MIRA INFORM REPORT

 

 

Report Date :

26.04.2012

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL DYNAMOMETERS LIMITED

 

 

Registered Office :

70 Victoria Street, Alicetown, Lower Hutt 5010

 

 

Country :

New Zealand

 

 

Date of Incorporation :

25.05.1994

 

 

Com. Reg. No.:

609977

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturer of dynamometers

 

 

No. of Employees :

10

 

 

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 110,000

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

(31.12.2011)

Current Rating

(31.03.2012)

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 : INTERNATIONAL DYNAMOMETERS LIMITED

Business address :        70 Victoria Street

Town :                           Alicetown

Province :                      Lower Hutt

Zip/postal code :            5010

Country :                       New Zealand

Tel :                              +64 4 5870484

Fax :                             +64 4 5870485

Website :                      www.dynopack.co.nz

Registered address :      C/o FIVE PLUS ACCOUNTING LIMITED

Ground Floor ,               58-60 Oriental Parade

Town :                           Oriental Bay

Province :                      Wellington

Zip/postal code :            6011

Country :                       New Zealand

 

 

SUMMARY DETAILS

 

Executive Summary

Date founded or registered :        25/05/1994

Legal form :                               Private Limited Company

Chief executive :                        Alan Sheridan

Issued & paid up capital :           NZD 10,000

Line of business :                       Manufacturer of dynamometers.

Staff employed :                         10 employees

 

 

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 110,000

Credit amount asked :                USD 50,000

 

 

STATUTORY DETAILS

 

Registry Data

Registration date :          25/05/1994

Legal form :                   Private Limited Company

Registration no              609977

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 :              Alan Sheridan

Designation :     Managing Director

 

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

Appointments

Name :                          Alan Sheridan

Designation :                 Director

Appointment date :         25/05/94

Address :                      94 Cottle Park Drive

Normandale, Lower Hutt 5010

New Zealand

Name :                          Joyce Sheridan

Designation :                 Director

Appointment date :         25/05/94

Address :                      94 Cottle Park Drive

Normandale, Lower Hutt 5010

New Zealand

Staff employed :             10 employees

 

 

SHARE CAPITAL

 

Composition

Authorized Capital :        NZD 10,000

No of shares :                10,000 Shares

Share par value :            NZD 1

Issued capital :              NZD 10,000

Paid up capital :             NZD 10,000

 

 

OWNERSHIP / SHAREHOLDERS

 

How listed :                   Full List

Composition

Shareholder name :        Jointly held by Alan Sheridan & Joyce Sheridan

Address :                      94 Cottle Park Drive

Normandale, Lower Hutt 5010

New Zealand

No. of shares :               10,000 Shares

% of shares :                 100%

 

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

Structure

Name :                          DYNAPACK LIMITED

Affiliation type :              Sister Company

Address :                      70 Victoria Street

Alicetown, Lower Hutt 5010

New Zealand

Name :                          DYNAPACK INTERNATIONAL LIMITED

Affiliation type :              Sister Company

Address :                      70 Victoria Street

Alicetown, Lower Hutt 5010

New Zealand

Name :                          PRIMO SATUS LIMITED

Affiliation type :              Sister Company

Address :                      70 Victoria Street

Alicetown, Lower Hutt 5010

New Zealand

 

 

BANK & MORTGAGES

 

Bank Details

Name of bank :              National 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 : 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 manufacturer of dynamometers.

Purchases

International : Taiwan, Japan

Sales

Local : Yes

International : Worldwide

 

Property & Assets

Premises : The Subject operates from head office located at the verified heading

address consisting of administrative office.

Branches : In addition, the Subject operates from production facilities located at:

58 Victoria Street

Alicetown, Lower Hutt 5010

New Zealand

 

 

SUMMARIZED COUNTRY RISK

 

Gross Domestic Products (GDP) & Economic Overview

Central bank :                                        Reserve Bank of New Zealand

Reserve of foreign exchange & gold :       US$ 20.562 billion

Gross domestic product - GDP :             US$ 153.252 billion

GPP (Purchasing power parity) :             120.2 billion of International dollars

GDP per capita - current prices :             US$ 34,701

GDP - composition by sector :                agriculture: 4.7%

industry: 24%

services: 71.3%

Inflation :                                               2009: 2.1%

2010: 2.3%

2011: 4.1%

Unemployment rate :                              2009: 6.2%

2010: 6.5%

2011: 6.7%

Public debt

(General Government gross debt as

a % GDP)

: 2009: 26.1%

2010: 26.1%

2011: 35.8%

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$33.24 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 :                                          2008: US$4,598 million

2009: US$-1,293 million

2010: US$561 million

FDI Outflows :                                        2008: US$462 million

2009: US$-308 million

2010: US$589 million

Best countries for doing business :          3 out of 183 countries

Global competitiveness ranking :             25 (ranking by country on a basis of 142, 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

: 83%

 

 

PAYMENT HISTORY

 

Purchase Term

International : Prepayment, Credit 30-60 days

Sales Term

Local : Prepayment, Bank transfer, Credit 30-60 days

International : Prepayment, Telegraphic transfer, Credit 30-60 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.52.48

UK Pound

1

Rs.84.65

Euro

1

Rs.69.25

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.