MIRA
INFORM REPORT
|
Report Date : |
24th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
PUNGA TRADING LIMITED |
|
|
|
|
Registered Office : |
C/-
Vazey Child, 3
London Street, HAMILTON |
|
|
|
|
Country : |
New
Zealand |
|
|
|
|
Date of Incorporation : |
1 July
2004 |
|
|
|
|
Com. Reg. No.: |
1531213 |
|
|
|
|
Line of Business : |
Provide Services:
|
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 : |
Regular
|
|
|
|
|
Litigation : |
Clear |
|
REGISTERED NAME: |
PUNGA TRADING LIMITED |
|
|
|
|
REGISTERED NUMBER: |
1531213 |
|
|
|
|
OPERATING ADDRESS: |
91
Whites Road, Whitford, AUCKLAND |
|
|
|
|
REGISTERED ADDRESS: |
C/-
Vazey Child, 3
London Street, HAMILTON |
|
|
|
|
OTHER TRADING NAMES: |
Nil |
|
|
|
|
TELEPHONE NUMBER: |
(09)
530 8492 |
|
|
|
|
WEB SITE ADDRESS: |
www.pungatrading.co.za |
|
|
|
|
DATE OF INCORPORATION: |
1 July
2004 – Incorporated in New Zealand
|
|
|
|
|
CHANGE OF NAME: |
Nil |
|
|
|
|
PAID CAPITAL: |
$1 |
|
|
|
|
DIRECTOR: |
LLOYD BROWN 91
Whites Road, Whitford,
AUCKLAND
|
|
|
|
|
SHAREHOLDERS: |
Refer HISTORY |
|
|
|
|
SECRETARY: |
Not
shown |
|
|
|
|
AUDITORS: |
Not
shown |
|
|
|
|
REGISTERED CHARGES: |
Refer REGISTERED CHARGES |
|
|
|
|
PAYMENTS: |
Refer TRADING |
|
|
|
|
LEGAL ACTIONS / DEFAULTS: |
Nil |
|
|
|
|
EMPLOYEES: |
Director
only |
PARENT COMPANY
NIL
ACTIVITIES
The subject trades in ethanol, importing from overseas suppliers.
Punga Trading is located in Cape Town,
South Africa and Auckland, New Zealand. The South African operations are
primarily an export trading house dealing in it’s own branded products, and
carefully selected quality brands owned by other producers.
Services include:
- Supply South African product to international clients port of choice, at the best price with fast lead times.
- Sourcing products at the most competitive price.
- Monitoring the production process to ensure delivery.
- Handling all logistics from export packing at factory to Free On Board (FOB).
- Arranging shipping and insurance to clients preferred destination port on Cost Insurance Freight basis (CIF).
Operations are conducted from owned premises situated at the heading address, being a home office.
The company does not have any branches in New Zealand.
The
subject employs the director only in activities.
HISTORY
The
subject was incorporated in New Zealand on 1 July 2004 as Punga Trading Limited.
Registered
Number: 1531213.
Paid
capital $1 in 1 share paid to $1.
Shares
are held by:
LLOYD
MARK BROWN }
LISA KIM
PEART }
JOINTLY 1
AVIEMORE
TRUSTEES LIMITED }
The
above information is in accordance with the last Annual Return lodged with the
New Zealand Companies Office on 9 March 2006 and compiled at report date.
Operations
of the company were commenced in New Zealand 18 months ago. The subject has the
associate company, Punga Trading, that operates in Cape Town, South Africa.
This company has operated for a number of years.
DIRECTOR
LLOYD BROWN was appointed to the board of directors on 1
March 2005. He is fully active in the day to day operations of the company. He
has moved from South Africa, where he operated the associate company, Punga
Trading.
BANK
ASB BANK
LIMITED
AUCKLAND COMMERCIAL BRANCH
The
subject does not maintain bank overdraft facilities.
The bank
holds a Registered Charge over company assets. Please refer to the REGISTERED CHARGE section for details.
TRADING
Current
trade references could not be provided, it being stated the subject is an
importer and is not a seeker of commercial credit in New Zealand.
FINANCE
The subject has not lodged financial accounts with the New Zealand
Companies Office.
REGISTERED CHARGES
The following
Registered Charge has been recorded over the subject’s assets:
On 26
May 2006, Charge to ASB Bank Limited, being a charge over ASB Foreign
Currency/Offshore Investment Account in USD.
Should you require further details in relation to the above Charge a Registered Charge Search can be undertaken.
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 Lloyd Brown, Director, in June 2006. At this
time he confirmed operational and trading details and advised the following:
Sales
for the last financial year ending 31 March 2006 were $3,347,000. Sales to date
this financial year from 1 April 2006 have totaled $3,000,000.
The
subject does not hold stock, this being sent direct to the client.
Valuations
for trade debtors and trade creditors could not be provided. It was stated
these are paid in advance.
The
subject does not maintain bank overdraft facilities.
Premises
at the heading address, comprising the directors’ private residence, are owned
by the family trust.
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 1 July 2004 as Punga Trading Limited.
Paid
capital $1 in 1 share paid to $1.
The
subject trades in ethanol, importing from overseas suppliers.
The
subject is not a seeker of credit in New Zealand.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |