MIRA
INFORM REPORT
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Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
NEW ZEALAND FOAM LATEX LTD |
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Formerly Known As : |
SOUTH ISLAND FOAM LATEX LIMITED |
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Registered Office : |
41-71 Great South Road, Otahuhu , Auckland |
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Country : |
New Zealand |
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Date of Incorporation : |
26.03.2002 |
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Com. Reg. No.: |
1199983 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture of Foam Latex products including mattress cores, pillows,
overlays, carpet underlay, invalid rings and innersoles |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
REGISTERED NAME
NEW ZEALAND FOAM LATEX LTD
CORPORATE SEARCH
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Company Number |
1199983 |
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Company |
NEW ZEALAND FOAM LATEX LIMITED |
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Incorporated |
26-MAR-2002 |
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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 |
March |
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Previous Names
Company Name Date
Changed
SOUTH ISLAND FOAM LATEX LIMITED 09-APR-2002
Address Details
Registered Office
41-71 Great South Road
Otahuhu
Auckland
Address for
Service
41-71 Great South Road
Otahuhu
Auckland
Directors
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Name |
Date Appointed: |
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Share Parcels
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Total Number of shares |
1,000 |
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Number of Shares |
250 |
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Shareholder(s) |
TURNER, Graeme Roy |
25 Hanene Street, St Heliers, Auckland,
1071 |
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TURNER, Lynn Craig |
78 Paritai Drive, Orakei, Auckland |
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TAUBER, Benedict Douglas |
10 James Cook Crescent, Remuera, Auckland |
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Number of Shares |
250 |
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Shareholder(s) |
TURNER, Lynn Craig |
78 Paritai Drive, Orakei, Auckland |
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TURNER, Graeme Roy |
25 Hanene Street, St Heliers, Auckland |
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TAUBER, Benedict Douglas |
10 James Cook Crescent, Remuera, Auckland |
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Number of Shares |
225 |
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Shareholder(s) |
TURNER, Graeme Roy |
25 Hanene Street, St Heliers, Auckland |
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TURNER, Lynn Craig |
78 Paritai Drive, Orakei, Auckland |
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TAUBER, Benedict Douglas |
10 James Cook Crescent, Remuera, Auckland |
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Number of Shares |
225 |
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Shareholder(s) |
TURNER, Lynn Craig |
78 Paratai Drive, Orakei, Auckland |
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TURNER, Graeme Roy |
25 Hanene Street, St Heliers, Auckland |
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TAUBER, Benedict Douglas |
10 James Cook Crescent, Remuera, Auckland |
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Number of Shares |
25 |
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Shareholder(s) |
TURNER, Graeme Roy |
25 Hanene Street, St Heliers, Auckland |
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Number of Shares |
25 |
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Shareholder(s) |
TURNER, Lynn Craig |
78 Paritai Drive, Orakei, Auckland |
BUSINESS STRUCTURE
TRADING ADDRESS 96
Marshall St
WOOLSTON
CHRISTCHURCH, NZ
TELEPHONE (643)
389 7195
AFFILIATED ENTITIES SLEEPYHEAD
LTD
SLEEPYHEAD
MANUFACTURING CO LTD
BANK ANZ
BANK
EMPLOYEES 20
to 30
200
to 300 - group
BACKGROUND
The subject was incorporated in New Zealand on 26 March 2002 as South Island
Foam Latex Ltd, before adopting the current style on 26 March 2002.
The subject was formed to restructure the assets and operations of an
existing business that has origins which date back to 1910.
The related entity Sleepyhead Manufacturing Co has origins that date
back to 1935.
OPERATIONS
The subject operates in the manufacture of foam latex products including
mattress cores, pillows, overlays, carpet underlay, invalid rings and
innersoles.
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 the subjects financial
controller, he advised that for the last financial year ended 31 March 2008 the
subject traded profitably and recorded revenue of between NZ$5,000,000 and
NZ$20,0000,000.
In regards to asset backing the subject is noted to own the premises
located at the above listed trading address.
Further details pertaining to the subject’s financial position were not
released for the current enquiry.
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:
(Mondiale) Purchases range up to NZ$60,000 per month on 30 day terms.
Payment is met in 30 days and the account is considered satisfactory, having
been known over 3 years.
(Skellerup Industries) Purchases average NZ$50,000 per month on 30 day
terms. Payment is met in 30 days and the account is considered satisfactory,
having been known over 15 years.
SUMMARY
The subject was incorporated in New Zealand on 26 March 2002 as South
Island Foam Latex Ltd, before adopting the current style on 26 March 2002.
The subject was formed to restructure the assets and operations of an
existing business that has origins which date back to 1910.
For the last financial year ended 31 March 2008 the subject traded
profitably and recorded revenue of between NZ$5,000,000 and NZ$20,000,000.
In regards to asset backing the subject is noted 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.33 |
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UK Pound |
1 |
Rs.73.92 |
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Euro |
1 |
Rs.66.69 |
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%)