3decades

MIRA INFORM REPORT

Report No. :	516733
Report Date :	28.06.2018

IDENTIFICATION DETAILS

Name :	NELSON PINE INDUSTRIES LIMITED

Formerly Known As :	THE C. & A. ODLIN TIMBER AND HARDWARE COMPANY LIMITED ODLINS LIMITED WINSTONE PROPERTIES LIMITED NEWSUM INDUSTRIES LIMITED

Registered Office :	Lower Queen Street Richmond Nelson 7020

Country :	New Zealand

Date of Incorporation :	21.12.1907

Com. Reg. No.:	766

Legal Form :	Private Limited Liability Company

Line of Business :	The Subject is engaged in producing GoldenEdge MDF (Medium Density Fibreboard) and NelsonPine LVL (Laminated Veneer Lumber) from radiata pine grown in the plantation forests of Nelson, New Zealand.

No. of Employees :	250

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good

Payment Behaviour :	Regular

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

Country Name

Previous Rating

(31.12.2017)

Current Rating

(01.04.2018)

New Zealand

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

NEW ZEALAND - ECONOMIC OVERVIEW

Over the past 40 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 10 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 and 2008. The higher rate attracted international capital inflows, which strengthened the currency and housing market while aggravating the current account deficit. Rising house prices, especially in Auckland, have become a political issue in recent years, as well as a policy challenge in 2016 and 2017, as the ability to afford housing has declined for many.

Expanding New Zealand’s network of free trade agreements remains a top foreign policy priority. New Zealand was an early promoter of the Trans-Pacific Partnership (TPP) and was the second country to ratify the agreement in May 2017. Following the United States’ withdrawal from the TPP in January 2017, on 10 November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). In November 2016, New Zealand opened negotiations to upgrade its FTA with China; China is one of New Zealand’s most important trading partners.

Source : CIA

IDENTIFICATION

Verified
Subject name:	NELSON PINE INDUSTRIES LIMITED
Address:	Lower Queen Street Richmond			Postal address:		PO Box 3049 Richmond
Town:	Nelson			Town:		Nelson
Zip/postal code:	7020			Zip/postal code:		7050
Country:	New Zealand
Telephone:	+64 (3) 5438800
Fax:	+64 (3) 5438890
Email:	info@nelsonpine.co.nz
Website:	www.nelsonpine.co.nz
EXECUTIVE SUMMARY

Date registered:	21-12-1907
Legal form:	Private Limited Liability Company
Sales turnover:	NZD 265,688,000 (Parent consolidated 12 months, 31-12-2017) JPY 1,221,998,000,000 (Group consolidated 12 months, 31-03-2018)
Main activities:	Trader of forestry product.
Employees:	250 - Estimated
REGISTRY DATA
Key Facts
Date registered:	21-12-1907
Legal form:	Private Limited Liability Company
Registration no:	766
Registry auth.:	Registrar of Companies
Tax number:	NZBN: 9429040974071
Registry status:	Live/Active
Previous names:	The Subject initially operated under the names: 1) THE C. & A. ODLIN TIMBER AND HARDWARE COMPANY LIMITED (until 04-03-1975) 2) ODLINS LIMITED (until 11-03-1987) 3) WINSTONE PROPERTIES LIMITED (until 18-07-1988) 4) NEWSUM INDUSTRIES LIMITED (until 07-06-1990)
LEGAL FILINGS

Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Kazutaka Horita
Job title:	Director

Name:	Masanobu Nishikawa
Job title:	Director

Name:	Murray George Sturgeon
Job title:	Director

Name:	Tomokuni Tanikawa
Job title:	Director

Staff
No of employees	250 - Estimated
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Kazutaka Horita
Board function:	Director
Date appointed:	01-04-2018
Address:	2-16-7-507 Sendagi Bunkyo-ku Tokyo Japan

Name:	Masanobu Nishikawa
Board function:	Director
Date appointed:	28-04-2017
Address:	8 Peppin Avenue Richmond, 7020 New Zealand

Name:	Murray George Sturgeon
Board function:	Director
Date appointed:	27-07-1994
Address:	3/12 Ajax Avenue Nelson, 7010 New Zealand

