MIRA INFORM REPORT

Report Date :

15.12.2008

IDENTIFICATION DETAILS

Name :	DAVIDSON PLASTICS (TAURANGA) PTY LTD
Registered Office :	15 Aerodrome Road, Mount Maunganui
Country :	New Zealand
Date of Incorporation :	14.03.1989
Com. Reg. No.:	425970
Legal Form :	Propriety Limited
Line of Business :	Manufacture of Low Density Polyethylene Plastic Film and Plastic Bags.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
Payment Behaviour :	No Complaints
Litigation :	Clear

REGISTERED NAME

DAVIDSON PLASTICS (TAURANGA) PTY LTD

CORPORATE SEARCH

Company Number	425970
Company	DAVIDSON PLASTICS TAURANGA LIMITED
Incorporated	14-MAR-1989
Current Status	REGISTERED
Entity Type	Company
Constitution Filed	Yes
Annual Return Filing Month	October

Previous Names  

(Names changed prior to 1992 may not be recorded)

No Previous Names on record

Address Details

Registered Office

15 AERODROME ROAD,

MOUNT MAUNGANUI.

Address for Service

39 Portside Drive

Mount Maunganui

Directors

(Where appointments are prior to February 1993 the date shown may relate to when the information was entered on this database.)

Name

Date Appointed:

DAVIDSON, Colin George	14-MAR-1989
15 Aerodrome Road, Mount Maunganui
DAVIDSON, Gary Robert	14-MAR-1989
3A Rangitoto View Road, Howick Beach

Share Parcels

	Total Number of shares	10,000
	Number of Shares	4,748
	Shareholder(s)	DAVIDSON, Colin George	15 Aerodrome Road, Mount Maunganui
		DAVIDSON, Deborah Marie	15 Aerodrome Road, Mt Maunganui
		JOHNSON, Michael Linford	15 Aerodrome Road, Mt Maunganui
	Number of Shares	2,600
	Shareholder(s)	WILLIAMS, WILLIAM KENNETH	51b Druces Road, Manukau, Auckland
		DANIEL, David	51b Druces Road, Manukau City
		DAVIDSON, GARY ROBERT	34a Rangitoto View Road, Howick Beach
	Number of Shares	2,149
	Shareholder(s)	MCDOUGALL, Kyla	51b Duces Road, Manukau City
		DAVIDSON, GARY ROBERT	34a Rangitoto View Road, Howick Beach
	Number of Shares	500
	Shareholder(s)	LUDWIG, Ross	23 Bongard Street, Greerton, Tauranga
	Number of Shares	1
	Shareholder(s)	DAVIDSON, GARY ROBERT	34a Rangitoto View Road, Howick Beach
	Number of Shares	1
	Shareholder(s)	DAVIDSON, COLIN GEORGE	15 Aerodrome Road, Mount Maunganui
	Number of Shares	1
	Shareholder(s)	DAVIDSON, Deborah Marie	15 Aerodrome Road, Mount Maunganui

BUSINESS STRUCTURE

TRADING ADDRESS 39 Portside Dr

MOUNT MAUNGANUI, TAURANGA, NZ

TELEPHONE (647) 575 3411

FACSIMILE (647) 575 3416

ASSOCIATED ENTITY DAVIDSON PLASTICS AUCKLAND LTD

BANK BANK OF NEW ZEALAND

EMPLOYEES 8 to 11

BACKGROUND

The subject was incorporated in New Zealand on 14 March 1989 under the current style.

Group operations were established in 1985.

OPERATIONS

The subject operates in the manufacture of low density polyethylene plastic film and plastic bags.

Products Include: 

Loose Cut Bags / perforated bags

Shrink Film / bundle wrap

Magazine wrap / flow wrap

Stretch Wrap / pallet wrap

Bags on Rolls

Produce Bags

Rubbish Bags and bin liners

Plastic Bags Can Be Plain or Printed

Degradable Plastic

Large industrial liners perforated on rolls

Perforated sheets / pallet caps

Timber wrap plain + printed and coloured to suit

Polytubing

Resealable bags

FINANCES

The subject is not required to lodge financial statements with the New Zealand Companies Office.

During the current interview conducted with the subjects financial controller, she confirmed the subjects search and operational details, however declined to provide any financial information as a matter of strict company policy.

Subsequently details in this regard were unable to be obtained during the current investigation.

In regards to asset backing, the subjects Directors are advised to own the premises located at the above listed trading address.

Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a credit basis.

TRADE SURVEY

A trade survey on the subject traced the following accounts:

(Polyprint) Purchases average $4,000 to $10,000 per month on 30 day terms. Payment is met in 20 to 30 days and the account is considered satisfactory, having been known over 5 years.

(Mainfreight) Purchases average $1,200 per week on 30 day terms. Payment is met in 30 days and the account is considered satisfactory, having been known since May 2003.

SUMMARY

The subject was incorporated in New Zealand on 14 March 1989 under the current style.

Group operations were established in 1985.

Details pertaining to the subject’s financial position were unable to be obtained for the current enquiry.

In regards to asset backing, the subjects Directors are advised to own the premises located at the above listed trading address.

Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a credit basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.82
UK Pound	1	Rs.73.08
Euro	1	Rs.65.56

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.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions