MIRA INFORM REPORT

 

 

Report Date :

29.08.2011

 

IDENTIFICATION DETAILS

 

Name :

AUTEX INDUSTRIES LIMITED

 

 

Registered Office :

702-718 Rosebank Road Avondale Auckland 1026

 

 

Country :

New Zealand

 

 

Date of Incorporation :

08.06.1970

 

 

Com. Reg. No.:

79343

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturer of carpet, wall coverings, insulation and bedware, polypropylene needle-punched carpets, floor mats, carpet tiles, non-slip flooring, automotive and outdoor carpets.

 

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

 

Maximum Credit Limit :

USD 2,500,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

New Zealand

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

IDENTIFICATION DETAILS

 

Verified Address

 

Subject name                :   AUTEX INDUSTRIES LIMITED

 

 

Business address          :   702-718 Rosebank Road

 

Town                             :   Avondale

Province                        :   Auckland

Zip/postal code              :   1026

Country                         :   New Zealand

 

Tel                                :   +64 9 8289179

 

Fax                               :   +64 9 8285810

 

Email                            :   enquiries@autex.co.nz

 

Website                        :   www.autexindustries.com

 

 

Registered address        :   702-718 Rosebank Road

 

Town                             :   Avondale

Province                        :   Auckland

Zip/postal code              :   1026

Country                         :   New Zealand

 

Postal address              :   Private Bag 19988

 

Town                             :   Avondale

Province                        :   Auckland

Zip/postal code              :   1746

Country                                                           :   New Zealand

 

 

SUMMARY DETAILS

 

 

Executive Summary

 

Date founded or registered                   :   08/06/1970

 

Legal form                                          :   Private Limited Company

 

Chief executive                                   :   Mark Robinson

 

Issued & paid up capital                      :   NZD 1,000,000

 

Sales turnover                                    :   NZD 20,000,000 (Estimated Non-consolidated 12 months, 31/03/2011)

 

Line of business                                 :   Manufacturer of carpet, wall coverings, insulation and bedware, polypropylene needle-punched carpets, floor mats, carpet tiles, non-slip flooring, automotive and outdoor carpets.

Staff employed                                                                                          :   110 employees (Subject)

 

 

 

CREDIT RISK OPINION

 

 

Credit Risk Interpretation

 

Credit risk rating                                 :   SATISFACTORY

 

Credit risk theory                                :   Reasonable financial and operational base. Small credits may be considered with some confidence that commitments will be sustained under normal circumstances. This is based on criterions such as years of establishment, number of employees, sales turnover and others. A cautious credit control policy applies.

 

Company Analysis

 

Country risk                                           :   Country risk is minimal

Operation trend                                      :   Operational trend is progressing

Management experience             :   Management is adequately experienced

Financial performance                            :   Financial performance is good

Organisation structure                            :   Organisational structure is stable

Detrimental                                :   No detrimental records found

Payment history                                                :   No payment delays noted

 

Credit amount suggestion                             :   USD 2,500,000

 

 

Credit amount asked                           :   USD 2,500,000

Comments                                         :   The Subject is well positioned in the market and we believe the Subject would be able to uphold the credit amount asked.

 

 

STATUTORY DETAILS

 

 

Registry Data

 

Registration date                                :   08/06/1970

 

Legal form                                          :   Private Limited Company

 

Registration no                                       79343

 

Registered authority                            :   New Zealand Companies Office

 

Registry status                                   :   Live/Active

 

Previous name                                   :  The Subject was established under the name PACIFITEX (N.Z.) LIMITED on the 08-06-1970 and changed to the current style on 10-11-1972.

 

 

MANAGEMENT / DIRECTORS

 

Key Management

 

Name                         :      Mark Robinson Designation  :                                 Chief Executive Officer Name      :                                 John William Paton Designation  :                                 Managing Director Name :                                 Rob Jones

Designation                :     Market Development Manager

 

Name                         :      Marcel Van Vliet

 

Designation                                              :            Financial Controller

 

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

Appointments

 

Name                         :      David Robinson Designation                :      Director Appointment date                           :      15/12/87

Address                     :      290 Jervois Road

Herne Bay, Auckland 1011

New Zealand Name  :                                 Mark Robinson Designation                :      Director Appointment date                           :      21/03/95

Address                     :      10 Birchwood Grove

Greenhithe, North Shore City 0632

New Zealand

 

 

Name                         :      John William Paton Designation                :      Director Appointment date                                 :      21/03/95

Address                     :      C/o Autex Industries Limited

702-718 Rosebank Road

Avondale, Auckland 1026

New Zealand

 

 

Name                         :      William Randolph Cunningham

 

Designation                :      Director

 

Appointment date        :      15/12/87

 

