MIRA INFORM REPORT
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Report Date : |
29.08.2012 |
IDENTIFICATION DETAILS
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Name : |
AUTEX INDUSTRIES LIMITED |
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Formerly Known As : |
PACIFITEX (N.Z.) LIMITED |
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Registered Office : |
702-718 Rosebank Road, Avondale,
Auckland, Zip/postal code 1026 |
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Country : |
New Zealand |
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Date of Incorporation : |
08.06.1970 |
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Com. Reg. No.: |
79343 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of carpet, wall coverings, insulation and bedware, polypropylene needle-punched carpets, floor mats, carpet tiles, non-slip flooring, automotive and outdoor carpets |
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No. of Employees : |
110 employees (Subject) |
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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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Verified Address
Subject name : AUTEX INDUSTRIES LIMITED
Business address : 702-718 Rosebank Road
Town : Avondale
Province : Auckland
Zip/postal code : 1026
Country : New Zealand
Tel : +64 9 8289179
Fax : +64 9 8285810
Email : enquiries@autex.co.nz
Website : www.autexindustries.com
Registered address : 702-718 Rosebank Road
Town : Avondale
Province Auckland
Zip/postal code : 1026
Country : New Zealand
Postal address : Private Bag 19988
Town : Avondale
Province : Auckland
Zip/postal code : 1746
Country : New Zealand
Executive Summary
Date founded or registered : 08/06/1970
Legal form : Private Limited
Company
Chief executive : Mark Robinson
Issued & paid up capital
: NZD 1,000,000
Sales turnover : NZD 20,000,000 (Estimated
Non-consolidated 12 months, 31/03/2012)
Line of business : Manufacturer of carpet,
wall coverings, insulation and bedware, polypropylene
needle-punched carpets, floor mats, carpet tiles, non-slip
flooring, automotive
and outdoor carpets.
Staff employed : 110 employees (Subject
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
progressing
Management experience : Management is adequately experienced
Financial performance : Financial performance is good
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Comments : The Subject is well positioned in the
market and we believe the Subject would be
able to uphold the
credit amount asked.
Registry Data
Registration date : 08/06/1970
Legal form : Private Limited Company
Registration no 79343
Registered authority : New Zealand Companies Office
Registry status : Live/Active
Previous name : The Subject was established under
the name PACIFITEX (N.Z.) LIMITED on the
08-06-1970 and changed to the current style on 10-11-1972.
Change of legal form : None reported.
Key Management
Name : Mark Robinson
Designation : Chief Executive Officer
Name : Rob Jones
Designation : Market Development Manager
Name : Marcel Van Vliet
Designation : Financial Controller
Appointments
Name : David Robinson
Designation : Director
Appointment date : 15/12/87
Address : 290 Jervois Road
Herne Bay,
Auckland 1011
New
Zealand
Name : Mark Robinson
Designation : Director
Appointment date : 21/03/95
Address : 10 Birchwood Grove
Greenhithe,
North Shore City 0632
New
Zealand
Name : Warrick Batt
Designation : Director
Appointment date : 16/03/10
Address : 55 Taparoo Road
Templestowe,
VIC 3106
Australia
Name : William Randolph
Cunningham
Designation : Director
Appointment date : 15/12/87
Address : 326 Beach Road
Campbells
Bay, North Shore City 0630
New
Zealand
Name : Andrew Macleod
Cunningham
Designation : Director
Appointment date : 29/05/03
Address : 371 Beach Road
Campbells Bay, North
Shore City 0630
New Zealand
Staff employed : 110 employees (Subject)
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
How listed : Full List
Composition
Shareholder name : AUTEX INTERNATIONAL LIMITED
Address : 702-718 Rosebank Road
Avondale,
Auckland 1026
New
Zealand
No. of shares : 1,000,000 Shares
% of shares : 100%
Structure
Name : AUTEX INTERNATIONAL
LIMITED
Affiliation type : Parent Company
Address : 702-718 Rosebank Road
Avondale,
Auckland 1026
New
Zealand
Name : AUTEX PROPERTIES
LIMITED
Affiliation type : Sister Company
Address : 702-718 Rosebank Road
Avondale,
Auckland 1026
New
Zealand
Name : AUTEX PTY LIMITED
Affiliation type : Sister Company
Address : 166 Bamfield Road
West
Heidelberg
Melbourne,
Victoria 3081
Australia
Name : AUTEX QUEENSLAND PTY
LIMITED
Affiliation type : Sister Company
Address : 29 Demand Avenue
Arundel,
Queensland 4214
Australia
Name : AUTEX INDUSTRIES LTD
(BRANCH)
Affiliation type : Sister Company
Address : Office No. 5Ebg28
Dubai
Airport Free Zone
P.O. Box
54948
Dubai,
United Arab Emirates
Bank Details
Name of bank : ASB Bank 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
Description
Source of financial statement
: Provided by the Subject
Financial statement date : 31/03/12
Type of accounts : Estimated key figures
Currency : New Zealand,
Dollar (NZD)
Exchange rate : 1 USD = NZD 1.24 as of
27-08-2012
Summarized
Financial Information
Consolidation type : Non Consolidated
Currency : New Zealand,
Dollar (NZD)
Denomination : (x1) One
Date of financial year end : 31/03/12
Length of accounts : 12 months
Sale turnover / Income : 20,000,000
Comments : The estimated financial figure
was provided by Mr. Marcel Van Vliet.
