MIRA
INFORM REPORT
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Report Date : |
04.02.2012 |
IDENTIFICATION DETAILS
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Name : |
AUTEX INDUSTRIES |
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Formerly Known As : |
PACIFITEX (N.Z.) LIMITED |
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Registered Office : |
702-718 Rosebank Road, Avondale, Auckland, 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 |
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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Maximum Credit Limit : |
USD 2,500,000 |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
identification details
Verified Address
Subject name : AUTEX INDUSTRIESLIMITED
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, 31/03/2011)
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
Credit amount suggestion : USD
2,500,000
Credit amount asked : USD 1,000,000
Comments : The Subject is well positioned in the market and we believe the Subject would be able to uphold the credit amount asked.
Statutory Details
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.
Management / directorDIRECTORS
Key Management
Name : Mark Robinson
Designation : Chief
Executive Officer
Name : John William Paton
Designation : Managing
Director
Name : Rob Jones
Designation : Market
Development Manager
Name : Marcel Van Vliet
Designation : Financial
Controller
BOARD OF
DIRECTORS/ OTHER APPOINTMENTS
Board of director/ other
appointments
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 : John William Paton
Designation : Director
Appointment date : 21/03/95
Address : C/o Autex Industries Limited
702-718 Rosebank Road
Avondale, Auckland 1026
New Zealand
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
Name : Warrick Batt
Designation : Director
Appointment date : 16/03/10
Address : 55
Taparoo Road
Templestowe,
Victoria 3106
Australia
Staff employed : 110 employees (Subject)
SHARE CAPITAL
Share capital
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
Ownership/ shareholders
RSHIP /
SHAREHOLDERS
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%
RELATED COMPANIES & CORPORATE AFFILIATIONS
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 & MOR
TGAGES
Bank & mortgages
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.
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 1.20 as of 02-02-2012
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 : 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.
Brand : 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
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$ $32,145
GDP - composition by sector : agriculture: 4.6%
industry: 23.7%
services: 71.7%
Inflation : 2008: 4%
2009: 2.1%
2010: 2.5%
Unemployment rate : 2008: 4.2%
2009: 6.2%
2010: 6.2%
Public debt 2008: 20.4%
2009: 26.2%
2010: 31%
(General Government gross debt as a % GDP)
Government bond ratings : Standard & Poor's: AA+/Stable/A-1+ Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded : US$
67.061 billion
shares
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%
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.48.96 |
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1 |
Rs.77.46 |
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Euro |
1 |
Rs.64.39 |
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.