Address                     :      326 Beach Road

Campbells Bay, North Shore City 0630

New Zealand

 

 

Name                                                         :            Andrew Macleod Cunningham

 

Designation                :      Director

 

Appointment date        :      29/05/03

 

Address                     :      371 Beach Road

Campbells Bay, North Shore City 0630

NewZealand

 

Name                         :Warrick Batt Designation                :Director Appointment date                           :16/03/10

Address                     :55 Taparoo Road

Templestowe, Victoria 3106

Australia

 

Staff employed                        :                       110 employees (Subject)

 

 

SHARE CAPITAL

 

Composition

 

Authorized Capital                              :   NZD 1,000,000

 

No of shares                                       :   1,000,000 Shares

 

Share par value                                   :   NZD 1

 

Issued capital                                     :   NZD 1,000,000

 

Paid up capital                                                                                         :   NZD 1,000,000

 

 

OWNERSHIP / SHAREHOLDERS

 

 

How listed                                 :   Full List

 

Composition

 

Shareholder name                      :   AUTEX INTERNATIONAL LIMITED

Address                                    :   702-718 Rosebank Road

Avondale, Auckland 1026

New Zealand

 

No. of shares                             :   1,000,000 Shares

 

% of shares                                                    :   100%

 

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

 

Structure

 

Name                                        :   AUTEX INTERNATIONAL LIMITED

Affiliation type                            :   Parent Company

Address                                    :   702-718 Rosebank Road

Avondale, Auckland 1026

New Zealand

 

Name                                        :   AUTEX PROPERTIES LIMITED

Affiliation type                            :   Sister Company

Address                                    :   702-718 Rosebank Road

Avondale, Auckland 1026

New Zealand

Name                                           AUTEX PTY LIMITED

Affiliation type                            :   Sister Company

Address                                    :   166 Bamfield Road

West Heidelberg

Melbourne, Victoria 3081

Australia

 

 

Name                                        :   AUTEX QUEENSLAND PTY LIMITED

Affiliation type                            :   Sister Company

Address                                    :   29 Demand Avenue

Arundel, Queensland 4214

Australia

 

 

Name                                        :   AUTEX INDUSTRIES LTD (BRANCH)

Affiliation type                            :   Sister Company

Address                                    :   Office No. 5Ebg28

Dubai Airport Free Zone

P.O. Box 54948

Dubai

United Arab Emirates

 

 

BANK & MORTGAGES

 

Bank Details

 

Name of bank    :   ASB Bank New Zealand

 

Address            :   New Zealand

 

Account details  :   Current Account

 

 

Comments        :   It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

 

Mortgages      :   None reported.

 

 

Legal Fillings

Bankruptcy fillings          :  None reported.

Court judgements           :  None reported.

Tax liens                       :  None reported.

Others                          :   None reported.

 

 

FINANCIAL DATA

 

 

Description

 

Source of financial statement               :   Provided by the Subject

 

Financial statement date                     :   31/03/11

 

Type of accounts                                : Estimated key figures Currency :   New Zealand, Dollar (NZD) Exchange rate    :   1 USD = NZD 1.20 as of 26-08-2011

 

Summarized Financial Information

 

Consolidation type                                 :   Non-Consolidated

 

Currency                                               :   New Zealand, Dollar

(NZD) Denomination                               :   (x1) One

Date of financial year end                        :   31/03/11

Length of accounts                                 :   12 months

 

Sale turnover / Income                                                                                  :   20,000,000

 

Comments                                            :   The estimated financial figure was provided by Mr. Marcel Van Vliet.

 

Private Companies in New Zealand are not required to file accounts unless classified as "Large", which at the moment means that two out of the following three conditions are met:

- The company has a sales turnover of over NZD 20,000,000;

 

 

- The company has total assets of over NZD 10,000,000;

- The company employs 50 people or more.

 

The Subject meets the criteria of being a large Private Company however is exempted from filling their financial information.

 

OPERATION DETAILS

 

 

Main activities                                    :   The Subject's main activities are manufacturing of carpet, wall coverings, insulation and bedware, polypropylene needle-punched carpets, floor mats, carpet tiles, non-slip flooring, automotive and outdoor carpets.

 

In addition, the Subject manufactures of 100% polyester thermal and acoustic building insulation, duvets, comforters, quilts, pillows, woolen underlays and a variety of polyester filled bedware products.