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 meets the criteria of being a large Private Company however is
exempted
from filling their financial information.
Main activities : The Subject's main
activities are manufacturing of carpet, wall coverings,
insulation and bedware,polypropylene
needle-punched carpets, floor mats,
carpet tiles, non-slip flooring,
automotive and outdoor carpets.
In addition, the Subject manufactures
of 100% polyester thermal and
acoustic building insulation, duvets,
comforters, quilts, pillows, woolen
underlays and a variety of polyester
filled bedware products.
Product &
services :
· Autex Bedware - wool and polyester bedding products
· Autex Carpets - commercial carpets
· Autex Insulation - thermal and acoustic polyester insulation for commercial and residential
· Autex Wall Coverings - polypropylene plush and acoustic wall covering
· Avondale - school and commercial carpet BaffleBlock - acoustic polyester
· Composition - acoustic wall coverings
· Decord - marine, commercial and outdoor ribbed carpet
· Dream Maker - polyester bedding products
· Elements - carpet and carpet tiles
· Eurograss - cricket pitch and outdoor carpet
· Euromat - door mats, non-slip mats
· Flex2 - marine and automotive carpets and linings GreenStuf - thermal and acoustic polyester insulation High Country - wool filled bedding products
· Images - commercial and outdoor carpet
· Multisport - sporting surfaces carpet
· Performer - marine and automotive carpets and linings
· Quietstuf - acoustic polyester
· Raider & Reef - marine and light commercial carpet
· Vertiface - plush wall coverings
· Widetrack - commercial and outdoor ribbed carpet
Purchases
International : Asian countries, United Kingdom
Sales
Local : Yes
International : Pacific Islands, Singapore, Malaysia, Hong
Kong, Philippines, Thailand,
Indonesia,
Japan, China, Korea, Taiwan, Qatar, Egypt, United Kingdom,
Portugal,
India, Saudi Arabia, Bahrain, United Arab Emirates, United States
Property &
Assets
Premises : The Subject operates from premises
located at the verified heading
address
consisting of production facilities, warehouse and administrative
office.
Branches : The Subject in addition operates from
branch office located at:
6 Victoria
Street
Alicetown,
Lower Hutt 5010
New Zealand
Tel: +64 4
568 8211
Fax: +64 4
568 7984
Intellectual
property : ISO14001
ISO9001
Quality Management Standard certification
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$ 180.548 billion
GPP (Purchasing power parity) 126.628 billion of International dollars
GDP per capita - current prices US$ $ 40,454
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:
6.1%
2010: 6.5%
2011: 6.5%
Public debt
(General Government gross
debt as a % GDP) 2009: 26.1 %
2010: 32.3%
2011: 37%
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 :
Westpac Limited, Transpower,
Fletcher Building Limited, National
Bank of New Zealand, Fonterra Co-Operative Group Ltd, Air New Zealand Limited, The Warehouse Group Limited, Progressive Enterprises Ltd
Trade & Competitiveness Overview
Total exports US$33.24billion
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 Dollar (NZD)
Internet
users as % of total population
:
83 %
Purchase Term
Local : Cash against document, Prepayment, Credit
30-60 days
International : L/C, Credit 30-60 days
Sales Term
Local : Cash against document, Prepayment,
Credit 30-60 days
International : L/C, Prepayment, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.78 |
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UK Pound |
1 |
Rs.88.04 |
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Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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.