MIRA
INFORM REPORT
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Report Date : |
3rd
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
LIVESTOCK SUPPLIES NZ LIMITED |
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Registered Office : |
C/-
O’Connor Richmond, 15a
Hokonui Drive, GORE |
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Country : |
New
Zealand |
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Date of Incorporation : |
7
October 1976 |
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Com. Reg. No.: |
140575 |
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Legal Form : |
Limited
liabilities company |
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Line of Business : |
Importers
and distributors of animal health products to include salt blocks, lick
blocks etc |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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REGISTERED NAME: |
LIVESTOCK SUPPLIES NZ LIMITED |
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REGISTERED NUMBER: |
140575 |
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OPERATING ADDRESS: |
1
Railway Street, GORE |
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REGISTERED ADDRESS: |
C/-
O’Connor Richmond, 15a
Hokonui Drive, GORE |
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OTHER TRADING NAMES: |
Nil |
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TELEPHONE NUMBER: |
(03)
208 5257 |
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FAX NUMBER: |
(03)
208 5880 |
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WEB SITE ADDRESS: |
Nil |
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DATE OF INCORPORATION: |
7
October 1976 – Incorporated in New Zealand |
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CHANGE OF NAME: |
Nil |
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PAID CAPITAL: |
$37,000
in $1 shares. |
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DIRECTORS: |
GEOFFREY STEPHEN POPENHAGEN 11
Elizabeth Street, GORE DENNIS EDWIN TERRY 9
Milton Street, GORE |
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SHAREHOLDERS: |
Refer HISTORY |
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SECRETARY: |
Not
shown |
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AUDITORS: |
Not
shown |
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REGISTERED CHARGES: |
Refer REGISTERED CHARGES |
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PAYMENTS: |
In
accordance with terms. |
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LEGAL ACTIONS / DEFAULTS: |
Nil |
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EMPLOYEES: |
8 |
PARENT COMPANY
NIL
SUBSIDIARY COMPANIES
NIL
ASSOCIATE COMPANIES
NIL
ACTIVITIES
The
subject is an importer and distributor of animal health products to include
salt blocks, lick blocks etc.
Operations
are conducted from owned premises situated at the heading address.
The
company does not have any branches.
The
subject employs 8 in activities.
HISTORY
The
subject was incorporated in New Zealand on 7 October 1976 as Livestock Supplies NZ Limited.
Registered
Number: 140575.
Paid
capital $37,000 in 37,000 shares paid to $1 each.
Shares
are held by:
CANNING
TERRY TRUST 18,500
GESEL
TRUST 18,500
The
above information is in accordance with the last Annual Return lodged with the
New Zealand Companies Office on 16 May 2006 and compiled at report date.
Operations
of the company were commenced in excess of 20 years ago.
The
subject does not maintain any operating subsidiary or associate concerns.
DIRECTORS
GEOFFREY STEPHEN POPENHAGEN was appointed to the board of
directors on 29 May 1995. He is fully active in the day to day operations of
the company.
DENNIS EDWIN TERRY was appointed to the board of
directors on 21 April 1990. He is also fully active in the day to day
operations of the company.
BANK
ANZ
NATIONAL BANK LIMITED
GORE
The subject
maintains bank overdraft facilities.
The bank
holds a Registered Charge over company assets. Please refer to the REGISTERED CHARGE section for details.
TRADING
Following
are details of a trade survey undertaken in May 2006:
This
supplier has declined to provide monthly trading figures. Payment is being met
within the terms of the account. The account has been held for 25 years and is
an excellent account.
This
account varies between $15,000-$40,000 per month. Payment is being met before
the end of the month. The account has been held prior to 2001 and there are no
problems.
This is
a large account, however actual trading figures were not provided. Payment is
being met within terms. The subject has traded with this supplier for some time
and is a very good and no problem account.
FINANCE
The
subject has not lodged financial accounts with the New Zealand Companies
Office.
REGISTERED CHARGES
The
following Registered Charges have been recorded over the subject’s assets:
On 14
August 2002, Charge to ANZ National Bank Limited, charging all present and
after acquired personal property.
On 13
December 2005, Charge to Geoffrey Stephen Popenhagen, Selina Faye Popenhagen,
Michael John Millard and Jald Limited, charging all present and after acquired
personal property.
It should be noted this charge has been
taken out by a director of the subject company.
The
‘Personal Property Securities Act 1999’ (PPSA) came into effect on 1 May 2002.
The PPSA
has brought together registered charges that were historically created under
several different Acts, e.g. debentures registered pursuant to the Companies
Act and charges over specific assets registered pursuant to the Chattels
Transfer Act 1924.
Charges
registered are called Security Interests.
The PPSA
is also used by suppliers to register a charge over goods which have been
supplied to the subject in respect of which the supplier terms of trade may
previously have contained a “reservation of title” clause.
Charges
over land are not registered under the PPSA and there may be charges over land
in the name of the subject.
There is also 1 Security Interest registered
over goods – other and/or goods – motor vehicles.
RECORDED ACTIONS
Nothing
of an adverse nature has been recorded against the subject.
INVESTIGATION
An
interview was conducted with Mr Dennis E Terry, Director, in May 2006. At this
time he confirmed operational and trading details and advised the following:
Annual
sales of the company are in the vicinity of $5,000,000.
Current
stock on hand is valued at $1,000,000.
The
subject maintains bank overdraft facilities with the ANZ National Bank
Limited.
Premises
at the heading address are owned.
However,
further financial information could not be provided.
Enquiries
made with trade sources failed to trace any additional information in relation
to the subject.
A Land
Titles Search has not been undertaken to ascertain what land, if any, stands in
the subject’s name. This can be
undertaken on request.
CONCLUSION
The
subject was incorporated in New Zealand on 7 October 1976 as Livestock Supplies NZ Limited.
Paid
capital $37,000 in 37,000 shares paid to $1 each.
The
subject is an importer and distributor of animal health products to include
salt blocks, lick blocks etc.
Suppliers
contacted have reported amounts up to $40,000 per month being met in accordance
with terms and is a no problem, very good and excellent account.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |