MIRA INFORM REPORT

Report No. :	350818
Report Date :	27.11.2015

IDENTIFICATION DETAILS

Name :	WINSTONE PULP INTERNATIONAL LIMITED
Registered Office :	Level 22, 120 Albert Street, PO Box 6268, Wellesley Street, Auckland 1010, Auckland 1141
Country :	New Zealand
Financials (as on) :	30.06.2015
Date of Incorporation :	02.11.1987
Com. Reg. No.:	370455
Legal Form :	Private Limited Liability Company
Line of Business :	The Subject is engaged in manufactures, supplies, and exports timber and pulp products. The company offers softwood BCTMP pulp that is consumed in products ranging from paperboard and tissue to printing papers; and wood pulp that is used mainly for newsprint or paperboard manufacture.
No. of Employees :	About 400

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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)
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 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.

Source : CIA

IDENTIFICATION
Verified
Subject name:	WINSTONE PULP INTERNATIONAL LIMITED
Address:	Level 22, 120 Albert Street		Postal address:		PO Box 6268 Wellesley Street
Town:	Auckland		Town:		Auckland
Zip/postal code:	1010		Zip/postal code:		1141
Country:	New Zealand
Telephone:	+64 (9) 3021187
Fax:	+64 (9) 3021182
Website:	www.wpi-international.co.nz
Remarks:	The Subject's registered address is: State Highway 49 Ohakune 4691 New Zealand
EXECUTIVE SUMMARY
Date registered:	02-11-1987
Legal form:	Private Limited Liability Company
Sales turnover:	NZD 504,597,330 (Group consolidated 12 months, 30-06-2015)
Main activities:	Manufactures, supplies, and exports timber and pulp products.
Employees:	About 400
REGISTRY DATA
Key Facts
Date registered:	02-11-1987
Legal form:	Private Limited Liability Company
Registration no:	370455
Registry auth.:	Registrar of Companies
Other reg.:	NZBN 9429039521200
Registry status:	Live/Active
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	David Grant Anderson
Job title:	Director
Name:	Ik King Tiong
Job title:	Director
Name:	Thai King Tiong
Job title:	Director
Name:	Thomas Chai Leng Song
Job title:	Director
Staff
No of employees	About 400
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	David Grant Anderson
Board function:	Director
Address:	8 Fentham Road, Hauraki North Shore City 0622 New Zealand
Name:	Ik King Tiong
Board function:	Director
Address:	No 8 Lermit Road Singapore 258641 Singapore
Name:	Thai King Tiong
Board function:	Director
Address:	104 Jalan Tun Abang Haji Openg Sibu 9600 Sarawak Malaysia
Name:	Thomas Chai Leng Song
Board function:	Director
Address:	34b Torrance Street, Epsom Auckland 1023 New Zealand
SHARE CAPITAL
Composition
Number/type:	8,000,000 shares
Shareholders/Owners
How Listed	Full List
Composition
Name:	ERNSLAW ONE LIMITED
No. of shares:	8,000,000 shares
% of shares:	100%
Address:	Glaister Ennor Level 4, Norfolk House 18 High Street Auckland 1010 New Zealand
CORPORATE AFFILIATIONS
Structure
Name:	OREGON GROUP LIMITED
Affiliation type:	Holding Company
Address:	Glaister Ennor Level 4, Norfolk House 18 High Street Auckland 1010 New Zealand
Name:	ERNSLAW ONE LIMITED
Affiliation type:	Parent Company
Address:	Glaister Ennor Level 4, Norfolk House 18 High Street Auckland 1010 New Zealand
Name:	PRIME SAWMILLS LIMITED
Affiliation type:	Wholly-owned Subsidiary
Address:	New Zealand
Comments	A list of major affiliated companies is attached to this report.
BANKING & FINANCING
Bankers
Bank name:	THE HONGKONG & SHANGHAI BANKING CORP LTD
Charges & Mortgages	Time of Registration: 11-May-2010 11:05 Debtor Name: WINSTONE PULP INTERNATIONAL LIMITED Financing Statement Registration No. FM092J29T9882B7D/C0001 Incorporation No: 370455 City/Town: OHAKUNE Collateral Type: Goods - Other Time of Registration: 27-Apr-2010 13:28 Debtor Name: WINSTONE PULP INTERNATIONAL LIMITED Financing Statement Registration No. FM1Z93J695123XW5/C0001 Incorporation No: 370455 City/Town: OHAKUNE Collateral Type: Goods - Other Time of Registration: 21-Jan-2010 08:42 Debtor Name: WINSTONE PULP INTERNATIONAL LIMITED Financing Statement Registration No. F57M6X16TB26R723/C0002 Incorporation No: 370455 City/Town: OHAKUNE Collateral Type: All Present And After Acquired Personal Property; Goods - Motor Vehicles; Goods - Other Time of Registration: 13-Nov-2009 09:47 Debtor Name: WINSTONE PULP INTERNATIONAL LIMITED Financing Statement Registration No. FA4RH261FD969972/C0007 Incorporation No: 370455 City/Town: AUCKLAND Collateral Type: All Present And After Acquired Personal Property; Goods - Motor Vehicles; Goods - Other Time of Registration: 10-Aug-2009 09:59 Debtor Name: WINSTONE PULP INTERNATIONAL LIMITED Financing Statement Registration No. F35P25U19YG2212X/C0002 Incorporation No: 370455 City/Town: OHAKUNE Collateral Type: Goods - Motor Vehicles Time of Registration: 13-Sep-2008 01:24 Debtor Name: WINSTONE PULP INTERNATIONAL LIMITED Financing Statement Registration No. FP8GX0437A892H69/C0003 Incorporation No: 370455 City/Town: OHAKUNE Collateral Type: All Present And After Acquired Personal Property; Goods - Other Time of Registration: 18-Aug-2008 14:02 Debtor Name: WINSTONE PULP INTERNATIONAL LIMITED Financing Statement Registration No. F60F265W0DJ60S42/C0001 Incorporation No: 370455 City/Town: OHAKUNE Collateral Type: Goods - Other
Comments	It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.
FINANCIAL ACCOUNTS
Description
Required to file:	No
Source:	Group Consolidated Statements
Presentation:	Attached to this report / Summarised below
Date of accounts:	30-06-2015
Type of accounts:	Full audited
Currency:	New Zealand Dollar (NZD)
Exchange rate:	USD 1 = NZD 1.54 as of 23-11-2015
Summarized
	30-06-2015			30-06-2014
Consolidation:	Group consolidated			Group consolidated
Period:	12 months			12 months
Sales turnover:	504,597,330			446,760,651
Operating profit:	80,540,848			235,006,861
Profit before tax:	65,426,349			223,797,896
Profit after tax:	45,218,516			161,750,012
Non-current assets:	935,305,689			873,781,888
Current assets:	405,806,569			365,663,118
Total assets:	1,341,112,258			1,239,445,005
Current liabilities:	449,693,577			228,379,478
Non-cur liabilities:	138,906,704			323,779,827
Total liabilities:	588,600,281			552,159,305
Shareholders' equity:	752,511,977			687,285,700
Comments	The above group consolidated figures relate to the Subject's Holding Company OREGON GROUP LIMITED and its subsidiaries.
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in manufactures, supplies, and exports timber and pulp products. The company offers softwood BCTMP pulp that is consumed in products ranging from paperboard and tissue to printing papers; and wood pulp that is used mainly for newsprint or paperboard manufacture.
Sales
Export:	China, Vietnam, Korea, Taiwan, Indonesia, Japan, and Australia
Trade Bodies	New Zealand Timber Industry Federation
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.
PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Exports:	L/Cs Credits 30 days net
Debt Collections / Judgements	No negative information was found.
Payment Experience
Payment behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.
INVESTIGATIVE NOTES
Sources:		Interviews and material provided by the Subject Other official and local business sources
ATTACHMENTS
Attachments:		Group consolidated financial statements List of affiliated companies

LIST OF AFFILIATES

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.55
UK Pound	1	Rs.100.64
Euro	1	Rs.70.70
NZD	1	Rs.43.70

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.