MIRA INFORM REPORT

 

 

Report Date :

30.11.2011

 

IDENTIFICATION DETAILS

 

Name :

INFORTEK LIMITED

 

 

Registered Office :

234 Bush Road Albany Auckland 0632

 

 

Country :

New  Zealand

 

 

Date of Incorporation :

30.05.1996

 

 

Com. Reg. No.:

812532

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer and distributor of electronics products including networking and communications.

 

 

No. of Employees :

3 employees

 

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 50,000

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 30, 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

 

IDENTIFICATION DETAILS

 

Verified Address

 

Subject name                :   INFORTEK LIMITED

 

 

Business address          :   234 Bush Road

 

Town                             :   Albany

Province                        :   Auckland

Zip/postal code              :   0632

Country                         :   New  Zealand

 

Tel                                :   +64 9 4152960

 

Fax                               :   +64 9 4152962

 

Email                            :   sales@infortek.co.nz

 

Website                        :   www.infortek.co.nz

 

 

Registered address        :   C/o HAYES KNIGHT NZ LTD

5 William Laurie Place

 

 

Town                             :   Albany

Province                        :   Auckland

Zip/postal code              :   0632

Country                         :   New  Zealand

 

Postal address              :   P.O. Box 302-086

 

Town                             :   North Habour

Province                        :   Auckland

Zip/postal code              :   0751

Country                                                           :   New  Zealand

 

 

SUMMARY DETAILS

 

Executive Summary

 

Date founded or registered          :   30/05/1996

 

Legal form                                 :   Private Limited Company

 

Chief executive                          :   Jen-Hong Peng

 

Issued & paid up capital             :   NZD 955

 

Line of business             : Importer and distributor of electronics products including networking and communications.

Staff employed                                                                        :   3 employees

 

 

CREDIT RISK OPINION

 

Company Analysis

 

Country risk                               :   Country risk is minimal

Operation trend                          :   Operational trend is steady

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 50,000

 

Credit amount asked                                      :   USD 50,000

 

 

STATUTORY DETAILS

 

Registry Data

 

Registration date            :   30/05/1996

 

Legal form                     :   Private Limited Company

 

Registration no              812532

 

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                :           Jen-Hong Peng

 

Designation    :                       Director

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

Appointments

 

Name                            :           Jen-Hong Peng

Designation                   :           Director

Appointment date           :           30/05/96

Address                        :           40 Wilson Road, Road 2

Albany, Auckland 0792

New Zealand

 

Staff employed                                                :                       3 employees

 

 

SHARE CAPITAL

 

Composition

 

Authorized Capital          :   NZD 955

 

No of shares                  :   955 Shares

 

Share par value              :   NZD 1

 

Issued capital                :   NZD 955

 

Paid up capital                                                :   NZD 955

 

 

OWNERSHIP / SHAREHOLDERS

 

How listed                     :   Full List

 

Composition

 

Shareholder name          :   Jointly held by Jen-Hong Peng & HAYES KNIGHT ALBANY TRUSTEES LIMITED

Address                        :   Jen-Hong Peng

40 Wilson Road, Road 2

Albany, Auckland 0792

New Zealand

 

HAYES KNIGHT ALBANY TRUSTEES LIMITED

5 William Laurie Place

Albany, Auckland 0632

New Zealand

No. of shares                 :   954 Shares

Shareholder name          :   Jen-Hong Peng

Address            :   40 Wilson Road, Road 2

Albany, Auckland 0792

New Zealand

 

No. of shares                                                  :   1 Share

 

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

Structure

 

Related companies and corporate affiliations comments:   None reported.

 

 

BANK & MORTGAGES

 

Bank Details

 

Name of bank                :   ASB 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

 

Source of financial statement      :   Provided by the Subject

Financial statement date            :   31/03/11

Type of accounts                       :   Estimated key figures

Currency                                   :   New Zealand, Dollar (NZD)

Exchange rate                           :   1 USD = NZD 1.33 as of 28-11-2011

Summarized Financial Information

 

Consolidation type                                          :   Non Consolidated

 

Currency                                                         :   New Zealand, Dollar

(NZD) Denomination                               :   (x1) One

Date of financial year end      :   31/03/11

Length of accounts                                         :   12 months

 

Sale turnover / Income                                   :   1,000,000

 

Comments                                :   The estimated financial figure was provided by Mr. Jen-Hong Peng.

 

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.

 

 

OPERATION DETAILS

 

Main activities                :   The Subject is engaged as importer and distributor of electronics products including networking and communications, NAS and surveillance, UPS and Surge Protection and etc.

Purchases

 

International                   :   Taiwan, China

 

Sales

 

Local                            :   Yes

International                   :   No exports.

 

Property & Assets

 

Premises                      :   The Subject operates from premises located at the verified heading address consisting of 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, 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 dollars (NZD)

 

Internet users as % of total population:   84.38%

 

 

PAYMENT HISTORY

 

Purchase Term

 

International                                       :   Credit 30 days

 

 

Sales Term

 

Local                                                 :   Prepayment, Credit up to 30 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.51.93

UK Pound

1

Rs.80.62

Euro

1

Rs.69.36

 

 

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.