MIRA
INFORM REPORT
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Report Date : |
27.11.2008 |
IDENTIFICATION DETAILS
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Name : |
CONVES PLASTICS LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
19.10.1976 |
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Com. Reg. No.: |
196531 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Packaging
Company which specialises in the Design and Manufacture of top quality
polyethylene flexible ready-made bags and films, promotional materials and
labels. |
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
CONVES PLASTICS LTD
CORPORATE SEARCH
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Company Number |
196531 |
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Company |
CONVEX PLASTICS LIMITED |
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Incorporated |
19-OCT-1976 |
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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 |
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Previous Names
(Names
changed prior to 1992 may not be recorded)
No Previous Names on record
Address Details
Registered Office
Frankton
Address for
Service
Frankton
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:
CHESIRE, Bryan
William 01-SEP-1999
C/-
EMBLING, Owen
Lionel 01-SEP-1999
FREDERICKSEN,
David Warren 19-OCT-1976
LETCHER, Anthony
Grant 01-SEP-1999
Share Parcels
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Total Number of shares |
1,000,000 |
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Number of Shares |
599,999 |
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Shareholder(s) |
FREDERICKSEN, David Warren |
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CHESIRE, Bryan William |
C/- |
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Number of Shares |
200,000 |
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Shareholder(s) |
CHESIRE, BRYAN WILLIAM |
C/- |
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FREDERICKSEN, David Warren |
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Number of Shares |
100,000 |
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Shareholder(s) |
EMBLING, Owen Lionel |
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EMBLING, Karen Anne |
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1973692 - MACKRELL MURCOTT TRUSTEES LIMITED |
Mackrell Murcott Trustees Limited, Chartered Accountants, |
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Number of Shares |
100,000 |
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Shareholder(s) |
FREDERICKSEN, David Warren |
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LETCHER, Anthony Grant |
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Number of Shares |
1 |
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Shareholder(s) |
FREDERICKSEN, David Warren |
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TRADING ADDRESS
FRANKTON,
HAMILTON
TELEPHONE (647) 847 5133
ASSOCIATED ENTITY CONVES
BANK BANK
OF
EMPLOYEES 115
BACKGROUND
The subject was incorporated in
OPERATIONS
The subject operates as a packaging company which specialises in the design
and manufacture of top quality polyethylene flexible ready-made bags and films,
promotional materials and labels.
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 subject’s financial controller, he advised that for the last financial year ended 31 March 2008 the subject traded profitably and recorded revenue of over $20,000,000.
Current assets include stock on hand of $3,000,000.
The subject maintains an overdraft facility with its bankers which is used to assist in funding Working capital requirements.
The subject also maintains a term loan with its bankers.
In regards to asset backing, the subjects shareholders 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:
- (Dow Chemicals 03 9226 3734) Purchases average $150,000 to $200,000 per month on 60 day terms. Payment is met in 60 days and the account is considered satisfactory, having been known over 5 years.
- Nominated supplier failed to respond to correspondence despite
chasing.
SUMMARY
The subject was incorporated in
For the last financial year ended 31 March 2008 the subject traded
profitably and recorded revenue of over $20,000,000.
In regards to asset backing, the subjects shareholders 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.84 |
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1 |
Rs.76.81 |
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Euro |
1 |
Rs.64.38 |
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%)