MIRA INFORM REPORT

 

 

Report Date :

04.01.2011

 

IDENTIFICATION DETAILS

 

Name :

EXEGO LTD

 

 

Formerly Known As :

Repco Ltd

 

 

Registered Office :

510 Mt Wellington Highway, Mt Wellington, Auckland

 

 

Country :

New Zealand

 

 

Financials (as on) :

30.06.2010

 

 

Date of Incorporation :

31.08.2001

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Distributor of quality parts to the automotive electrical and air conditioning markets

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

New Zealand

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

REGISTERED NAME      

 

EXEGO LTD

CN: 1158404

 

     

CORPORATE SEARCH

 

 

Entity Type:

NZ Limited Company

Incorporated:

31 Aug 2001

Current Status:

Registered

Constitution Filed:

Yes

Annual Return Filing Month:

April

 

Registered Office

Exego Limited, 510 Mt Wellington Highway, Mt Wellington, Auckland

 

Address for Service

510 Mt Wellington Highway, Mt Wellington, Auckland, Attn: Commercial Manager

 

Directors

BRUNTON, Mark Gilmour

34 Vermeer Place, West Habour, Waitakere 0618, Auckland

MOLLER, John Leonard

388 Beach Road, Beaumaris, 3193

 

Shareholdings

Total Number of Shares:

1,200,100

Extensive Shareholdings:

No

 

1,200,100

1901306

EXEGO (NZ) HOLDINGS LIMITED

510 Mt Wellington Highway, Mt Wellington, Auckland

                       

 

BUSINESS STRUCTURE

 

TRADING ADDRESS     510 Mr Wellington Hwy

                                    MOUNT WELLINGTON, NZ                                

 

TELEPHONE                 (649) 574 1122

 

HOLDING ENTITY          EXEGO (NZ) HOLDINGS LTDGS) LTD – CAMAN ISLANDS

 

ULTIMATE HOLDING

ENTITY                                     AOII (CAMAN HOLDINGS)

 

BRANCHES                              The subject maintains 80 branches across New Zealand.

 

BANK                                       BANK OF NEW ZEALAND

                                               

EMPLOYEES                            Not determined 

 

 

BACKGROUND

 

The subject was incorporated in New Zealand on 31 August 2001 as Automotive Parts Group New Zealand Ltd changing name on 29 November 2002 to Repco Ltd before adopting the current style on 17 February 2009.

 

The Repco Group was originally founded in 1922 as an automotive grinding business.

 

In 1981 the first New Zealand branch was acquired

 

The first New Zealand dual store was opened in 1988.

 

In 2003 the Group listed on the Australian Stock Exchange.

 

In 2004, the group acquired Ingram and McLeod Accessories.

 

In 2009 the group was acquired by CCMP Capital Asia. CCMP, formerly known as JP Morgan Partners Asia, is one of the largest and most experienced financial sponsors in Asia, and also one of the most active funds in the Australian market. 

 

 

OPERATIONS

 

The subject operates as a leading distributor of quality parts to the automotive electrical and air conditioning markets.

 

The company has developed a comprehensive range of product with brands including Bosch, Champion, Hella, Delco, Denso, Cole Hersee, OEX, Narva, Sanden, Prestolite etc.

 

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 investigation contact with the subjects financial controller Wayne Smith was unable to be established. Despite messages being left, no reply has been received.

 

The subject is the major trading entity for the group in New Zealand. The following financial results relate to the subjects immediate holding entity in New Zealand Exego (NZ) Holdings Ltd.

 

for the financial year ended 30 June 2010 the group recorded revenue of $208,906,000, which resulted in an operating Loss before tax of $5,436,000 and an operating Loss after tax of $3,798,000.

 

Below is a summary of the group’s income results for the past two financial years.

 

 

Exego (NZ) Holdings Ltd - consolidated

 

As at 30 June 2010 NZ$

As at 30 June 2009 NZ$

Change (%)

Revenue

$208,906,000

$193,328,000

8.06%

Profit b/tax

($5,436,000)

($7,561,000)

-28.10%

Profit a/tax

($3,798,000)

($5,430,000)

-30.06%

Net Profit Margin

-1.82%

-2.81%

0.99%

 

As at 30 June 2010 the group recorded total current assets of $71,963,000. They included cash of $3,772,000, receivables of $11,655,000 and inventories of $50,102,000.

 

Current liabilities at the same date totalled $51,698,000 and included payables of $41,316,000 and provisions of $3,582,000.

 

As at 30 June 2010 the group recorded Working Capital of $20,265,000 and a current ratio of 1.39 to 1 indicating satisfactory liquidity levels.

 

Net Assets totalled $23,617,000 as at 30 June 2010. At this date, the group further recorded a Debt to Equity ratio of 6.75 to 1.

 

 

Exego (NZ) Holdings Ltd - consolidated

 

As at 30 June 2010 NZ$

As at 30 June 2009 NZ$

Change (%)

Revenue

$208,906,000

$193,328,000

8.06%

Profit b/tax

($5,436,000)

($7,561,000)

-28.10%

Profit a/tax

($3,798,000)

($5,430,000)

-30.06%

Net Profit Margin

-1.82%

-2.81%

0.99%

Current Assets

$71,963,000

$63,881,000

12.65%

Non Current Assets

$111,066,000

$112,161,000

-0.98%

Total Assets

$183,029,000

$176,042,000

3.97%

Current Liabilities

$51,698,000

$44,751,000

15.52%

Non Current Liabilities

$107,714,000

$104,667,000

2.91%

Total Liabilities

$159,412,000

$149,418,000

6.69%

Net Assets

$23,617,000

$26,624,000

-11.29%

Working Capital

$20,265,000

$19,130,000

5.93%

Current Ratio

1.39

1.43

-2.49%

Debt to Equity

6.75

5.61

20.27%

 

TRADE SURVEY

 

Details pertaining to the subjects suppliers were not provided for the current enquiry.

 

A trade survey on the subject was subsequently unable to be conducted.

 

 

SUMMARY

 

The subject was incorporated in New Zealand on 31 August 2001 before adopting the current style on 17 February 2009.

 

The Repco Group was originally founded in 1922 as an automotive grinding business.

 

In 1981 the first New Zealand branch was acquired

 

The subject is the major trading entity for the group in New Zealand. The following financial results relate to the subjects immediate holding entity in New Zealand Exego (NZ) Holdings Ltd.

 

For the financial year ended 30 June 2010 the group recorded revenue of $208,906,000, which resulted in an operating Loss before tax of $5,436,000 and an operating Loss after tax of $3,798,000.

 

As at 30 June 2010 the group recorded Working Capital of $20,265,000 and a current ratio of 1.39 to 1 indicating satisfactory liquidity levels.

 

Net Assets totalled $23,617,000 as at 30 June 2010.

 

           

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.67

UK Pound

1

Rs.69.45

Euro

1

Rs.59.37

 

 

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.