MIRA INFORM REPORT

 

 

Report Date :

25.11.2008

 

IDENTIFICATION DETAILS

 

Name :

MARLEY NEW ZEALAND PTY LTD

 

 

Registered Office :

32 Mahia Road, Manurewa, Auckland

 

 

Country :

New Zealand

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

22.03.1993

 

 

Com. Reg. No.:

583933

 

 

Legal Form :

Propriety Limited

 

 

Line of Business :

Manufacture and Marketing of a wide range of Extruded and Injection Moulded Plastic Products.

 

 

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      

 

MARLEY NEW ZEALAND PTY LTD

 

 

CORPORATE SEARCH

 

Company Number                                   583933                                                                        

                                                                                                                                                

Company                                               MARLEY NEW ZEALAND LIMITED                                   

                                                                                                                                                

Incorporated                                           22-MAR-1993                                                              

                                                                                                                                                

Current Status                                        REGISTERED                                                                 

                                                                                                                                                

Entity Type                                            Company                                                                        

                                                                                                                                                

Constitution Filed                                   Yes                                                                                

                                                                                                                                                

Annual Return Filing Month                     March                                                                             

                                                                                                                                                

 

Previous Names

No Previous Names on record

 

 

Address Details

 

Registered Office

32 Mahia Road

Manurewa

Auckland

 

 

Address for Service

32 Mahia Road

Manurewa

Auckland

 

 

Directors

 

Name                                                                                                   Date Appointed:

 

BICKERTON, Geoffrey Charles                                                           25-MAR-1994

    7 Butterworth Avenue, Papakura, Auckland

CLARKE, Allan Frederick                                                                   25-MAR-1994

    184 Runciman Road, Pukekohe

 

LEACH, Colin David                                                                           18-FEB-1998

    25 Benbow Street, St. Heliers, Auckland

MCKENZIE, Donald John                                                                    25-AUG-2008

    17 Calypso Place, Rothesay Bay, Auckland

 

 

Share Parcels

 

 

Total Number of shares

5,000,200

 

 

 

  

Number of Shares

5,000,200

 

  

Shareholder(s)

584005 - NEW ZEALAND INVESTMENT HOLDINGS LIMITED

32 Mahia Road, Manurewa, Auckland

 

 

BUSINESS STRUCTURE

 

Head Office:                              32 Mahia Rd

                                                MANUREWA, AUCKLAND

 

Telephone:                                (649) 267 0160

 

Facsimile:                                 (649) 279 2798

 

Branch                                       :CHRISTCHURCH, NZ

                                                                                                                                                           

Trading styles                              :MARLEY PLASTICS

MARLEY

                                                                                                                                                                                   

Holding entity:                           NEW ZEALAND INVESTMENT HOLDINGS LTD

 

Sister companies:                      Dynex Extrusions Ltd

                                                Chemvin Plastics Ltd

                                                Dux Industries Ltd

                                                The Marley company (NZ) Ltd

 

Ultimate

Holding Entity:                           ALIAXIS BV - BELGIUM

 

Website:                                   www.marley.co.nz

 

Email:                                       robertf@marley.co.nz                            

                                                                                               

BANK                                       WESTPAC BANKING CORPORATION   

                                               

EMPLOYEES                            200      

           


 

BACKGROUND

 

The subject was incorporated on 22 March 1993 under the current style.

 

The subject was formed to restructure the assets and operations of an existing entity which was established in New Zealand in 1959.

 

The subject is ultimately owned by Aliaxis BV, a corporation which was founded in Belgium on 18 June 2003.

 

The subject commenced operations by manufacturing sheet flooring and tile products but soon expanded into the manufacture and marketing of a wide range of extruded and injection moulded plastic products for the rainwater, plumbing, drainage, rural, utilities, cable management markets.

 

 

OPERATIONS

 

The subject operates in the manufacture and marketing of a wide range of extruded and injection moulded plastic products.

 

Products include PVC Building products, PVC Pipe & Fittings, PVC Plumbing supplies and plastic extruders.

 

Activities are conducted from premises located at the above listed trading address.

 

 

FINANCES

 

During the current interview conducted with the subjects Financial Controller, he confirmed the subjects search and operational details, however declined to release any financial information pertaining to the subject as a matter of company policy.

