MIRA INFORM REPORT

 

 

Report Date :           

15.12.2011

 

IDENTIFICATION DETAILS

 

Name :

EMC BICYCLES PTY LIMITED

 

 

Registered Office :

C/O Grant Thornton Australia Ltd Level 17, 383 Kent Street, Sydney, New South Wales, Zip/Postal Code 2000

 

 

Country :

New Zealand

 

 

Date of Incorporation :

29.01.2009

 

 

Com. Reg. No.:

135135090

 

 

Legal Form :

Australian Proprietary Company

 

 

Line of Business :

Distributor of bicycles.

 

 

No. of Employees :

2 persons

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 20,000

Status :

Moderate

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

New Zealand

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 Bottom of Form

Identification details  Bottom of Form

 

 

 

Verified Address

 

Subject name                :           EMC BICYCLES PTY LIMITED

 

Business address         :           C/o ERIC MACKENZIE CYCLE TECHNOLOGY LIMITED

11 Athol Place

Town                             :           Saint Heliers

Province                        :           Auckland

Zip/postal code              :           1071

Country                         :           New  Zealand

Tel                                :           +64 9 5210145 / 21 677797

Fax                               :           +64 9 5210145

Email                            :           info@emcbikes.com 

Website                        :           www.emcbikes.com

 

Registered address      :           C/o GRANT THORNTON AUSTRALIA LTD Level 17, 383 Kent Street

Town                             :           Sydney

Province                        :           New South Wales

Zip/postal code              :           2000

Country                         :           Australia

 

Comments        :           The Subject does not operate from a physical office in Australia and all correspondence

is conducted through the care off address of the Subject's associated company ERIC MACKENZIE CYCLE TECHNOLOGY LIMITED.

 

 

Summary details

 

Executive Summary

Date founded or registered          :   29/01/2009

Legal form                                 :   Australian Proprietary Company

Chief executive                          :   Eric Stuart MacKenzie

Issued & paid up capital             :   AUD 2

Sales turnover                            :   AUD 1,300,000 (Estimated Non-consolidated 12 months, 31/03/2011)

Line of business             :   Distributor of bicycles.

Staff employed                                                                        :   2 directors are the employees of the Subject

 

 

Credit risk opinion

 

Company Analysis

 

Country risk                               :   Country risk is minimal

Operation trend                          :   Operational trend is in start-up phase

Management experience :   Management is modestly experienced

Financial performance                :   Financial performance is fair

Organization structure                :   Organizational structure is acceptable

Detrimental                    :   No detrimental records found

Payment history                                    :   No payment delays noted

Credit amount suggestion           :   USD 20,000

Credit amount asked                  :   Not described.

Comments                                :   It is strictly advisable to conduct business dealing on prepayment or L/C basis

for larger credit transaction than suggested.

 

 

Statutory details

 

Registry Data

Registration date                        :   29/01/2009

Legal form                                 :   Australian Proprietary Company

Registration no                          :   Australian Company Number: 135135090

Registered authority                   :   Australian Securities & Investments Commission

Fiscal/ Tax no                            :   Australian Business Number: 53135135090

Registry status                          :   Live/Active

Previous name                           :   None reported.

Change of legal form                   :   None reported.

 

 

Management / directors

 

Key Management

Name                :           Eric Stuart MacKenzie

Designation       :           Managing Director

 

Name                :           Kim Maree Turfus

Designation       :           Director

 

 

Board of directors / other appointments

 

Appointments

 

Name                           :      Eric Stuart MacKenzie

Designation                   :      Director

Appointment date          :      29/01/09

Address                        :      11 Athol Place

Saint Heliers, Auckland, 1071

New Zealand

 

Biography                     :      Born on 28-08-1958 in New Zealand.

 

 

Name                           :      Brian Norman Treleaven

Designation                   :      Director

Appointment date          :      29/01/09

Address                        :      17A Berkeley Street

Speers Point, NSW 2284

Australia

 

Biography                     :      Born on 26-03-1943 in Lakemba, New South Wales, Australia.

 

Name                           :      Kim Maree Turfus Designation                   :      Director Appointment date                              :      29/01/09

Address                        :      11 Athol Place

Saint Heliers, Auckland, 1071

New Zealand

 

Biography                     :      Born on 08-08-1964 in New Zealand.

She is the wife of Mr. Eric Stuart MacKenzie.

 

Staff employed                                                :            2 directors are the employees of the Subject

 

 

Share capital

 

Composition

 

Authorized Capital                                 :   AUD 2

No of shares                                         :   2 Ordinary Shares

Share par value                                     :   AUD 1

Issued capital                                       :   AUD 2

Paid up capital                                                                                              :   AUD 2

 

ownership / shareholders

 

How listed                                            :   Full List

 

Composition

 

Shareholder name          Eric Stuart Mackenzie

Address                        11 Athol Place

Saint Heliers, Auckland, 1071

New Zealand

 

No. of shares                 1 Ordinary Share

 

% of shares                   50%

 

Shareholder name          Kim Maree Turfus

Address                        11 Athol Place

Saint Heliers, Auckland, 1071

New Zealand

No. of shares                 1 Ordinary Share

% of shares                            50%

 

 

Related companies & corporate Affiliations

 

Structure

 

Name                            ERIC MACKENZIE CYCLE TECHNOLOGY LIMITED

Affiliation type                Associate

Address                        11 Athol Place

Saint Heliers, Auckland, 1071

New Zealand

 

Name                            EMC AUSTRALIA LIMITED

Affiliation type                Associate

Address                        C/o ERIC MACKENZIE CYCLE TECHNOLOGY LIMITED

11 Athol Place

Saint Heliers, Auckland, 1071

New Zealand

 

Name                            MACKENZIE TURFUS INVESTMENT LIMITED

Affiliation type                Associate

Address                        C/o ERIC MACKENZIE CYCLE TECHNOLOGY LIMITED

11 Athol Place

Saint Heliers, Auckland, 1071, New Zealand

 

 

Related companies and corporate affiliations comments

Mr. Eric Stuart MacKenzie and Ms. Kim Maree Turfus are directors and shareholders of all the associated company mentioned above.

