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Report Date : |
29.12.2012 |
IDENTIFICATION DETAILS
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Name : |
NEW ZEALAND STEEL LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
26.07.1965 |
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Com. Reg. No.: |
68953 |
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Legal Form : |
Limited Private Company |
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Line of Business : |
Manufacturer of steel products. |
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No. of Employees : |
1,150 full-time staff ; 200 semi-permanent contractors |
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 : |
Good |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
NEW ZEALAND -
ECONOMIC OVERVIEW
Over the past 20 years the government has transformed New
Zealand from an agrarian economy dependent on concessionary British market
access to a more industrialized, free market economy that can compete globally.
This dynamic growth has boosted real incomes - but left behind some at the
bottom of the ladder - and broadened and deepened the technological
capabilities of the industrial sector. Per capita income rose for ten
consecutive years until 2007 in purchasing power parity terms, but fell in
2008-09. Debt-driven consumer spending drove robust growth in the first half of
the decade, helping fuel a large balance of payments deficit that posed a
challenge for economic managers. Inflationary pressures caused the central bank
to raise its key rate steadily from January 2004 until it was among the highest
in the OECD in 2007-08; international capital inflows attracted to the high
rates further strengthened the currency and housing market, however,
aggravating the current account deficit. The economy fell into recession before
the start of the global financial crisis and contracted for five consecutive
quarters in 2008-09. In line with global peers, the central bank cut interest
rates aggressively and the government developed fiscal stimulus measures. The
economy posted a 2% decline in 2009, but pulled out of recession late in the
year, and achieved 1.7% growth in 2010 and 2% in 2011. Nevertheless, key trade
sectors remain vulnerable to weak external demand. The government plans to
raise productivity growth and develop infrastructure, while reining in
government spending.
|
Source : CIA |
Verified Address
Subject name :
NEW ZEALAND STEEL LIMITED
Business address :
131 Mission Bush Road
Town :
Glenbrook
Province :
South Auckland
Zip/postal code :
2681
Country :
New Zealand
Tel :
+64 9 3758999
Fax :
+64 9 3758213
Website :
www.nzsteel.co.nz
Registered address :
131 Mission Bush Road
Town :
Glenbrook
Province :
South Auckland
Zip/postal code :
2681
Country :
New Zealand
Postal address :
Private Bag 92121
Town :
Auckland Central
Province :
Auckland
Zip/postal code :
1142
Country :
New Zealand
Executive Summary
Date founded or registered :
26/07/1965
Legal form :
Limited Private Company
Chief executive :
Simon Andrew Linge
Issued & paid up capital : NZD 664,715,000
Sales turnover :
NZD 513,360,000 (Non-consolidated 12 months, 30/06/2007)
Net income :
NZD 123,479,000 (Non-consolidated 12 months, 30/06/2007)
Total fixed assets :
NZD 1,931,942,000 (Non-consolidated 12 months, 30/06/2007)
Line of business :
Manufacturer of steel products.
Staff employed :
1,150 full-time staff ; 200 semi-permanent contractors (Subject); 17,000
employees
(Bluescope Group)
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 very good
Organization structure :
Organizational structure is consistent
Detrimental : No detrimental found
Payment history :
No payment delays noted
Registry Data
Registration date :
26/07/1965
Legal form :
Limited Private Company
Registration no :
68953
Registered authority :
New Zealand Companies Office
Registry status :
Live/Active
Previous name :
BHP NEW ZEALAND STEEL LIMITED (until 01-05-2002)
NEW ZEALAND STEEL LIMITED (01-09-1992)
Change of legal form :
None reported.
Key Management
Name :
Simon Andrew Linge
Designation : President
BOARD OF DIRECTORS/ OTHER APPOINTMENTS
Appointments
Name :
Ronald John Gillespie
Designation :
Director
Appointment date :
22/02/11
Address :
188 McNicol Road, Rd 5
Papakura 2585
New Zealand
Name :
David James Hazlehurst
Designation :
Director
Appointment date :
01/09/11
Address :
154 Hooker Road, Rd 3
Hamilton 3283
New Zealand
Name :
Simon Andrew Linge
Designation :
Director
Appointment date :
30/03/11
Address :
72 Long Drive
Saint Heliers, Auckland 1071
New Zealand
Name :
Mark Royce Vassella
Designation :
Director
Appointment date :
01/07/11
Address :
14 Yuille Street
Brighton, VIC 3186
Australia
Biography
: Mr. Mark R. Vassella
has been Chief Executive - ANZ of BlueScope Steel Limited since July 1, 2011.
