MIRA INFORM REPORT

Report No. :	495585
Report Date :	08.03.2018

IDENTIFICATION DETAILS

Name :	RAYONIER NEW ZEALAND LTD
Registered Office :	Level 5, 32-34 Mahuhu Crescent Auckland 1010
Country :	New Zealand
Financials (as on) :	31.12.2016
Date of Incorporation :	04.03.1987
Com. Reg. No.:	334608
Legal Form :	Private Limited Liability Company
Line of Business :	The Subject provides forest products. It owns commercial plantations and forest nurseries throughout New Zealand, and suppliers of logs to New Zealand processors and offshore markets.
No. of Employees :	334 (Rayonier Group)

RATING & COMMENTS

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

MIRA’s Rating :

A

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

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
New Zealand	A1	A1

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:	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
Shareholders' equity:	NZD 39,188,000 (Non-consolidated 31-12-2016) USD 1,692,940,000 (Group consolidated 31-12-2014)
Main activities:	Provider of forestry services.
Employees:	334 (RAYONIER group)
REGISTRY DATA
Key Facts
Date registered:	04-03-1987
Legal form:	Private Limited Liability Company
Registration no:	334608
Registry auth.:	Registrar of Companies
Tax number:	NZBN: 9429039639844
Registry status:	Live/Active
Previous names:	1. RAYONIER NZ HOLDINGS LIMITED 2. ITT RAYONIER NZ HOLDINGS LIMITED 3. ITT NEW ZEALAND LIMITED Present style adopted on 07-09-2005.
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Brendan Slui
Job title:	Director
Name:	Douglas Michael Long
Job title:	Director
Name:	Mark Roberts Bridwell
Job title:	Director
Key Advisors
Auditor:	ERNST & YOUNG New Zealand
Staff
No of employees	334 (RAYONIER group)
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Brendan Slui
Board function:	Director
Date appointed:	19-02-2018
Address:	32 Seacrest Drive, West Harbour Auckland, 0618 New Zealand
Name:	Douglas Michael Long
Board function:	Director
Date appointed:	10-11-2014
Address:	1882 Anchorage Place Fernandina Beach, FL 32034 USA
Name:	Mark Roberts Bridwell
Board function:	Director
Date appointed:	06-08-2014
Address:	1719 McArthur Street Fernandina Beach, FL 32034 USA
SHARE CAPITAL
Composition
Number/type:	1,015 shares
Shareholders/Owners
How Listed	Full List
Composition
Name:	RAYONIER TRS OPERATING COMPANY
% of shares:	100%
Address:	1 Rayonier Way Yulee, FL 32097 United States
CORPORATE AFFILIATIONS
Structure
Name:	RAYONIER INC
Affiliation type:	Ultimate Holding Company
Address:	1 Rayonier Way Yulee, FL 32097 United States
Name:	RAYONIER TRS OPERATING COMPANY
Affiliation type:	Parent Company
Address:	1 Rayonier Way Yulee, FL 32097 United States
Comments	Other companies of the RAYONIER 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:	BANK OF NEW ZEALAND
Address:	New Zealand
Charges & Mortgages	Time of Registration: 13-Dec-2016 12:43 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F57N4X70XB0B2634 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: Goods - Other Time of Registration: 12-Dec-2016 17:01 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FP3447J9K2Y73S51/C0001 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: Goods - Other Time of Registration: 27-Oct-2015 11:22 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F67ZV209PB0D4756/C0002 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: Goods - Other Time of Registration: 24-Sep-2015 11:22 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FZ2RP82093827T9T Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: Goods - Other Time of Registration: 15-Jul-2015 10:34 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F229RH22HV129V98/C0023 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: Goods - Motor Vehicles; Goods - Other; Intangibles Time of Registration: 05-Jun-2014 20:21 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FN1DD0Z84X375742/C0001 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 11-Apr-2014 20:10 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FH54T42F421DZ903/C0001 Incorporation No: 334608 City/Town: AUCKLAND 1010 Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 10-Apr-2014 10:49 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F57E4325K1NU099S/C0001 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: All Present And After Acquired Personal Property; Goods - Other Time of Registration: 31-Dec-2013 15:48 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FC7AU50895E29S59/C0001 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: All Present And After Acquired Personal Property; Chattel Paper; Documents Of Title; Goods - Other; Intangibles; Negotiable Instruments Time of Registration: 29-Nov-2013 12:47 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FB73KT1H32R73851/C0005 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: Goods - Other Time of Registration: 29-Nov-2013 12:43 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F28K5692J0RP1357/C0005 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: Goods - Other Time of Registration: 29-Nov-2013 12:39 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FM0CJ21K9Y499261/C0005 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: Goods - Other Time of Registration: 29-Nov-2013 12:35 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FD8B4595A0462D3F/C0005 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: Goods - Other Time of Registration: 29-Nov-2013 12:26 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FR0CX6429429KS69/C0005 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: Goods - Other Time of Registration: 29-Nov-2013 12:21 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F95KM6841B55H1N9/C0005 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: Goods - Other Time of Registration: 29-Nov-2013 12:16 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F5133E89M02HR471/C0005 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: Goods - Other Time of Registration: 29-Nov-2013 12:11 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: FW3993CW1RY31894/C0005 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: Goods - Other Time of Registration: 19-Nov-2013 11:53 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F47DG7135VN680A4 Incorporation No: 334608 City/Town: AUCKLAND Collateral Type: Goods - Other Time of Registration: 14-Jun-2010 16:04 Debtor Name: RAYONIER NEW ZEALAND LIMITED Financing Statement Registration No: F4047T87K518NJ19/C0001 Incorporation No: 334608 City/Town: AUCKLAND 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:	Yes
Source:	Commercial Registry Filings Group Consolidated Statements
Presentation:	Attached to this report / Summarised below
Date of accounts:	31-12-2016
Type of accounts:	Full audited
Currency:	New Zealand Dollar (NZD) US Dollar (USD)
Summarised
	31-12-2016		31-12-2015		31-12-2017
Currency:	New Zealand Dollar (NZD)		New Zealand Dollar (NZD)		US Dollar (USD)
Consolidation:	Non-consolidated		Non-consolidated		Group consolidated
Period:	12 months		12 months		12 months
Sales turnover:					819,596,000
Profit before tax:	1,234,000		1,611,000		183,260,000
Profit after tax:	962,000		1,047,000		161,579,000
Non-current assets:	2,565,000		2,138,000		2,674,954,000
Current assets:	39,458,000		39,182,000		183,527,000
Total assets:	42,023,000		41,320,000		2,858,481,000
Current liabilities:	2,835,000		3,094,000		68,548,000
Non-cur. liabilities:	0		0		1,096,993,000
Total liabilities:	2,835,000		3,094,000		1,165,541,000
Shareholders' equity:	39,188,000		38,226,000		1,692,940,000
Comments	Group consolidated figures relate to the Subject's Ultimate Holding Company RAYONIER INC and its subsidiaries.
OPERATIONS & HISTORY
Activities
Full description:	The Subject provides forest products. It owns commercial plantations and forest nurseries throughout New Zealand, and suppliers of logs to New Zealand processors and offshore markets.
Products/services:	- Export logistics, sales and marketing - Log production - Tree crop management - Technical forestry services - Research and development - Financial management, taxation, treasury and compliance
PROPERTY & ASSETS
Premises	The Subject's head office is located at the heading address.
Branches	The Subject also operates from the following locations: Northland Regional Office: Maruata Road, Glenbervie, Rd3 Whangarei 0173 New Zealand Bay of Plenty Regional Office: 1st Floor, 181 Devonport Road Tauranga 3110 New Zealand Hawkes Bay Regional Office: Ground Floor, 6B Ossian Street Ahuriri, Napier 4110 New Zealand Canterbury Regional Office: 200 King Street Rangiora 7400 New Zealand Southland Regional Office: Level 1, 25 Victoria Avenue Invercargill 9810 New Zealand
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 and material provided by the Subject Other official and local business sources
ATTACHMENTS
Attachments:		Financial statements Group consolidated financial statements List of affiliated companies

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.96
UK Pound	1	INR 90.34
Euro	1	INR 80.75
NZD	1	INR 47.34

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.