Name:	Tomokuni Tanikawa
Board function:	Director
Date appointed:	01-10-2014
Address:	1-51-15, Hayamiya Nerima-Ku Tokyo Japan
SHARE CAPITAL
Composition
Number/type:	91,000,000 shares
Shareholders/Owners

How Listed	Full List

Composition
Name:	SUMITOMO FORESTRY NZ LIMITED
No. of shares:	91,000,000 shares
% of shares:	100%
Address:	Lower Queen Street Richmond Nelson New Zealand
Comment:	Company Number: 255619 Incorporation Date: 28-09-1928
CORPORATE AFFILIATIONS
Structure
Name:	SUMITOMO FORESTRY CO., LTD.
Affiliation type:	Ultimate Holding Company
Address:	Keidanren Kaikan 1-3-2, Otemachi, Chiyoda-ku Tokyo 100-8270 Japan

Name:	SUMITOMO FORESTRY NZ LIMITED
Affiliation type:	Parent Company
Address:	Lower Queen Street Richmond Nelson New Zealand
Comment:	Company Number: 255619 Incorporation Date: 28-09-1928

Name:	TASMAN PINE FORESTS LTD
Affiliation type:	Associate
Address:	189 Main Road Spring Grove Wakefield Nelson, 7095 New Zealand

Comments	Other companies of the Sumitomo Forestry & Sumitomo Group should also be considered as affiliates of the Subject. A list of major affiliated companies is attached to this report.
BANKING & FINANCING
Bankers
Bank name:	ANZ BANK NEW ZEALAND LIMITED
Address:	New Zealand

Bank name:	BANK OF NEW ZEALAND
Address:	New Zealand

Charges & Mortgages	A detailed list of charges is attached to this report.

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:	31-12-2017
Type of accounts:	Full audited
Currency:	New Zealand Dollar (NZD) Japanese Yen (JPY)

Summarised
	31-12-2017		31-12-2016		31-03-2018
Currency:	New Zealand Dollar (NZD)		New Zealand Dollar (NZD)		Japanese Yen (JPY)
Consolidation:	Parent consolidated		Parent consolidated		Group consolidated
Period:	12 months		12 months		12 months

Sales turnover:	265,688,000		236,215,000		1,221,998,000,000
Gross profit:	83,257,000		63,972,000		219,315,000,000
Operating profit:	67,741,000		-26,165,000		53,021,000,000
Profit before tax:	68,940,000		-25,471,000		58,538,000,000
Profit after tax:	48,914,000		-18,359,000		38,632,000,000
Non-current assets:	450,708,000		450,051,000		331,581,000,000
Current assets:	168,817,000		108,892,000		572,101,000,000
Total assets:	619,525,000		558,943,000		903,682,000,000
Current liabilities:	31,834,000		24,146,000		357,527,000,000
Non-curr. liabilities:	6,148,000		2,168,000		200,516,000,000
Total liabilities:	37,982,000		26,314,000		558,043,000,000
Shareholders' equity:	581,543,000		532,629,000		345,639,000,000

Comments	Parent consolidated figures relate to the Subject's Parent Company SUMITOMO FORESTRY NZ LIMITED and its subsidiaries. Group consolidated figures relate to the Subject's Ultimate Holding Company SUMITOMO FORESTRY CO., LTD. and its subsidiaries.
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in producing GoldenEdge MDF (Medium Density Fibreboard) and NelsonPine LVL (Laminated Veneer Lumber) from radiata pine grown in the plantation forests of Nelson, New Zealand.

Sales
Export:	Australia, China, Fiji, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand, United States, Vietnam

Trade Bodies	Wood Processors Association of New Zealand
PROPERTY & ASSETS

Premises	The Subject principally operates from premises located at the heading address, consisting of production facilities, a warehouse and administrative offices.
PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	Credits 30 days net

Sales Terms
Local:	Cash Credits 14-30 days
Exports:	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 provided by the Subject Other official and local business sources
ATTACHMENTS

Attachments:		Parent consolidated financial statements Group consolidated financial statements List of affiliated companies List of charges