Previously, Mr. Vassella headed BlueScope's North American businesses, and
prior to that, he was Chief Executive of Australian Distribution and Solutions
following BlueScope's acquisition of Smorgon Steel Distribution in 2007. He
leads a business comprising all operations in Australia and New Zealand and
which was recently restructured to deliver an improved sales and marketing effort,
and better integrated customer service.
Staff employed : 1,150 full-time
staff ; 200 semi-permanent contractors (Subject); 17,000 employees (Bluescope
Group)
Composition
Authorized Capital : NZD 664,715,000
No of shares : 942,298,106 Shares
Share par value : No par value
Issued capital : NZD 664,715,000
Paid up capital : NZD 664,715,000
How listed :
Full List
Composition
Shareholder name :
NEW ZEALAND STEEL HOLDINGS LIMITED
Address :
131 Mission Bush Road
Glenbrook, South Auckland 2681
New Zealand
No. of shares :
942,298,106 Shares
% of shares :
100%
Structure
Name :
BLUESCOPE STEEL LIMITED
Affiliation type :
Ultimate Holding Company
Address : Level 11, 120 Collins Street
Melbourne, VIC 3000
Australia
Comments :
BlueScope Steel Limited manufactures and distributes a range steel products for
residential, industrial, building,
and manufacturing industries worldwide. The company offers slab, plate, hot and
cold rolled coils, coated and painted sheets, and coil products, as well as
processes sourced iron sand and coal into slabs. It also provides customized
building solutions, including pre-engineering metal building systems, steel
cladding, decking and residential solutions, and architectural building
systems; and value engineering, design, manufacturing, project management,
transportation, on site consultation, construction service, and local support
solutions. In addition, the company offers lightweight steel roof trusses, roof
frame systems, large span pre-engineered steel buildings, and other
accessories; manufactures, supplies, and installs steel and non-steel roofing
and wall cladding, as well as galvanized purlins; and provides structural
products and profiles for roofing. Further, it provides prepainted and
zinc/aluminum alloy-coated steels for use in roll-forming, pressing, and
general applications; manufactures and supplies coated steel building products;
and offers services, including toll painting of wide coil in coated steel,
aluminum, cold rolled annealed, or similar metal products, as well as toll
pickling and oiling for automotive steels.
Additionally, the company offers
a range of metal building solutions, and steel building components and
solutions; rainwater goods, fasteners, and water tanks; flashing, ridging, and
guttering, as well as insulation, screws, tools, ventilators, translucent, and
polycarbonate sheetings. BlueScope Steel offers its products primarily under
the XLERPLATE, LYSAGHT, COLORBOND, Clean COLORBOND, and ZINCALUME brands. The
company was formerly known as BHP Steel Limited and changed its name to
BlueScope Steel Limited in November 2003. BlueScope Steel Limited was founded
in 1885 and is headquartered in Melbourne, Australia.
Name :
GLENBROOK HOLDINGS PTY. LTD.
Affiliation type :
Superior Holding Company
Address :
Level 11, 120 Collins Street
Melbourne, VIC 3000
Australia
Name : TASMAN STEEL HOLDINGS LIMITED
Affiliation type :
Intermediate Holding Company
Address :
131 Mission Bush Road
Glenbrook, South Auckland 2681
New Zealand
Name :
NEW ZEALAND STEEL HOLDINGS LIMITED
Affiliation type :
Parent Company
Address :
131 Mission Bush Road
Glenbrook, South Auckland 2681
New Zealand
Name :
BLUESCOPE PTY LTD
Affiliation type :
Sister Company
Address :
Level 11, 120 Collins Street
Melbourne, VIC 3000
Australia
Related companies and corporate affiliations comments : Other companies of the BlueScope
Group should be considered affiliates of the Subject.
Bank Details
Name of bank :
ANZ Bank New Zealand 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.
Description
Source of financial statement : Commercial Registry Filings
Financial statement date :
30/06/07
Type of accounts :
Full audited
Currency :
New Zealand, Dollar (NZD)
Exchange rate :
1 USD = NZD 1.22 as of 28-12-2012
Summarized
Financial Information
Consolidation type :
Non Consolidated Non Consolidated Group Consolidated
Currency :
New Zealand, Dollar
(NZD) New Zealand,
Dollar (NZD)
Australia Dollar (AUD)
Denomination :
(x1) One (x1) One (x1) One
Date of financial year end :
30/06/07 30/06/06 30/06/12
Length of accounts :
12 months 12 months 12 months
Sale turnover / Income :
513,360,000 448,919,000 8,585,700,000
Profit before tax :
123,479,000 76,295,000 -976,100,000
Net income : 123,479,000 76,295,000 -1,027,900,000
Non current assets :
514,328,000 484,516,000 4,166,400,000
Current assets :
1,417,614,000 1,275,144,000 2,567,100,000
Inventories :
16,991,000 29,515,000 1,337,400,000
Total assets : 1,931,942,000
1,759,660,000 6,733,500,000
Current liabilities :
774,640,000 726,256,000 1,802,200,000
Non current liabilities :
8,855,000 8,436,000 1,152,500,000
Total liabilities :
783,495,000 734,692,000 2,954,700,000
Share equity :
1,148,447,000 1,024,968,000 3,778,800,000
Comments
: The
non-consolidated financial information above relates to the Subject only. The
Subject’s latest financial information is not available with the New Zealand
Companies Office.
The group’s consolidated
financial information above relates to the Subject’s Ultimate Holding Company
Bluescope Steel Limited and all its subsidiaries which include the Subject.
Main activities :
The Subject is engaged as a manufacturer of flat steel products for both
domestic
and export markets.
There
are two operational facets to the Subject - steelmaking and mining.
Situated at Glenbrook, south of
Auckland, the Subject produces a range of flat steel products for both domestic
and export markets. Slabs are rolled into hot and cold rolled products, which
are then on-sold or further processed into products like hollow sections,
galvanised steel, ZINCALUME® steel and COLORSTEEL® steel.
The mines supply ironsand to its
steel mill at Glenbrook and to customers in North Asia. The ironsand comes from
the Waikato North Head mine site and concentration plant, situated 18 kilometres
south of New Zealand Steel’s Glenbrook mill. The Taharoa mine site covers an
area of 1,300 hectares, segmented into three regions. Sand is extracted from a
pond by a floating dredge, and then conveyed to an adjacent floating
concentration plant for processing.
The Subject is a wholly owned
subsidiary of BlueScope Steel Limited.
Product & services :
Products
COLORSTEEL®
Prepainted steel for roofing,
fascia, cladding, guttering and fencing.
ZINCALUME®
Zinc/aluminium alloy coated
steel for building and manufacturing applications.
GALVSTEEL™
GALVSTEEL™ steel is a
hot-dipped, zinc-coated steel for applications across the building,
agricultural and automotive sectors. Its mechanical properties make it suitable
for forming, welding, fastening and painting.
Hot Rolled Steel
Hot rolled steel is produced in
a variety of grades for high strength, structural applications, including
flooring, steel beams, tanks, flanges and welded pipes.
Cold Rolled Steel
Cold rolled steel each with a
variety of properties to suit applications ranging from shelving to the
manufacture of steel drums, saw blades, hinges, automotive parts and steel
tube.
Pipe & Hollow Sections
Pipe and hollow sections are
used in a large number of applications, as key components of agricultural equipment
through to bridges and railings.
AXXIS® Steel for Framing
AXXIS® Steel for Framing is a
brand of galvanised, high-tensile steel supplied to New Zealand's house framing
market.
Steltech®
Beams for optimised steel structures.
Used for designers and owners to create visually interesting buildings that use
efficient design to provide cost effective space.
Brand :
COLORSTEEL®
ZINCALUME®
GALVSTEEL™
AXXIS®
STELTECH®
Purchases
International :
Worldwide
Sales
Local :
Yes
International :
Worldwide
Property &
Assets
Premises
: The
Subject operates from premises located at the verified heading address
consisting of a production facilities, warehouse and administrative office.
Branches
: In
addition, the Subject operates from the Waikato North Head Mine Site and
Taharoa Mine Site.
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%
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$33.24 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%
Purchase Term
International : L/C, Telegraphic transfer,
D/P, Credit 30-120 days
Sales Term
Local :
Prepayment, Bank transfer, D/P, Credit 30-120 days
International :
L/C, Telegraphic transfer, D/P, Credit 30-120 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.54.85 |
|
UK Pound |
1 |
Rs.88.40 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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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.