MIRA INFORM REPORT

 

 

Report Date :           

24.12.2011

 

IDENTIFICATION DETAILS

 

Name :

MASPORT LIMITED

 

 

Registered Office :

Unit 1, 37 Mt Wellington Highway,  Panmure,  Auckland , Zip/postal code  1060

 

 

Country :

New Zealand

 

 

Date of Incorporation :

04.05.1984

 

 

Com. Reg. No.:

242632

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Distributor of lawn, garden & lifestyle products including rotary mowers, electric mowers, hand mowers, cordless mowers, ride-on mowers, chipper shredders, barbeques & patio heaters

 

 

No. of Employees :

70 employees (Subject); 600 employees (Group)

 

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 350,000

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 – 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                :   MASPORT LIMITED

 

Business address         :   Unit 1, 37 Mt Wellington Highway

Town                             :   Panmure

Province                        :   Auckland

Zip/postal code              :   1060

Country                         :   New Zealand

Tel                                :   +64 9 5711200

Fax                               :   +64 9 5715864

Website                        :   www.masport.co.nz  

 

Registered address      :   Unit 1, 37 Mt Wellington Highway

Town                             :   Panmure

Province                        :   Auckland

Zip/postal code              :   1060

Country                         :   New Zealand

 

Postal address             :   P.O. Box 14349

Town                             :   Panmure

Province                        :   Auckland

Zip/postal code              :   1741

Country                                                           :   New Zealand

 

 

Summary details

 

Executive Summary

Date founded or registered                     :   04/05/1984

Legal form                                            :   Private Limited Company

Chief executive                                      :   Steve Hughes

Issued & paid up capital                         :   NZD 6,800,120

Line of business                                    :   Distributor of lawn, garden & lifestyle products including rotary mowers, electric mowers, hand mowers, cordless mowers, ride-on mowers, chipper shredders, barbeques & patio heaters.

Staff employed                                                                                               :   70 employees (Subject); 600 employees (Group)

 

 

Credit risk opinion

 

Company Analysis

Country risk                               :   Country risk is minimal

Operation trend                          :   Operational trend is steady

Management experience :   Management is adequately experienced

Financial performance                :   Group financial performance is good

Organization structure                :   Organizational structure is stable

Detrimental                    :   No detrimental records found

Payment history                                    :   No payment delays noted

Credit amount suggestion     :   USD 350,000

Credit amount asked                                      :   Not described.

 

 

Statutory details

 

Registry Data

Registration date            :   04/05/1984

Legal form                     :   Private Limited Company

Registration no              :  242632

Registered authority       :   New Zealand Companies Office

Registry status              :   Live/Active

Previous name               :   None reported.

Change of legal form       :   None reported.

 

 

Management / directors

 

Key Management

Name                :           Steve Hughes

Designation       :           General Manager

 

Name                :           Nick Moor

Designation       :           Operations Manager

 

Name                :           Steve Huddleston

Designation       :           Commercial Manager

 

Name                :           Keith Mellor

Designation       :           Financial Controller

 

 

Board of directors / other appointments

 

Appointments

 

Name                            Robert Allen Astley

Designation                   Director

Identification no  :           07/08/07

Address                        : 27 Ngapipi Road

Orakei, Auckland 1071

New Zealand

 

Biography                     :   Tiri Group is under the leadership of Chief Executive Officer Kevin Tennant and Finance Director Rob Astley. Kevin and Rob have been involved with the group since its inception.

 

They work with Tiri's Executive Chairman, Nelson based businessman Tom Sturgess, who purchased the group outright in June 2007.

 

Rob, Kevin and Tom work with the General Managers' of each business, who are identified on the right, to strengthen each businesses market position.

 

Name                         :      Thomas Wilton Sturgess

 

Designation                :      Director

 

Appointment date        :      29/06/07

 

Address                     :      383 Wakefield Quay

Stepneyville, Nelson 7010

New Zealand

 

 

Biography                   :      Tom Sturgess is the Proprietor of Lone Star Farms Limited. Mr.

Sturgess serves as an Executive Chairman of Tiri Group Limited. He served as an Executive Chairman of Blue Star Print Group Ltd. (also known as Blue Star Group) and served as its Managing Director from

 

June 30, 2006 to May 2008. Prior to his emigration to New Zealand in

1996, he was co-founding General Partner of Wingate Partners L.P. in the US for more than 10 years. He was a Principal of Valley View Capital Corporation. He has held many roles in leading companies

in the US, including: Chairman, President, and Chief Executive Officer of United Stationers, the then largest office products wholesaler in the US; President and Chief Executive Officer of Redman Industries Inc., Mr. Sturgess then third largest manufactured housing business in the US; Chairman and Chief Executive Officer of RBP Holdings Inc., the then largest replacement aluminum and vinyl window manufacturer in the US; and President of Distribution

