MIRA
INFORM REPORT
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Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLIDEPATH LTD |
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Formerly Known as : |
LOGAN GLIDEPATH NEW ZEALAND LIMITED |
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Registered Office : |
Mcelroy Dutt & Thomson, Level 2 , 161 Manukau Road, Epsom,
Auckland |
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Country : |
New Zealand |
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Date of Incorporation : |
23.07.1970 |
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Com. Reg. No.: |
79701 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Design, Manufacture and Installation of Baggage Handling, Cargo
Handling and Parcel Solution Systems. |
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 : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
REGISTERED NAME
GLIDEPATH LTD
CORPORATE SEARCH
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Company Number |
79701 |
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Company |
GLIDEPATH LIMITED |
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Incorporated |
23-JUL-1970 |
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Current Status |
REGISTERED |
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Entity Type |
Company |
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Constitution Filed |
Yes |
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Annual Return Filing Month |
November |
Previous Names
(Names changed
prior to 1992 may not be recorded)
Company Name Date
Changed
LOGAN GLIDEPATH NEW ZEALAND LIMITED 22-DEC-1995
GLIDEPATH LIMITED 18-DEC-1995
LOGAN GLIDEPATH NEW ZEALAND LIMITED 11-DEC-1995
GLIDEPATH ENGINEERING LIMITED 07-APR-1987
THOMPSON ENGINEERING LIMITED 12-NOV-1984
THOMPSON ENGINEERING (1972) LIMITED 26-FEB-1980
CYGNUS INDUSTRIES LIMITED 19-SEP-1972
Address Details
Registered Office
Mcelroy Dutt & Thomson
Level 2
161 Manukau Road
Epsom, Auckland
Address for Service
Mcelroy Dutt & Thomson
Level 2
161 Manukau Road
Epsom, Auckland
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:
STEVENS, Kenneth
Allen 10-FEB-1992
73 Argyle Street, Herne Bay, Auckland
Share Parcels
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Total Number of shares |
1,683,785 |
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Number of Shares |
1,262,839 |
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Shareholder(s) |
STEVENS, KENNETH ALLEN |
73 Argyle Street, Herne Bay, Auckland |
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STEVENS, GLENICE JEAN |
73 Argyle Street, Herne Bay, Auckland |
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Number of Shares |
154,353 |
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Shareholder(s) |
STEVENS, KENNETH ALLEN |
73 Argyle Street, Herne Bay, Auckland |
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Number of Shares |
154,352 |
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Shareholder(s) |
STEVENS, GLENICE JEAN |
73 Argyle Street, Herne Bay, Auckland |
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Number of Shares |
112,241 |
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Shareholder(s) |
WEBBER, James Edward |
C/-Stevens Family Trust, 73 Argyle Street, Herne Bay, Auckland |
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STEVENS, Hugh Thomas |
C/-Stevens Family Trust, 73 Argyle Street, Herne Bay, Auckland |
BUSINESS STRUCTURE
TRADING ADDRESS 30
Cartwright Rd
GLEN
EDEN, AUCKLAND, NZ
TELEPHONE (649)
818 3354
FACSIMILE (649)
818 9994
CONTROLLED ENTITIES The
subject maintains subsidiaries in Australia, Canada, Latin America and Chile.
BANK WESTPAC
BANKING CORPORATION
EMPLOYEES 115
225
(global group)
BACKGROUND
The subject was incorporated in New Zealand on 23 July 1970 as Cygnus
Industries Ltd, before adopting the current style on 22 December 1995.
Operations were established in New Zealand in 1972.
In 1979 the Australian office was opened, followed by the USA office in
1983.
IN 1992 the business was sold, before being bought back by the present
owners in 1995.
Offices were opened in Canada in 1999, Chile 2000, China 2005 and Dubai
in 2006.
OPERATIONS
The subject operates in the design, manufacture and installation of
baggage handling, cargo handling and parcel solution systems.
The group operates from two fully integrated manufacturing facilities in
Dallas (TX), USA and Auckland, New Zealand.
In addition the subject has established a
dedicated controls and software design team based at its head office in
Auckland. The department has developed and integrated a comprehensive suite of
proprietary software designed to run on industry standard hardware providing
low cost of ownership, reliability and future expandability.
FINANCES
The subject is not required to lodge financial statements with the
Australian Securities and Investments Commission.
During the current interview conducted with Chief Financial Officer,
Wayne Brown, he confirmed the subjects search and operational details, however
declined to provide any financial or trading information as a matter of strict
company policy.
Subsequently details in this regard were unable to be obtained during
the current investigation.
TRADE SURVEY
During the current investigation, details pertaining to the subject’s
suppliers were not provided.
A trade survey on the subject was subsequently unable to be conducted.
SUMMARY
The subject was incorporated in New Zealand on 23 July 1970 as Cygnus
Industries Ltd, before adopting the current style on 22 December 1995.
Operations were established in New Zealand in 1972.
During the current investigation details pertaining to the subject’s
financial and trading position were unable to be obtained.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.82 |
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UK Pound |
1 |
Rs.73.08 |
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Euro |
1 |
Rs.65.56 |
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%)