MIRA INFORM REPORT

Report No. :	341117
Report Date :	16.09.2015

IDENTIFICATION DETAILS

Name :	RAYONIER NEW ZEALAND LIMITED
Registered Office :	Level 5 32-34 Mahuhu Crescent Auckland 1010
Country :	New Zealand
Financials (as on) :	31.12.2014
Date of Incorporation :	04.03.1987
Com. Reg. No.:	334608
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing a full range of forestry services, from establishment and silviculture to harvesting and marketing.
No. of Employee :	About 100

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 pulled out of recession late in 2009, and achieved 2-3% per year growth in 2010-13. 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

Company name and address

Given
Subject name:	RAYONIER NEW ZEALAND LTD.
Address:	Level 5 32-34 Mahuhu Crescent
Town:	Auckland
Zip/postal code:	1010
Country:	New Zealand
Verified
Subject name:	RAYONIER NEW ZEALAND LIMITED
Address:	Level 5, 32-34 Mahuhu Crescent			Postal address:		PO Box 9283 Newmarket
Town:	Auckland			Town:		Auckland
Zip/postal code:	1010			Zip/postal code:		1149
Country:	New Zealand
Telephone:	+64 (9) 3022988
Fax:	+64 (9) 3770249
Website:	www.matarikiforests.co.nz www.rayonier.com (Group)
EXECUTIVE SUMMARY
Date registered:	04-03-1987
Legal form:	Private Limited Liability Company
Authorised capital:	NZD 1,708,000
Sales turnover:	NZD 175,680,000 (Consolidated 12 months, 31-12-2013) USD 603,500,000 (Group consolidated 12 months, 31-12-2014)
Main activities:	Provision of forestry services.
Employees:	About 100 (Subject) / 1,600 (Group)
REGISTRY DATA
Key Facts
Date registered:	04-03-1987
Legal form:	Private Limited Liability Company
Registration no:	334608
Registry auth.	New Zealand Companies Office
Other reg.:	NZBN 9429039639844
Registry status:	Live/Active
Previous names:	The Subject initially operated under the name of: 1. RAYONIER NZ HOLDINGS LIMITED 2. ITT RAYONIER NZ HOLDINGS LIMITED 3. ITT NEW ZEALAND LIMITED and changed to the present style on 07-09-2005.
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Paul Francis Nicholls
Job title:	Managing Director
Name:	Douglas Michael Long
Job title:	Director
Name:	Harvey Edwin Kiker
Job title:	Director
Name:	Mark Roberts Bridwell
Job title:	Director
Key Advisors
Auditor:	ERNST & YOUNG
Staff
No of employees	About 100 (Subject) / 1,600 (Group)
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Douglas Michael Long
Board function:	Director
Address:	1882 Anchorage Place, Fernandina Beach Florida 32034 USA
Name:	Harvey Edwin Kiker
Board function:	Director
Address:	109 Deer Haven Drive, Ponte Vedra Beach Florida, 32082 USA
Name:	Mark Roberts Bridwell
Board function:	Director
Address:	1719 Mcarthur Street, Fernandina Beach Florida, 32034 USA
Name:	Paul Francis Nicholls
Board function:	Director
Address:	10 Marina View Drive, West Harbour Auckland, 0618 New Zealand
SHARE CAPITAL
Composition
Authorised:	NZD 1,708,000
Number/type:	1,015 shares
Issued:	1,015 shares
Paid-up:	NZD 1,708,000
Shareholders/Owners
How Listed	Full List
Composition
Name:	RAYONIER TRS OPERATING COMPANY
No. of shares:	1,015 shares
% of shares:	100%
Address:	225 Water Street, Suite 1400 Jacksonville, Florida 32202 USA
CORPORATE AFFILIATIONS
Structure
Name:	RAYONIER INC.
Affiliation type:	Ultimate Holding Company
Address:	1301 Riverplace Boulevard Jacksonville, FL 32207 USA
Comment:	Rayonier owns and manages timberland, manufactures cellulose fibers, and makes wood products. Among the largest private landowners in the U.S., the firm owns 2.4 million acres of timberland. Rayonier is structured as a REIT and is not required to pay federal income taxes on earnings generated by timber harvest activities. Earnings from its performance fibers, wood products, and real estate segments are subject to federal income tax.
Name:	RAYONIER TRS OPERATING COMPANY
Affiliation type:	Parent Company
Address:	225 Water Street, Suite 1400 Jacksonville, Florida 32202 USA
Name:	MATARIKI FORESTS
Affiliation type:	Associate
Address:	New Zealand
Name:	MATARIKI FORESTS TRADING LIMITED
Affiliation type:	Associate
Address:	New Zealand
Comments	Subject is a member of RAYONIER Group of companies. Companies under the group will be considered as affiliates. A list of major affiliated companies is attached to this report.
BANKING & FINANCING
Bankers
Bank name:	BANK OF NEW ZEALAND
Address:	New Zealand
Charges & Mortgages	Time of Registration: 14-Jun-2010 16:04 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F4047T87K518NJ19 Debtor reference: 200102 Incorporation No: 334608 City/Town: Auckland Collateral Type: Goods - Other Time of Registration: 27-Oct-2011 20:41 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FZ0675FV0M27R898/C0001 Debtor reference: C10340 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 14-Nov-2011 14:37 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FX1YK871592398GS Debtor reference: Delivered Log Purchase Contract - Rayonier / Forest Enterprises Incorporation No: 334608 City/Town: Auckland Collateral Type: Goods - Other; Money Time of Registration: 05-Dec-2011 20:55 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FR055UY720B2M122/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 15-Dec-2011 16:58 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F31WP9D95J936361/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 05-Jan-2012 17:05 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FN02249NJ60Z69R3/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 05-Jan-2012 17:05 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FM2387JD1985HB88/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 25-Jan-2012 19:44 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F993J9J1VP477099/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 28-Feb-2012 19:50 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F236PE1WK8J96868/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 06-Mar-2012 19:52 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F27R9K9229N9C919/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 06-Mar-2012 19:52 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FN8BF7951R92G377/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 08-Mar-2012 03:52 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F33M95X70DP1342P/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 13-Mar-2012 19:53 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F946RR139BE2099K/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 02-Apr-2012 19:57 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F87ZF8M86X93893R/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 02-Apr-2012 19:57 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FH7BZ4462259JV70/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 10-Apr-2012 19:59 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FT0426884XP8NJ89/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 13-Apr-2012 20:00 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FH289FJ0R6J42615/C0002 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 16-Apr-2012 20:00 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FP1DT029R92922H2/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 02-May-2012 20:04 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F30C4627K7Y2M32R/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 17-May-2012 20:06 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FW0MM0296H9375Y4/C0001 Debtor reference: 6155 Incorporation No: 334608 City/Town: Auckland 1010 Collateral Type: Goods - Motor Vehicles; Intangibles
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:	Yes
Source:	Commercial Registry Filings/Public Record Sources
Presentation:	Attached to this report / Summarised below
Date of accounts:	31-12-2013
Type of accounts:	Full audited
Currency:	New Zealand Dollar (NZD), US Dollar (USD)
Exchange rate:	USD 1 = NZD 1.34 as of 25-02-2015
Summarised
	31-12-2013		31-12-2012		31-12-2014
Currency:	New Zealand Dollar (NZD)		New Zealand Dollar (NZD)		US Dollar (USD)
Consolidation:	Consolidated		Consolidated		Group consolidated
Period:	12 months		12 months		12 months
Sales turnover:	175,680,000		128,085,000		603,500,000
Operating profit:	11,918,000		1,548,000		98,300,000
Profit before tax:	11,855,000		1,687,000		55,800,000
Profit after tax:	11,855,000		1,678,000		97,800,000
Non-current assets:	4,312,000		1,757,000		2,238,700,000
Current assets:	44,927,000		32,917,000		214,400,000
Inventories:	0		1,745,000
Total assets:	49,239,000		34,674,000		2,453,100,000
Current liabilities:	13,552,000		10,842,000		202,000,000
Non-cur. liabilities:	0		0		675,900,000
Total liabilities:	13,552,000		10,842,000		877,900,000
Shareholders' equity:	35,687,000		23,832,000		1,575,200,000
Comments	The above group consolidated figures relate to the Subject's Parent Company, RAYONIER INC. and its subsidiaries.
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in providing a full range of forestry services, from establishment and silviculture to harvesting and marketing.
PROPERTY & ASSETS
Premises	The Subject's head office is located at the heading address.
Branches	The Company also operates from the following locations: 1. Northland Regional Office Maruata Road, Glenbervie, RD3 Whangarei 0173 New Zealand 2. Bay of Plenty Regional Office 1st Floor, 181 Devonport Road Tauranga 3110 New Zealand 3. Hawkes Bay Regional Office Ground Floor, 6B Ossian Street Ahuriri, Napier 4110 New Zealand 4.Canterbury Regional Office 200 King Street Rangiora 7400 New Zealand 5. Southland Regional Office Level 1, 25 Victoria Avenue Invercargill 9810 New Zealand
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:	No complaints
INVESTIGATIVE NOTES
Sources:		Interviews and material provided by the Subject Other official and local business sources
ATTACHMENTS
Attachments:		Financial statements Financial ratios Group consolidated financial statements List of affiliated companies