 

 

Bank & mortgages

 

Bank Details

 

Name of bank    :   National Australia Bank Limited

Address            :   Australia

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         

 

ASIC Charge Number: 1762723

Date Registered: 06-03-2009

Charge type: Both Fixed & Floating

Date Created: 12-02-2009

Chargees Name: BIBBY FINANCIAL SERVICES AUSTRALIA PTY LIMITED

 

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                                              :   Australia Dollar (AUD)

Exchange rate                                      :   1 USD = AUD 1 as of 14-12-2011

 

 

Summarized Financial Information

Consolidation type                     :   Non Consolidated

Currency                                   :   Australia Dollar (AUD)

Denomination                            :   (x1) One

Date of financial year end            :   31/03/11

Length of accounts                     :   12 months

Sale turnover / Income                :   1,300,000

 

Comments                                The estimated turnover was provided by Mr. Eric Stuart MacKenzie. The Subject is classified as a small proprietary company by the Australian

 

Securities & Investments Commission hence is not required to disclose their financial statement.

 

A proprietary company is defined as small for a financial year if it satisfies at least two of the following:

- The consolidated revenue for the financial year of the company and any entities it controls is less than $25 million;

-The value of the consolidated gross assets at the end of the financial year of the company and any entities it controls is less than $12.5 million, and

-The company and any entities it controls have fewer than 50 employees at the end of the financial year.

 

 

Operation details

 

Main activities                The Subject is engaged as distributor of bicycles.

 

Product & services         Equip carbon road bikes

Etape alloy road bikes

Fluide TKR alloy track bike

Fluid TT alloy time trial bike

FBR commuter bikes

 

Brand                            EMC Bikes

 

Purchases

International                                          :   Taiwan

 

Sales

Local                                                    :   Yes

International                                          :   No exports.

 

Property & Assets

Premises                                              :   The Subject does not operate from a physical office in Australia and all correspondence is conducted through the care off address of the Subject's associated company ERIC MACKENZIE CYCLE TECHNOLOGY LIMITED. The verified heading address of ERIC MACKENZIE CYCLE TECHNOLOGY LIMITED is a residential premise of the directors.

 

Branches                                                                                                       :   None reported.

 

 

Summarized country risk

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                          Reserve Bank of Australia

Reserve of foreign exchange & gold         US$ 41.385 billion

Gross domestic product - GDP               US$ 1.235 Trillion

GPP (Purchasing power parity)               918.529 billion of International dollars

GDP per capita - current prices               US$ $ 55,590

GDP - composition by sector                  Agriculture: 4.1%,  Industry: 26%, Services: 70%

 

Inflation                                                 2008: 4.4%

2009: 1.8%

2010: 2.8%

 

Unemployment rate                                2008:4.2%

2009: 5.6%

2010: 5.2%

 

Public debt

(General Government gross

debt as a % GDP)                                  2008:  11.6 %

2009:   17.6 %

2010:    22.3 %

 

Government bond ratings                        Standard & Poor's: AAA+/Stable/A-1+

Moody's rating: Aaaa

Moody's outlook: STA

 

Market value of publicly traded shares      US$ 1.258 trillion

 

Largest companies in the country         :   Commonwealth Bank (Banking), BHP Billiton (Materials), Westpac Banking Group (Banking), Rio Tinto (Materials), National Australia Bank (Banking), ANZ Banking (Banking), Telstra (Telecommunications)

 

Trade & Competitiveness Overview

 

Total exports                             US$210.7 billion

 

Exports commoditiescoal, iron ore, gold, meat, wool, alumina, wheat

 

Total imports                             US$ 187.2 billion

 

Imports commodities                  machinery and transport equipment, computers and office machines,

telecommunication equipment and parts, crude oil and petroleum products

 

Export - major partners               Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India

5.5%, UK 4.2%

 

Import - major partners               China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany 5.2%, UK

4.3%, Thailand 4.2%

 

 

FDI Inflows                                2007: US$45,477 million

2008: US$46,722 million

2009: US$22,572 million

 

FDI Outflows                                                  2007: US$16,822 million

2008: US$32,819 million

2009: US$18,426 million

 

Best countries for doing

Business                                   10 out of 183 countries

 

Global competitiveness ranking   16 (ranking by country on a basis of 133, the first is the best)

 

 

Country and Population Overview

Total population                                    :   22.23 million

Total area                                             :   7,692,024 km2

Capital                                                 :   Canberra

Currency                                                                                                      :   Australian dollars (AUD)

Internet users as % of total population     :  84.38%

Payment history

 

Purchase Term

International                                          :   Credit 30-60 days

 

Sales Term

Local                                                    :   Credit 30-90 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.53.58

UK Pound

1

Rs.82.97

Euro

1

Rs.69.89

 

 

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.