MIRA
INFORM REPORT
|
Report Date : |
29.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MOLLERS HOMEWARES PTY LTD |
|
|
|
|
Formerly Known As : |
MOLLERS TEXTILES LIMITED |
|
|
|
|
Registered Office : |
64 Porana Road Takapuna |
|
|
|
|
Country : |
New Zealand |
|
|
|
|
Date of Incorporation : |
03.10.1975 |
|
|
|
|
Com. Reg. No.: |
96108 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Provider of Homewares Solutions for Living Rooms, Bedrooms and
Bathrooms |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
REGISTERED NAME
MOLLERS HOMEWARES PTY LTD
CORPORATE SEARCH
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Previous Names (Names changed prior to 1992 may not
be recorded) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Address Details
Registered Office
64 PORANA ROAD
TAKAPUNA
Address for Service
64 Porana Road
Takapuna
BUSINESS STRUCTURE
TRADING ADDRESS 64
Porana Rd
TAKAPUNA,
AUCKLAND, NZ
TELEPHONE (649) 444 2777
FACSIMILE (649)
444 5454
HOLDING
ENTITY POD
Limited
BANK WESTPAC
BANKING CORPORATION
EMPLOYEES 150
to 160
BACKGROUND
The subject was incorporated in New Zealand on 3 October 1975 as Export
Manufacturers Ltd, changing name on 11 May 1990 to Moller Brothers Limited,
changing name on 1 August 1994 to Mollers Textiles Ltd, before adopting the
current style on 25 May 2004.
In 1993 the subjects holding entity POD Limited was listed on the new
Zealand Stock Exchange.
At the end of 2007, POD Limited was acquired by LWR Manufacturing Ltd.
It subsequently was de-listed from the New Zealand Stock Exchange.
OPERATIONS
The subject operates as a provider of homewares solutions for living
rooms, bedrooms and bathrooms. The subject designs and manufacturers a large
range of soft furnishings, from nets and fully-lined ready-made drapes, to bedlinen,
towels and soft table wear.
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 the subject has been trading profitably and
generates annual revenue of between NZ$20,000,000 and NZ$50,000,000.
Further details pertaining to the subjects financial position were not
disclosed for the current enquiry.
For the last financial year ended 30 June 2007, the holding entity POD
Limited recorded consolidated revenue of NZ$68,537,000 which resulted in an
operating loss before tax of $901,000 and after tax of $910,000.
At 30 June 2007, POD Limited recorded consolidated total assets of
$36,579,000 and Net Assets of $13,127,000.
Enquiries in trade quarters revealed satisfaction from one supplier
contacted in dealing with the subject on a credit basis.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
1. (Schenker) Purchases average $30,000 per month on 30 day terms. Payment is met in 30 days and the account is considered satisfactory.
2. (Nuplex) Nominated supplier failed to respond to correspondence despite chasing.
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%)