 

For the financial year ended 31 December 2006, the subject recorded 8.9% decline in consolidated revenue of $98,075,159 which resulted in an operating profit before tax of $18,204,672 and after tax of $12,173,455 representing a Net Profit Margin of 12.41 percent.

 

 

Marley New Zealand Ltd

 

 

As at 31 December 2006

As at 31 December 2005

Change (%)

Revenue

$98,075,159

$101,355,585

-3.24%

Profit b/tax

$18,204,672

$21,395,323

-14.91%

Profit a/tax

$12,173,455

$14,299,862

-14.87%

Net Profit Margin

12.41%

14.11%

-1.70%

 

For the year ended 31 December 2007, the subject’s immediate holding entity, New Zealand Investment Holdings Ltd (NZIH), recorded consolidated revenue of $144,620,933 which resulted in an operating profit before tax of $18,093,712 and after tax of $11,947,024.

 

At 31 December 2006 the subject recorded total current assets of $30,983,497. They included inventories of $14,167,892 and receivables of $15,938,911.

 

Current liabilities at the same date totalled $11,289,754 and included payables of $8,512,656 and provisions of $2,293,490.

 

As at 31 December 2006 the subject recorded Working Capital of $19,693,743 and a current ratio of 2.74 to 1 indicating a sound liquidity position.

 

The subject recorded Net assets of $36,185,995 at 31 December 2006.  At this date, the subject further recorded a Debt to Equity Ratio of 0.38 to 1.

 

At 31 December 2007, the holding entity NZIH recorded total assets of $100,647,999 and equity of $12,921,024.

 

 

Marley New Zealand Ltd

 

 

As at 31 December 2006

As at 31 December 2005

Change (%)

Revenue

$98,075,159

$101,355,585

-3.24%

Profit b/tax

$18,204,672

$21,395,323

-14.91%

Profit a/tax

$12,173,455

$14,299,862

-14.87%

Net Profit Margin

12.41%

14.11%

-1.70%

Current Assets

$30,983,497

$36,052,884

-14.06%

Non Current Assets

$19,049,676

$19,392,571

-1.77%

Total Assets

$50,033,173

$55,445,455

-9.76%

Current Liabilities

$11,289,754

$13,761,759

-17.96%

Non Current Liabilities

$2,557,424

$2,356,708

8.52%

Total Liabilities

$13,847,178

$16,118,467

-14.09%

Net Assets

$36,185,995

$39,326,988

-7.99%

Working Capital

$19,693,743

$22,291,125

-11.65%

Current Ratio

2.74

2.62

4.76%

Debt to Equity

0.38

0.41

-6.63%

 

 

The subject is ultimately owned by Aliaxis BV of Belgium, a group of companies that employs 25,000 staff across 35 countries.

 

For the year ended 31 December 2007, the group recorded consolidated revenue of Euro 2,404,655,000 which resulted in an operating profit after tax of Euro 181,690,000.

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

  1. (Carter Holt) Purchases average $35,000 per month on 20 day terms. Payment is met in 30 days and the account is considered satisfactory, having been known over 5 years.

 

  1. (Rapid Road Freight) Nominated supplier failed to respond to correspondence despite chasing.

 

 

SUMMARY

 

The subject was incorporated on 22 March 1993 under the current style.

 

The subject was formed to restructure the assets and operations of an existing entity which was established in New Zealand in 1959.

 

The subject is ultimately owned by Aliaxis BV, a corporation which was founded in Belgium on 18 June 2003.

 

For the financial year ended 31 December 20063, the subject recorded 8.9% decline in consolidated revenue of $98,075,159 which resulted in an operating profit before tax of $18,204,672 and after tax of $12,173,455 representing a Net Profit Margin of 12.41 percent.

 

For the year ended 31 December 2007, the subject’s immediate holding entity, New Zealand Investment Holdings Ltd (NZIH), recorded consolidated revenue of $144,620,933 which resulted in an operating profit before tax of $18,093,712 and after tax of $11,947,024.

 

As at 31 December 2006 the subject recorded Working Capital of $19,693,743 and a current ratio of 2.74 to 1 indicating a sound liquidity position.

 

The subject recorded Net assets of $36,185,995 at 31 December 2006. 

 

           

                                               

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.97

UK Pound

1

Rs.75.45

Euro

1

Rs.64.21

 

 

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