MIRA INFORM REPORT
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Report Date : |
19.11.2011 |
IDENTIFICATION DETAILS
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Name : |
CONVEX PLASTICS LIMITED |
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Registered Office : |
P.O.
Box 5460, Frankton, Hamilton, Zip/postal code 3242 |
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Country : |
New Zealand |
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Date of Incorporation : |
19.10.1976 |
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Com. Reg. No.: |
196531 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Design and manufacture of polyethylene flexible films, ready-made bags, promotional materials and labels |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 450,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
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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
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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New Zealand |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Identification details
Verified Address
Subject
name : CONVEX PLASTICS LIMITED
Business address : 5
Latham Court
Town : Frankton
Province : Hamilton
Zip/postal
code : 3204
Country : New Zealand
Tel : +64 7 8475133
Fax : +64 7 8475130
Website : www.convex.co.nz
Registered address : 5 Latham Court Town : Frankton
Province : Hamilton
Zip/postal
code : 3204
Country : New Zealand
Postal address : P.O. Box 5460
Town : Frankton
Province : Hamilton
Zip/postal
code : 3242
Country : New Zealand
Summary details
Executive Summary
Date founded or registered : 19/10/1976
Legal form : Private Limited Company
Chief executive : Owen Lionel Embling
Issued & paid up capital : NZD 1,000,000
Line of business : Design and manufacture of polyethylene flexible films, ready-made bags,
promotional materials and labels.
Staff employed : 100 employees
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is reasonably experienced
Financial performance : Financial performance is undetermined
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 450,000
Credit amount asked : USD 300,000
Comments : We believe the Subject would be able to
uphold the credit amount asked as the Subject seem well positioned in the
market. This is being said with regards to the Subject’s long history of
establishment and stable operation as the Subject owned its own
headquarters building located at the same heading address.
Statutory details
Registry Data
Registration date : 19/10/1976
Legal form : Private Limited Company
Registration no : 196531
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 : Owen Lionel Embling
Designation : Managing Director
Name : Anthony Grant Letcher
Designation : Chief Financial Officer
Name : Gary Roberts
Designation : Prepress Manager
Name : Nathan Marsden
Designation : IT Manager
Name : Crystal Pope
Designation : Laboratory Manager
Board of directors / other
appointments
Appointments
Name : Bryan
William Chesire
Designation : Director
Appointment date : 01/09/99
Address : 12
Brookview Court
Queenwood, Hamilton, 3210
New Zealand
Name : Owen
Lionel Embling
Designation : Director
Appointment date : 01/09/99
Address : 94
Beerescourt Road
Beerescourt, Hamilton 3200
New Zealand
Name : David
Warren Fredericksen
Designation : Director
Appointment date : 19/10/76
Address : 457
River Road
Fairfield, Hamilton 3214
New Zealand
Name : Anthony
Grant Letcher
Designation : Director
Appointment date : 01/09/99
Address : 39
Cranmere Drive, Rd 3
Hamilton, 3283
New Zealand
Staff employed : 100
employees
Key Advisors
Solicitors : TOMPKINS WAKE Westpac House
Level 8, 430 Victoria Street
Hamilton Central, Hamilton 3204
New Zealand
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 VELOCITY CAPITAL LIMITED
Address 5 Latham Court
Frankton, Hamilton, 3204
New Zealand
No. of shares 999,995 Shares
Shareholder name Owen Lionel Embling
Address 94 Beerescourt Road
Beerescourt, Hamilton 3200
New Zealand
No. of shares 2 Shares
Shareholder name Anthony Grant Letcher
Address 39 Cranmere Drive, Rd 3
Hamilton, 3283
New Zealand
No. of shares 2 Shares
Shareholder name David Warren Fredericksen
Address 457 River Road
Fairfield, Hamilton 3214
New Zealand
No. of shares 1
Shares
Related companies & corporate Affiliations
Structure
Name VELOCITY CAPITAL LIMITED
Affiliation type Parent Company
Address 5 Latham Court
Frankton, Hamilton, 3204
New Zealand
Name SLIDERPACK LIMITED
Affiliation type Wholly-owned Subsidiary
Address 5 Latham Court
Frankton, Hamilton, 3204
New Zealand
Name RSS PLASTICS LIMITED
Affiliation type Sister Company
Address 5 Latham Court
Frankton, Hamilton, 3204
New Zealand
Name CONVEX AUSTRALIA PTY LTD
Affiliation type Sister Company
Address 11/5 Bungan Street
Mona Vale, NSW 2103
Australia
Name SOLPAC LIMITED
Affiliation type Sister Company
Address 5 Latham Court
Frankton, Hamilton, 3204
New Zealand
Bank & mortgages
Bank Details
Name of bank : Bank of 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
Comments : The representative contacted declined
to provide any information until the inquiring party details are revealed.
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
meet the criteria of being a large Private Company however is still exempted
from revealing their financial information
Operation details
Main activities The Subject is engaged in
design and manufacture of polyethylene flexible films, ready-made bags,
promotional materials and labels.
Product & services Breathable Packaging
Food Packaging
Retail & Promotional Packaging Industrial & Commercial Resealable Packaging
Environmentally Friendly Packaging
Seedling Planter Bags
Brand Greensack - compostable, biodegradable bag
Re-fresh - modified atmosphere packaging for fruit & vegetables Sackpac - upright cube-style packaging for shelving & in-store displays Sealright - flexible packaging machines
CONVEX STAKPAC re-fresh
Purchases
International : Asia countries
Sales
Local : Yes
International : Australia, Europe, Asia countries
Property & Assets
Premises : The Subject operates from premises
located at the verified heading address consisting of production facilities,
warehouse and administrative office.
Branches : In addition, the Subject operates from
branch offices located at:
2nd Floor, Kalmia Street
Ellerslie, Auckland 1051
New Zealand
+64 9 5251010
Unit B, 18 Gerald Connolly Pl
Hornby, Christchurch 8042
New Zealand
+64 3 3444228
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 Dollar (NZD)
Internet
users as % of total population
:
84.38%
Payment history
Purchase Term
International : L/C, Prepayment, Credit 30-90 days
Sales Term
Local : Prepayment, Credit 30-90 days
International : L/C, Telegraphic transfer, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.35 |
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UK Pound |
1 |
Rs.80.97 |
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Euro |
1 |
Rs.69.26 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.