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MIRA
INFORM REPORT
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Report No. : |
508685 |
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Report Date : |
16.05.2018 |
IDENTIFICATION DETAILS
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Name : |
PAN PAC FOREST PRODUCTS LIMITED |
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Registered Office : |
1161 State Highway 2, Wairoa Road, Napier 4182 |
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Country : |
New Zealand |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
12.03.1991 |
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Com. Reg. No.: |
501694 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
·
The Subject is engaged as a fully integrated
forestry company operating a pulpmill, sawmill, drymill and chipmill. ·
It manufactures and sells wood pulp and lumber
products. The company also sells and exports pulp, lumber, logs, and wood
chips internationally. It manages cutting rights to approximately 30,000
hectares of plantation forests. |
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No. of Employees : |
360 (Subject); 33,668 (OJI Group) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
IDENTIFICATION |
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Subject name: |
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Address: |
Postal address: |
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Town: |
Town: |
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Zip/postal code: |
Zip/postal code: |
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Country: |
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Telephone: |
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Fax: |
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Email: |
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Website: |
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EXECUTIVE SUMMARY |
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Date registered: |
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Legal form: |
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NZD 411,929,000 (Consolidated 12 months,
31-03-2017) JPY
1,103,464,000,000 (Group consolidated 9 months, 31-12-2017) |
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Main activities: |
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Employees: |
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REGISTRY DATA |
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Key Facts |
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Date registered: |
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Legal form: |
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Registration no: |
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Registry auth.: |
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Other reg.: |
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Registry status: |
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LEGAL FILINGS |
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Bankruptcy
filings: |
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Court
judgements: |
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Tax liens: |
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Other: |
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MANAGEMENT & STAFF |
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Name: |
Kazuya Shimma |
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Job title: |
Deputy Managing Director |
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No of employees |
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BOARD OF DIRECTORS / OTHER APPOINTMENTS |
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Minato-ku, Tokyo Japan |
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Name: |
Douglas John Ducker |
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Board function: |
Managing Director |
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Address: |
136 Main Road Clive, 4102 New Zealand |
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Name: |
Kazuya Shimma |
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Board function: |
Deputy Managing Director |
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Address: |
Apartment 311, 7 Humber Street Pandora, Napier, 4110 New Zealand |
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SHARE CAPITAL |
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Composition |
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Number/type: |
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Share value: |
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Shareholders/Owners |
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Tokyo 104-0061 Japan |
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CORPORATE AFFILIATIONS |
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Tokyo 104-0061 Japan |
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Name: |
OJI GREEN
RESOURCES CO., LTD |
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Affiliation type: |
Parent Company |
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Address: |
4-7-5 Ginza, Chuo-ku Tokyo 104-0061 Japan |
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Name: |
PAN PAC FOREST
PRODUCTS (OTAGO) LIMITED |
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Affiliation type: |
Wholly-owned
Subsidiary |
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Address: |