Division, Swift Independent Corporation, then a $US 1 billion food service distributor and also served at and Friona Industries. He has experience and knowledge of the US private equity industry to bear in his role as a Director of the Fund. Mr.Sturgess serves as the Chairman of New Zealand King Salmon Inc. He served as Chairman and Director of REDgroup Retail PTY Ltd. (a/k/a, A&R Whitcoulls Group Holdings PTY Ltd.). He serves as the Deputy Chairman of

Blue Star Print Group, Australasia's second largest commercial printer. He serves as a Director of Blue Star Print Group Ltd and Tiri Group Limited. He serves as a Director of Wingate Partners II and III. Mr. Sturgess served as a Director of Goldman Sachs JBWere (NZ) Private Equity Fund ( also called as Goldman Sachs JB Were Merchant Banking) He served as a Director of Hauraki Private Equity No. 1 Fund and Hauraki Private Equity No. 2 Fund. Mr. Sturgess also served as an Adjunct Faculty in graduate business program at the University of Texas and Case Western Reserve University. Prior to

his emigration to New Zealand, amongst various other appointments, He was a Member of the Board of the US National Chamber of Commerce. Mr. Sturgess holds an MBA from Harvard Business School and a BSBA with Honors from California State University.

 

 

Name                         :      Kevin Robert Tennant

 

Designation                :      Director

 

Appointment date        :      07/08/07

 

Address                     :      45 The Masthead

Whitby, Porirua 5024

New Zealand

 

 

Biography                   :      Tiri Group is under the leadership of Chief Executive Officer Kevin Tennant and Finance Director Rob Astley. Kevin and Rob have been involved with the group since its inception.

 

They work with Tiri's Executive Chairman, Nelson based businessman Tom Sturgess, who purchased the group outright in June 2007.

 

Rob, Kevin and Tom work with the General Managers' of each business, who are identified on the right, to strengthen each businesses market position.

 

Name                         :      Amber Louvaine Wylie

 

Designation                :      Director

 

Appointment date        :      29/06/07

 

Address                     :      15 Muritai Road

Milford, Auckland 0620

New Zealand

 

 

Staff employed                                           :             70 employees (Subject); 600 employees (Group)

 

 

Share capital

 

Composition

Authorized Capital                                 :   NZD 6,800,120

No of shares                                         :   68,001,200 Shares

Share par value                                     :   NZD 0.1

Issued capital                                       :   NZD 6,800,120

Paid up capital                                                                                              :   NZD 6,800,120

 

 

ownership / shareholders

 

How listed                                            :   Full List

 

Composition

Shareholder name          :   STURGESS EQUITIES NO. 5 LIMITED

Address                        :   Unit 1, 37 Mt Wellington Highway

Panmure, Auckland 1060

New Zealand

No. of shares                 68,001,200 Shares

% of shares                            100%

 

 

Related companies & corporate Affiliations

 

Structure

 

Name                            :   STURGESS HOLDINGS LIMITED

Affiliation type                :   Ultimate Holding Company

Address                        :   Level 2, 295 Trafalgar Street

Nelson, 7010, New Zealand

New Zealand

 

Comments                    :   The company is owned by Mr. Thomas Wilton Sturgess.

 

Name                            :   TIRI GROUP LIMITED

Affiliation type                :   Intermediate Holding Company

Address                        :   Unit 1, 37 Mt Wellington Highway

Panmure, Auckland 1060

New Zealand

 

Name                            :   STURGESS EQUITIES NO. 5 LIMITED

Affiliation type                :   Parent Company

Address                        :   Unit 1, 37 Mt Wellington Highway

Panmure, Auckland 1060

 

 

Bank & mortgages

 

Bank Details

Name of bank    :   Bank of New Zealand

Address            :   New Zealand

Account details  :   Current Account

 

Name of bank    :   ANZ National Bank Limited

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

Comments                                            :   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.

 

On a separate note, the Tiri Group estimated consolidated annual turnover is in excess of $150 million.

 

 

 

Operation details

 

Main activities                                    :   The Subject is engaged as distributor of lawn, garden & lifestyle products including rotary mowers, electric mowers, hand mowers, cordless mowers, ride-on mowers, chipper shredders, barbeques & patio heaters.

 

The Subject’s products are manufactured in a third party facilities located in China.

 

Product & services                                 Lawnmowers

Ride-On Mowers Cylinder Mowers Barbecues

Patio Heaters

Outdoor Power Equipment

 

Brand                                                    Masport Mercury Morrison

 

 

Purchases

International       :   Mainly from China

 

Sales

Local                :   Yes

International       :   Worldwide

 

Property & Assets

Premises          :   The Subject operates from premises located at the verified heading address consisting of

warehouse and administrative office.

Branches        :   None reported.

 

 

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, Trans power, 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 Dollar (NZD)

Internet users as % of total population     :  84.38%

 

 

Payment history

 

Purchase Term

International                                          :   L/C, Prepayment, Credit up 90 days

 

Sales Term

Local                                                    :   Prepayment, Cash, Credit up 90 days

International                                          :   Prepayment, Cash, Credit up 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.52.72

UK Pound

1

Rs.82.71

Euro

1

Rs.68.90

 

 

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.