MIRA INFORM REPORT

 

 

Report Date :

03.03.2011

 

IDENTIFICATION DETAILS

 

Name :

MULTICHEM EXPORTS PTY LTD

 

 

Registered Office :

8 Apollo Dr Mairangi Bay Auckland Private Bag 93527 North Shore City 074

 

 

Country :

New Zealand

 

 

Date of Incorporation :

30.04.2003

 

 

Legal Form :

NZ Limited Company

 

 

Line of Business :

Export of health care and pharmaceutical products to Australia and the Pacific Islands.

 

 

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 :

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

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      

 

MULTICHEM EXPORTS PTY LTD

 

 

CORPORATE SEARCH

 

 

Entity Type:

NZ Limited Company

Incorporated:

30 Apr 2003

Current Status:

Registered

Constitution Filed:

Yes

Annual Return Filing Month:

June

 

Company Addresses

 

Registered Office

C/- Lock & Partners Ltd, 1st Level, 171 Hobson Street, Auckland

Address for Service

C/- Lock & Partners Ltd, 1st Level, 171 Hobson Street, Auckland

Directors

EVANS, Graham Francis

Flat 1, 11a Killarney Street, Takapuna, North Shore City, 0622

JONES, Clay Russell Forrest

141 Churchill Road, Rothesay Bay, Auckland, 0630

JONES, Janet Ann Forrest

32 Whitby Crescent, Mairangi Bay, Auckland, 0630

JONES, Russell Francis

32 Whitby Crescent, Mairangi Bay, Auckland, 0630

MASSIE, Scott Anderson

Unit 1003, 22 Nelson Street, Auckland

Shareholdings

Total Number of Shares:

120

Extensive Shareholdings:

No

 

120

63137

MULTICHEM GROUP LIMITED

C/- Lock & Partners Ltd, 1st Level, 171 Hobson St, Auckland

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 8 Apollo Dr

                                                MAIRANGI BAY AUCKLAND

 

POSTAL ADDRESS                   Private Bag 93527

                                                NORTH SHORE CITY 074

 

TELEPHONE                             (649) 488 0330

 

FACSIMILE                               (649) 478 3841

 

ASSOCIATED ENTITIES            MULTICHEM GROUP LTD

                                                MULTICHEM NZ LTD

                                                ORALTEC NEW ZEALAND LTD

                                                MULTICHEM PNG

 

BANK                                       ANZ NATIONAL BANK  

                                               

EMPLOYEES                            4

                                                30 (Group)

           

 

BACKGROUND

 

The subject was incorporated in New Zealand on 30 April 2003 under the current style.

 

The subject was formed to take over the export operations of the group.

 

The group has origins that date back to 1966.

           

           

OPEATIONS

 

The subject operates in the export of health care and pharmaceutical products to Australia and the Pacific Islands.

 

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 subjects the subjects Financial Controller Tania Rameka, she advised that for the last financial year ended 31 March 2010, the subject traded profitably and recorded revenue of just over NZ$12,000,000. This compares to revenue of NZ$10,400,000 for the previous corresponding year ended 31 March 2009.

 

A slight reduction in revenue is forecast for the current financial year ending 31 March 2011.

 

During fiscal 2010 the group recorded revenue in the order of NZ$32,000,000 and traded profitably.

 

Current assets include group stock levels in the order of NZ$7,000,000 to NZ$8,000,000.

 

The subject maintains financing facilities with its bankers which is used to assist in funding Working Capital requirements.

 

Further details pertaining to the subject’s financial position were unable to be obtained for the current enquiry.

 

Enquiries in trade quarters revealed satisfaction from one supplier contacted in dealing with the subject on a credit basis.

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

  • (CDC Pharmaceuticals) Purchases average NZ$3,000 to NZ$4,000 per month on 20 day from EOM terms. Payment is met in 20 days and the account is considered satisfactory, having been known over 3 years.

 

  • (Propharma) Nominated supplier is yet to respond to correspondence.

 

 

SUMMARY

 

The subject was incorporated in New Zealand on 30 April 2003 under the current style.

 

The group has origins that date back to 1966.

                       

For the last financial year ended 31 March 2010, the subject traded profitably and recorded revenue of just over NZ$12,000,000. This compares to revenue of NZ$10,400,000 for the previous corresponding year ended 31 March 2009.

 

During fiscal 2010 the group recorded revenue in the order of NZ$32,000,000.

 

Enquiries in trade quarters revealed satisfaction from one supplier contacted in dealing with the subject on a credit basis.

                                               

                                               

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.12

UK Pound

1

Rs.73.43

Euro

1

Rs.62.32

 

 

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.