboard for conversion into
corrugated cases.
Two service
businesses support the manufacturing operations:
Lodestar: The lead logistics service provider to Carter Holt Harvey, delivering
integrated logistics solutions encompassing road, rail, port logistics, and
land logistics services throughout Australasia, and international shipping
services into key markets across the Asia Pacific region.
Fullcircle
Recycling: Fullcircle Recycling provides a range of
collection and recovery services for businesses, households and Councils
throughout New Zealand.
Each year
Fullcircle Recycling collects over 250,000 tonnes of material of which 230,000
tonnes are fed into their own paper mills for conversion into Fusion® products.
Fullcircle Recycling has paper collection and baling infrastructure across New
Zealand and long term partnerships with many council and business organisations.
The subject is not required to lodge financial statements with the New
Zealand Companies’ Office.
During the current investigation, contact with the subjects Financial
Controller was unable to be established. Despite messages being left, no reply
has been received.
As a result, current details pertaining to the subjects trading and
financial position were unable to be obtained for the current enquiry.
Effective 1 December 2014 the subject and
certain related companies held by Carter Holt Harvey Limited were acquired from
Rank Group by Oji Oceania Management Co., Ltd.
Oji Oceania Management Co., Ltd was formed by
Oji Holdings Corporation (“Oji”) and Innovation Network Corporation of Japan
(“INCJ”). The transaction value (including the CHHPP Group’s net debt) is
approximately NZ$1,037 million.
The subject will be a subsidiary of OJI
Holding Corp. The co- investing partner INCJ, is a corporation incorporated in
2009 under the industrial competitiveness Enhancement Act of Japan.
For the year ended 31 December 2013 the
subject recorded revenue of NZ$1,147 million resulting in EBITDA of NZ$113
million and Net Income of NZ$29 million.
AT 31 December
2013 the subject recorded total assets of NZ$875 million
During the current investigation, contact with the subject’s principals
was unable to be established.
Subsequently details pertaining to the company’s suppliers were unable
to be obtained and a trade survey could not be conducted.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.91 |
|
|
1 |
Rs.99.82 |
|
Euro |
1 |
Rs.70.05 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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 |
-- |
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.