1161 State
Highway 2 Wairoa Road Napier New Zealand |
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Other companies
of the OJI Group should also be considered as affiliates of the Subject. A
list of major affiliated companies is attached to this report. |
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BANKING & FINANCING |
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Time of Registration/PPSR Registration
Date: 17-Jul-2002 11:41 Debtor Name: PAN PAC FOREST PRODUCTS LTD Financing Statement: FHWJBTF999234J36/C0005 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: All Present And After Acquired Personal Property;
Goods - Other Time of Registration/PPSR Registration Date: 21-Aug-2002 12:06 Debtor Name: PAN PAC FOREST PRODUCTS LIMITED Financing Statement: F24HDUTJHZ557524/C0003 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: Intangibles Time of Registration/PPSR Registration Date: 12-Sep-2002 06:32 Debtor Name: PAN PAC FOREST PRODUCTS LTD Financing Statement: F2569E65G8JEMRC8/C0003 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: Goods - Other Time of Registration/PPSR Registration Date: 17-Oct-2002 18:39 Debtor Name: PAN PAC FOREST PRODUCTS LTD Financing Statement: F228DZ0M2X8970M2/C0004 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: Goods - Other Time of Registration/PPSR Registration Date: 25-Oct-2002 10:51 Debtor Name: PAN PAC FOREST PRODUCTS LIMITED Financing Statement: F2429MF1379DR31B/C0005 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: Goods - Other Time of Registration/PPSR Registration Date: 31-Oct-2002 18:19 Debtor Name: PAN PAC FOREST PRODUCTS LTD Financing Statement: FT2HD7149Z689D03/C0007 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: Goods - Other Time of Registration/PPSR Registration Date: 11-Apr-2003 06:16 Debtor Name: PAN PAC FOREST PRODUCTS LTD Financing Statement: FP36EE89790CW195/C0006 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: Goods - Other Time of Registration/PPSR Registration Date: 29-Jul-2004 15:36 Debtor Name: PAN PAC FOREST PRODUCTS LIMITED Financing Statement: F24X9M0MA46086R5/C0005 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: All Present And After Acquired Personal Property Time of Registration/PPSR Registration Date: 19-Jan-2005 14:37 Debtor Name: PAN PAC FOREST PRODUCTS LIMITED Financing Statement: FM0J7R6056994DY8/C0093 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: Goods - Motor Vehicles; Goods - Other; Intangibles Time of Registration/PPSR Registration Date: 12-Oct-2005 14:44 Debtor Name: PAN PAC FOREST PRODUCTS LIMITED Financing Statement: FB1CF29132VD4077/C0002 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: Goods - Other Time of Registration/PPSR Registration Date: 12-Apr-2006 13:58 Debtor Name: PAN PAC FOREST PRODUCTS LIMITED Financing Statement: FW297229MJ9591ES/C0002 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: All Present And After Acquired Personal Property;
Goods - Other Time of Registration/PPSR Registration Date: 13-Sep-2008 01:44 Debtor Name: PAN PAC FOREST PRODUCTS LIMITED Financing Statement: F61RJ98UA19378Y9/C0004 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: All Present And After Acquired Personal Property;
Goods - Other Time of Registration/PPSR Registration Date: 20-Nov-2008 14:12 Debtor Name: PAN PAC FOREST PRODUCTS LIMITED Financing Statement: F21C635S1MD2K257/C0004 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: All Present And After Acquired Personal Property;
Goods - Other Time of Registration/PPSR Registration Date: 17-Mar-2009 11:44 Debtor Name: PAN PAC FOREST PRODUCTS LIMITED Financing Statement: F66V22P2925SJ2N5/C0001 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: Goods - Other Time of Registration/PPSR Registration Date: 31-Mar-2009 15:14 Debtor Name: PAN PAC FOREST PRODUCTS LTD Financing Statement: F50KM2M7C2293692/C0001 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: All Present And After Acquired Personal Property Time of Registration/PPSR Registration Date: 25-Jun-2009 09:55 Debtor Name: PAN PAC FOREST PRODUCTS LIMITED Financing Statement: FN095H7J92329BP4/C0002 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: All Present And After Acquired Personal Property;
Goods - Other Time of Registration/PPSR Registration Date: 21-Jul-2009 16:44 Debtor Name: PAN PAC FOREST PRODUCTS LIMITED Financing Statement: FR4P34F09D729B20/C0004 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: Goods - Other Time of Registration/PPSR Registration Date: 15-Sep-2009 15:04 Debtor Name: PAN PAC FOREST PRODUCTS LTD Financing Statement: FN797MJ262VJ8298/C0001 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: Goods - Other Time of Registration/PPSR Registration Date: 28-Jun-2010 15:07 Debtor Name: PAN PAC FOREST PRODUCTS LIMITED Financing Statement: FD0P255P0Y2P5940/C0004 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: All Present And After Acquired Personal Property;
Goods - Other Time of Registration/PPSR Registration Date: 22-Jul-2010 12:09 Debtor Name: PAN PAC FOREST PRODUCTS LTD Financing Statement: FT0956PW8025P29D/C0003 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: All Present And After Acquired Personal Property Time of Registration/PPSR Registration Date: 26-May-2011 14:44 Debtor Name: PAN PAC FOREST PRODUCTS LTD Financing Statement: FC1CP0YU62249683/C0004 Org Type: Company Incorporation No: 501694 City/Town: Napier Collateral Type: Goods - Other |
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FINANCIAL ACCOUNTS |