Financial Ratios
	31-12-2013	31-12-2012	Trend
PROFITABILITY [%]
Gross Margin	N/A	N/A	N/A
Gross Profit / Sales Turnover * 100
Operating Margin	6.78%	1.21%	460.33%
Operating Profit / Sales Turnover * 100
Net Profit Margin	6.75%	1.31%	415.27%
Profit After Tax / Sales Turnover * 100
Return On Equity (ROE)	33.22%	7.04%	371.88%
Profit After Tax / Equity * 100
Return On Assets (ROA)	24.08%	4.84%	397.52%
Profit After Tax / Total Assets * 100
Return On Investment (ROI)	33.22%	7.08%	369.21%
Profit Before Tax / Equity * 100
EFFICIENCY [%]
Asset Turnover	356.79%	369.4%	-3.41%
Sales Turnover / Total Assets * 100
Inventory Turnover	N/A	7340.11%	N/A
Sales Turnover / Inventory * 100
LIQUIDITY [%]
Current Ratio (CR)	331.52%	303.61%	9.19%
Current Assets / Current Liabilities * 100
Quick Ratio (QR)	331.52%	287.51%	15.31%
(Current Assets – Inventory) / Current Liabilities * 100
DEBT [%]
Debt Ratio	27.52%	31.27%	-11.99%
Total Liabilities / Total Assets * 100
Long-Term Debt Ratio	0%	0%	0%
Long-Term Liabilities / Equity * 100

List of affiliated companies

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.44
UK Pound	1	Rs.102.41
Euro	1	Rs.75.05

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	TRU

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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