Brand                                                :   Autex Bedware - wool and polyester bedding products

Autex Carpets - commercial carpets

Autex Insulation - thermal and acoustic polyester insulation for commercial and residential

Autex Wall Coverings - polypropylene plush and acoustic wall covering

Avondale - school and commercial carpet BaffleBlock - acoustic polyester Composition - acoustic wall coverings

Decord - marine, commercial and outdoor ribbed carpet

Dream Maker - polyester bedding products

Elements - carpet and carpet tiles

Eurograss - cricket pitch and outdoor carpet

Euromat - door mats, non-slip mats

Flex2 - marine and automotive carpets and linings GreenStuf - thermal and acoustic polyester insulation High Country - wool filled bedding products

Images - commercial and outdoor carpet

Multisport - sporting surfaces carpet

Performer - marine and automotive carpets and linings

Quietstuf - acoustic polyester

Raider & Reef - marine and light commercial carpet

Vertiface - plush wall coverings

Widetrack - commercial and outdoor ribbed carpet

 

 

Purchases

 

International                                       :   Asian countries, United Kingdom

 

 

Sales

 

Local                                                 :   Yes

 

International                                       :   Pacific Islands, Singapore, Malaysia, Hong Kong, Philippines, Thailand, Indonesia, Japan, China, Korea, Taiwan, Qatar, Egypt, United Kingdom, Portugal, India, Saudi Arabia, Bahrain, United Arab Emirates, United States

 

 

Property & Assets

 

Premises                                              :   The Subject operates from premises located at the verified heading address consisting of production facilities, warehouse and administrative office.

Branches                                                                                :   The Subject in addition operates from branch office located at:

 

6 Victoria Street

Alicetown, Lower Hutt 5010

New Zealand

Tel: +64 4 568 8211

Fax: +64 4 568 7984

 

 

Intellectual property                                :   ISO14001

ISO9001 Quality Management Standard certification

 

 

SUMMARIZED COUNTRY RISK

 

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                          :   Reserve Bank of New Zealand

Reserve of foreign exchange & gold         :   US$ 18.421 billion

Gross domestic product - GDP               :   US$ 140,434 billion

 

GPP (Purchasing power parity)               :   119.791 billion of International dollars

 

GDP per capita - current prices               :   US$ $32,145

 

GDP - composition by sector                  :           agriculture: 4.6%

industry: 23.7%

services: 71.7%

 

Inflation                                                 :           2008: 4%

2009: 2.1%

2010: 2.5%

 

 

Unemployment rate                                :           2008: 4.2%

2009: 6.2%

2010: 6.2%

 

Public debt

(General Government

gross debt as a % GDP)                         :           2008: 20.4%

2009: 26.2%

2010:31%

 

Government bond ratings                        :   Standard & Poor's: AA+/Stable/A-1+ Moody's rating: Aaa

Moody's outlook: STA

 

Market value of publicly traded shares      :   US$ 67.061 billion

Largest companies in the country            :   Telecom of New Zealand, Transpower, Fletcher Building,Infratil

 

 

Trade & Competitiveness Overview

 

 

Total exports                             :   US$29.53 billion

 

Exports commodities                 :   dairy products, meat, wood and wood products, fish, machinery

 

Total imports                             :   US$31.11 billion

 

Imports commodities                  :   machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics

 

Export - major partners               :   Australia 22%, US 11.5%, Japan 9.2%, China 5.3%, UK 4.6%

 

Import - major partners               :   Australia 20.7%, China 13.4%, US 9.7%, Japan 9.5%, Singapore 4.9%, Germany 4.7%

 

 

FDI Inflows                                :           2007: US$3,441 million

2008: US$4,993 million

2009: US$348 million

 

 

FDI Outflows                              :           2007: US$3,703 million

2008: US$-239 million

2009: US$-406 million

 

Best countries for doing business:   3 out of 183 countries

 

Global competitiveness ranking                    :   23 (ranking by country on a basis of 133, the first is the best)

 

Country and Population Overview

 

Total population :   4.37 million

 

Total area          :   270,467 km2

 

Capital              :   Wellington

 

Currency         :   New Zealand dollars (NZD)

 

Internet users as % of total population:   84.38%

 

 

 

PAYMENT HISTORY

 

 

Purchase Term

 

Local                                                 :   Cash against document, Prepayment, Credit 30-60 days

 

International                                       :   L/C, Credit 30-60 days

 

 

Sales Term

 

Local                                                 :   Cash against document, Prepayment, Credit 30-60 days

 

International                                       :   L/C, Prepayment, Credit 30-60 days

 

 

Trade Reference/ Payment

Behaviour

 

Comments                                         :   As local and international trade references were not supplied, the Subject's payment track record history cannot be appropriately determined but based on our research; payments are believed to be met without delay.

 

Investigation Note

 

Sources                                             :   Interviews and material provided by the Subject

 

:   Other official and local business sources

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.05

UK Pound

1

Rs.75.19

Euro

1

Rs.66.47

 

 

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

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

--

NB

                                       New Business

 

--

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.