MIRA INFORM REPORT

 

 

Report Date :           

16.09.2011

 

IDENTIFICATION DETAILS

 

Name :

SEAGARD MASUREL (NZ) LTD

 

 

Formerly Known As :

MASURAL FILS NZ LIMITED

 

 

Registered Office :

20-26 Ballance Street, Wellington

 

 

Country :

New Zealand

 

 

Financials (as on) :

30.06.2009

 

 

Date of Incorporation :

30.11.1965

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wool Buyers, Wool Store Operators and Shippers of baled raw wool and wool tops

 

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

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

New Zealand

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

REGISTERED NAME 

 

SEAGARD MASUREL (NZ) LTD

 

 

CORPORATE SEARCH

 

Entity Type:

NZ Limited Company

Incorporated:

30 Nov 1965

Current Status:

Registered

Constitution Filed:

No

Annual Return Filing Month:

August

 

Registered Office

20-26 Ballance Street,, Wellington

 

Postal Address

P O Box 3473 Wellington, New Zealand

 

Address for Service

20-26 Ballance Street,, Wellington

 

Directors

SPEIGHT, Glenn

5 Ocean Road, Paekakariki

WHITEMAN, Peter J

11 Fitzroy Street, Wades town

 

Shareholdings

Total Number of Shares:

3,611,000

Extensive Shareholdings:

No

 

1,805,500

SEGARD MASUREL S.A.

38 Rue Faidherbe, France

1,805,500

JASON HOLDING A G

Switzerland

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 PSIS House 9th Floor

                                                20-26 BALLANCE ST WELLINGTON, NZ

 

TELEPHONE                             (644) 472 3596

 

CONTROLLED ENTITY          SEGARD MASUREL (AUSTRALIA) P/L                                                      

 

BANKERS                                HSBC Bank Ltd – Wellington NZ

National Bank of New Zealand. - Wellington

                                                                                   

EMPLOYEES                            12

 

           

BACKGROUND

 

This company was formed in New Zealand in November 1965 and for many years operated under its former name of MASURAL FILS NZ LIMITED until a change of name to the present title in October 2005.

 

It formerly showed owned as a subsidiary of ANTOINE SEGARD ET CIE of France until it was acquired into its present ownership as shown above.

 

The Segard family has been in the wool industry since 1906 as Segard & Cie in France.  In 1963 they acquired Lesur & Cie, a Belgian company, and in 1975 they bought Masurel Fils worldwide.  Masurel Fils started in wool trading as early as 1846, hence our claim “Wool since 1846”.

 

In 2006 it was decided to give the group a global identity, and today all group companies trade under the Segard Masurel name.  The Segard Masurel Group are well established in France, Belgium, Australia, New Zealand and South Africa.  All the Segard Masurel companies worldwide are entirely devoted to wool from all origins, and trade into every part of the globe.  Greasy wools, slipes, scoureds, carbonised wools, wool tops and noils are its business.

                       

 

OPERATIONS

 

The company engages as wool buyers, wool store operators and shippers of baled raw wool and wool tops to the overseas market.

 

It purchases on behalf of its European parent entity and buys at wool sales around New Zealand. A subsidiary company operates in Australia in a similar role to subject.

 

FINANCES

 

During the current interview conducted with Finance Director Glenn Speight, he advised that for the last financial year ended 30 June 2010 the subject traded profitably and recorded consolidated revenue of NZ$155,000,000.

 

A small decline in profit is forecast for the current financial year ending 30 June 2011

 

At 30 June 2010 the subject recorded Net Assets of $17,500,000.

 

From the subjects most recently lodged financial statements, it is noted that for the financial year ended 30 June 2009 the subject recorded consolidated revenue of $139,544,000, which resulted in an operating profit before tax of $4,119,000 and an operating profit after tax of $2,874,000 representing a Net Profit Margin of 2.06%.

 

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

 

 

Segard Masurel (NZ) Ltd - consolidated

 

As at 30 June 2009 NZ$

As at 30 June 2008 NZ$

Change (%)

Revenue

$139,544,000

$131,960,000

5.75%

Profit b/tax

$4,119,000

$3,304,000

24.67%

Profit a/tax

$2,874,000

$2,232,000

28.76%

Net Profit Margin

2.06%

1.69%

0.37%

 

As at 30 June 2009 the subject recorded consolidated total current assets of $39,070,000. They included receivables of $17,446,000 and inventories of $20,867,000.

 

Current liabilities at the same date totalled $25,323,000 and included payables of $5,434,000, a bank overdraft of $6,077,000 and interest bearing liabilities of $13,245,000.

 

As at 30 June 2009 the subject recorded consolidated Working Capital of $13,747,000 and a current ratio of 1.54 to 1 indicating satisfactory liquidity levels.

 

Consolidated Net Assets totalled $15,962,000 as at 30 June 2009. At this date, the subject further recorded a Debt to Equity ratio of 1.59 to 1.

 

 

Segard Masurel (NZ) Ltd - consolidated

 

As at 30 June 2009

NZ$

As at 30 June 2008 NZ$

Change (%)

Revenue

$139,544,000

$131,960,000

5.75%

Profit b/tax

$4,119,000

$3,304,000

24.67%

Profit a/tax

$2,874,000

$2,232,000

28.76%

Net Profit Margin

2.06%

1.69%

0.37%

Current Assets

$39,070,000

$51,177,000

-23.66%

Non-Current Assets

$2,271,000

$534,000.

325.28%

Total Assets

$41,341,000

$51,711,000

-20.05%

Current Liabilities

$25,323,000

$37,494,000

-32.46%

Non-Current Liabilities

$56,000

$104,000

-46.15%

Total Liabilities

$25,379,000

$37,598,000

-32.50%

Net Assets

$15,962,000

$14,113,000

13.10%

Working Capital

$13,747,000

$13,683,000

0.47%

Current Ratio

1.54

1.36

13.04%

Debt to Equity

1.59

2.66

-40.32%

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

1.                   (Elders Primary Wool) Nominated supplier failed to respond to correspondence.

 

2.                   (Wool Partners International) Nominated supplier failed to respond to correspondence.

 

 

SUMMARY

 

This company was formed in New Zealand in November 1965 and for many years operated under its former name of MASURAL FILS NZ LIMITED until a change of name to the present title in October 2005.

 

For the last financial year ended 30 June 2010 the subject traded profitably and recorded consolidated revenue of NZ$155,000,000.

 

For the financial year ended 30 June 2009 the subject recorded consolidated revenue of $139,544,000, which resulted in an operating profit before tax of $4,119,000 and an operating profit after tax of $2,874,000 representing a Net Profit Margin of 2.06%.

 

As at 30 June 2009 the subject recorded consolidated Working Capital of $13,747,000 and a current ratio of 1.54 to 1 indicating satisfactory liquidity levels.

 

Consolidated Net Assets totalled $15,962,000 as at 30 June 2009.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.84

UK Pound

1

Rs.75.40

Euro

1

Rs.65.68

 

 

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

 

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%)

 

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.