MIRA
INFORM REPORT
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Report Date : |
17.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
J S BROOKSBANK & CO AUSTRALASIA LIMITED |
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Registered Office : |
47 Haining Street, Wellington |
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Country : |
New Zealand |
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Date of Incorporation : |
17 December 1945 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wool exporters. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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REGISTERED NAME: |
J S BROOKSBANK
& CO AUSTRALASIA LIMITED |
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REGISTERED
NUMBER: |
4673 |
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OPERATING
ADDRESS: |
47 Haining Street, WELLINGTON |
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REGISTERED
ADDRESS: |
47 Haining Street, WELLINGTON |
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OTHER TRADING
NAMES: |
Nil |
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TELEPHONE
NUMBER: |
(04) 385 1055 |
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WEB SITE
ADDRESS: |
Nil |
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DATE OF
INCORPORATION: |
17 December 1945 – Incorporated in New Zealand |
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CHANGE OF NAME: |
6 August 1946 - To present name. |
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PAID CAPITAL: |
$1,000,000 in $1 shares. |
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DIRECTORS: |
PAUL BARBER 6 Irwin Avenue, Millswood, South Australia 5034 AUSTRALIA STUART IAN
CHAPMAN Apartment 605, 10 Middleton Road, Remuera, AUCKLAND RICHARD JAMES
BRUCE MOODY Lot 17 Liebelt Road, Echaunga, South Australia 5153 AUSTRALIA ERIC CHARLES
SPENCER 32C Hackett Street, St Mary’s Bay, AUCKLAND |
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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: |
Refer TRADING |
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LEGAL ACTIONS /
DEFAULTS: |
Nil |
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EMPLOYEES: |
8 |
PARENT COMPANY
JSB NEW ZEALAND LIMITED
ACTIVITIES
The subject operates as wool exporters.
The company exports on a worldwide basis.
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 17 December 1945 as J.S. Brooksbank And Company (New Zealand)
Limited, adopting the present name on 8 August 1946.
Registered Number: 4673.
Paid capital $1,000,000 in 1,000,000 shares paid to $1 each.
Shares are held by:
JSB NEW ZEALAND LIMITED 1,000,000
The above information is in accordance with the last Annual Return
lodged with the New Zealand Companies Office on 27 February 2007 and compiled
at report date.
Operations of the company were commenced in 1946.
DIRECTORS
PAUL BARBER was appointed to
the board of directors on 22 February 2006.
STUART IAN CHAPMAN
was
appointed to the board of directors on 22 February 2006.
RICHARD JAMES
BRUCE MOODY was appointed to the board of directors on 22 February 2006.
ERIC CHARLES
SPENCER was appointed to the board of directors on 22 February 2006.
BANK
ANZ NATIONAL BANK LIMITED
WELLINGTON
HSBC BANK
WELLINGTON
The banks hold Registered Charges over company assets. Please refer to
the REGISTERED CHARGE section for
details.
TRADING
Trade references could not be provided during the current investigation,
it being stated the subject purchases from individual wool brokers.
REGISTERED CHARGES
The following Registered Charges have been recorded over the subject’s
assets:
On 24 May 1999, Charge to The Hongkong And Shanghai Banking Corporation
Limited, charging all present and after acquired personal assets.
On 24 May 1999, Charge to ANZ National Bank Limited – ANZ Corporate
Banking, charging all present and after acquired personal assets.
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 are also 3
Security Interests 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 Reg Carroll, Financial Controller, in
March 2007. At this time he confirmed operational and trading details and
advised the following:
Annual sales of the company are in excess of $90,000,000, up to a maximum
of $150,000,000.
Current stock on hand is valued at $23,000,000-$24,000,000.
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 17 December 1945 as J.S. Brooksbank And Company (New Zealand)
Limited, adopting the present name on 8 August 1946.
Paid capital $1,000,000 in 1,000,000 shares paid to $1 each.
The subject operates as wool exporters.
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)