MIRA
INFORM REPORT
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Report Date : |
30.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
ESVIN WINE RESOURCES LTD |
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Registered Office : |
56-60 Carbine Road, Mt Wellington |
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Country : |
New Zealand |
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Date of Incorporation : |
20-Aug-1993 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import and distribution of supplies to the wine making and
beverage industry including corks. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
REGISTERED NAME
ESVIN WINE RESOURCES LTD
Company Number
596929
Company
ESVIN WINE RESOURCES LIMITED
Incorporated
20-AUG-1993
Current Status
REGISTERED
Entity Type
Company
Constitution Filed
Yes
Annual Return Filing Month
September
Previous Names
No Previous Names on record
Address Details
Registered Office
56-60 Carbine Road
Mt Wellington
Address for Service
56-60 Carbine Road
Mt Wellington
Directors
Name Date Appointed:
FORREST, Stephen Rex
27-SEP-1993
Hunua Road, R D 3, Papakura
Share Parcels
Total Number of shares 383,333
Number of Shares 383,333
Shareholder(s) 1031990 - SQUARE CUT INVESTMENTS LIMITED
56 Carbine Road, Mt Wellington
BUSINESS STRUCTURE
TRADING ADDRESS
60 Carbine Rd
MT WELLINGTON, AUCKLAND, NZ
TELEPHONE (649) 570 5900
HOLDING ENTITY
SQUARE CUT INVESTMENTS P/L
ULTIMATE HOLDING ENTITY
KW TRUSTEES LTD
BANK
BNZ
EMPLOYEES
10
BACKGROUND
The subject was incorporated in New Zealand on 20 August 1993 to commence operations under the current style as a new venture.
The subject was formed to take over the assets of an existing business.
The subject recently sold its screw cap manufacturing operations.
OPERATIONS
The subject operates in the import and distribution of supplies to the wine making and beverage industry including corks. Capsules and hoods, oak products, filtration equipment and bottles.
Activities are conducted from premises located at the above listed trading address.
FINANCES
The subject is not required to lodge financial statements with the New Zealand Companies Office.
During the current interview conducted with Director Stephen Forrest, he advised that for the last financial year ended 31 March 2007, the subject traded profitably and recorded revenue of NZ$10,000,000.
On a projected basis, the subject expects to trade profitably and recorded revenue of NZ$6,000,000 to NZ$7,000,000 for the current financial year ended 31 March 2008. The decline is attributable to the sale of the subject’s screw cap manufacturing operations.
Current assets include stock on hand of $1,200,000 and receivables of $200,000 to $300,000.
The subject maintains a small overdraft facility with its bankers which is used to assist in funding Working capital requirements.
Current liabilities include creditors of $100,000 to $150,000.
Further details pertaining to the subject’s financial position were unable to be obtained for the current enquiry.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
Supplier advised that the account has only recently been opened. Purchases for October have totaled $4,500. Payment is yet to fall due. A reference was subsequently unable to be obtained.
Nominated supplier failed to respond to correspondence despite chasing.
SUMMARY
The subject was incorporated in New Zealand on 20 August 1993 to commence operations under the current style as a new venture.
The subject was formed to take over the assets of an existing business.
For the last financial year ended 31 March 2007, the subject traded profitably and recorded revenue of NZ$10,000,000.
On a projected basis, the subject expects to trade profitably and recorded revenue of NZ$6,000,000 to NZ$7,000,000 for the current financial year ended 31 March 2008.
The subject maintains a small overdraft facility with its bankers which is used to assist in funding Working capital requirements.
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. |
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%)