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Required to file: |
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Source: |
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Presentation: |
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Date of accounts: |
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Type of accounts: |
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Currency: |
Japanese Yen (JPY) |
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The above group consolidated figures
relate to the Subject's Ultimate Holding Company OJI HOLDINGS CORPORATION and
its subsidiaries. |
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OPERATIONS & HISTORY |
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Full description: |
The Subject is engaged as a fully
integrated forestry company operating a pulpmill, sawmill, drymill and
chipmill. It manufactures
and sells wood pulp and lumber products. The company also sells and exports
pulp, lumber, logs, and wood chips internationally. It manages cutting rights
to approximately 30,000 hectares of plantation forests. |
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PROPERTY & ASSETS |
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The Subject principally operates from premises
located at the heading address, consisting of production facilities, a
warehouse and administrative offices. |
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PAYMENTS |
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Local: |
Credits 14-30
days |
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Imports: |
Credits 30 days
net |
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Local: |
Credits 14-30
days |
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Exports: |
Credits 30 days
net |
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As trade
references were not supplied, the Subject's payment track record history
CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT. |
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INVESTIGATIVE NOTES |
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Sources: |
Interviews and material provided by the Subject Other official
and local business sources |
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ATTACHMENTS |
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Attachments: |
Financial ratios List of
affiliated companies |
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Financial Ratios |
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31-03-2017 |
31-03-2016 |
Trend |
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PROFITABILITY
[%] |
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Gross Margin |
14.78% |
11.9% |
24.2% |
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Gross Profit / Sales Turnover * 100 |
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Operating Margin |
15.6% |
7.23% |
115.77% |
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Operating Profit / Sales Turnover *
100 |
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Net Profit Margin |
16.3% |
22.62% |
-27.94% |
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Profit After Tax / Sales Turnover * 100 |
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Return On Equity (ROE) |
10.07% |
14.27% |
-29.43% |
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Profit After Tax / Equity * 100 |
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Return On Assets (ROA) |
7.66% |
10.84% |
-29.34% |
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Profit After Tax / Total Assets *
100 |
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Return On Investment (ROI) |
13.97% |
19.76% |
-29.3% |
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Profit Before Tax / Equity *
100 |
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EFFICIENCY [%] |
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Asset
Turnover |
47.01% |
47.93% |
-1.92% |
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Sales Turnover / Total Assets * 100 |
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Inventory
Turnover |
1735.53% |
1341.36% |
29.39% |
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Sales Turnover / Inventory * 100 |
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LIQUIDITY [%] |
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Current
Ratio (CR) |
249.67% |
211.74% |
17.91% |
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Current Assets / Current
Liabilities * 100 |
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Quick
Ratio (QR) |
202.22% |
139.98% |
44.46% |
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(Current Assets – Inventory) /
Current Liabilities * 100 |
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DEBT [%] |
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Debt
Ratio |
23.92% |
24.01% |
-0.37% |
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Total Liabilities / Total Assets *
100 |
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Long-Term
Debt Ratio |
23.94% |
25.05% |
-4.43% |
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Long-Term Liabilities / Equity *
100 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.52 |
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1 |
INR 91.49 |
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Euro |
1 |
INR 80.52 |
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NZD |
1 |
INR 46.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.