MIRA INFORM REPORT
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Report Date : |
05.03.2012 |
IDENTIFICATION DETAILS
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Name : |
GOLDEN FERN GROUP LIMITED |
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Registered Office : |
11
Doncaster Street, Mangere , Manukau, Zip/postal code 2022 |
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Country : |
New Zealand |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
13.08.2010 |
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Com. Reg. No.: |
3063053 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Investment holding, export & wholesale of dairy and health products |
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No. of Employees : |
03 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment
Behaviour : |
Unknown |
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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 30th, 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 |
Verified Address
Subject name : GOLDEN FERN GROUP LIMITED
Business
address : 11 Doncaster Street
Town : Mangere
Province : Manukau
Zip/postal
code : 2022
Country : New Zealand
Tel : +64 9 8892853
Email : contact@goldenfern.co.nz
Website : www.goldenfern.co.nz
Registered
address : 11 Doncaster Street
Town : Mangere
Province : Manukau
Zip/postal
code : 2022
Country : New Zealand
Executive Summary
Date founded or registered : 13/08/2010
Legal form : Private Limited Company
Chief executive : Chris Berryman
Issued & paid up capital : NZD 643,827
Sales turnover : NZD 529,965 (Consolidated 8 months, 31/03/2011)
Net income : NZD -386,879 (Consolidated 8 months, 31/03/2011)
Total fixed assets : NZD 887,338 (Consolidated 8 months, 31/03/2011)
Line of business : Investment holding, export & wholesale of dairy and health products.
Staff employed : 3 employees
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is in start-up phase
Management experience : Management is modestly experienced
Financial performance : Financial performance is poor
Organization structure : Organizational structure is acceptable
Detrimental : No detrimental records found
Payment history : Unknown
Credit amount suggestion : Fully secured terms.
Credit amount asked : Not described.
Comments : It is strictly advisable to conduct business dealing on prepayment or L/C basis due to
the Subject recent date of establishment.
Registry Data
Registration date : 13/08/2010
Legal form : Limited Liability Company
Registration no : 3063053
Registered authority : New Zealand Companies Register
Fiscal/ Tax no : 105-284-284
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Chris
Berryman
Designation : Managing Director
Appointments
Name : Zhang Yanfang
Designation : Director
Appointment date : 01/09/11
Address : Unit E, 8/F., International Conference Center
No. 2 Jida Road, Zhuhai
Xiangzhou District
China
Staff employed : 3 employees
Key Advisors
Auditors : RSM PRINCE Ford Building
86 Highbrook Drive
East Tamaki, Auckland 2013
New Zealand
Solicitors :
Composition
Authorized Capital : NZD 643,827
No of shares : 1,000 A Ordinary Shares
Share par value : No par value
Issued capital : NZD 643,827
Paid up capital : NZD 643,827
How listed : Full List
Composition
Shareholder name GOLDEN FERN HOLDINGS (HK) LIMITED
Address C/o ALPHALINK ACCOUNTING SERVICES LIMITED Room 2302, 23/F., Caroline
Centre, Lee Gardens Two, 28 Yun Ping Road
Hong Kong
No. of shares 1,000 Ordinary Shares
% of shares 100%
Structure
Name GOLDEN FERN HOLDINGS (HK) LIMITED
Affiliation type Parent Company
Address C/o ALPHALINK ACCOUNTING SERVICES LIMITED
Room 2302, 23/F., Caroline Centre
Lee Gardens Two, 28 Yun Ping Road
Hong Kong
Name GOLDEN FERN DAIRY LIMITED
Affiliation type Wholly-owned Subsidiary
Address 11 Doncaster Street
Mangere, Manukau, 2022
Comments Sales of dairy and health products.
Name : KINGDOM OVERSEAS LIMITED
Affiliation type : Associate
Address : Avenida da Praia Grande No. 75-81,
2 Andar Edf. "Veng Fai" Macau
Bank Details
Name of bank : ANZ
National Bank 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 : 31/03/11
Type of accounts : Full audited
Currency : New Zealand, Dollar (NZD)
Exchange rate : 1 USD = NZD 1.20 as of 02-03-2012
Summarized Financial Information
Consolidation type : Consolidated
Currency : New Zealand, Dollar
(NZD) Denomination : (x1) One
Date of financial year end : 31/03/11
Length of accounts : 8 months
Gross profit : 167,171
Profit before tax : -386,879
Net income : -386,879
Non current assets : 459,583
Current assets : 427,755
Inventories : 117,549
Total assets : 887,338
Current liabilities : 630,390
Total liabilities : 630,390
Share equity : 256,948
Retained earning : -386,879
Comments : Comparative financial information is
not available due to the Subject's recent date of establishment.
The consolidated
financial information above relates to the Subject and its only subsidiary
Golden Fern Dairy Limited.
Main activities : The Subject is engaged as an investment
holding company and export of health products such as supplements/tablets and
dairy products such as milk formula.
Product & services : Baby/children/adult milk formula
Goats Milk Chewable Tablets
Goats Milk Powder
Colostrum Chewable Tablets
Colostrum Milk Powder
Deer Supplements
Manuka Honey
Jointamine: Green Lipped Mussel Oil
Brand : Body by Nature, ManukaX, Golden Fern,
Ineda
Purchases
Local : Yes
International : No imports.
Sales
Local : Yes
International : China, Hong Kong, Macau, Vietnam
Key events : Creditors' alarm for exporter's future
14/11/2010
Control one of
the country's largest online exporters of New Zealand-made goods is up in the
air, after it was brought out of receivership in controversial circumstances.
New Zealand Global
sells a wide range of NZ-made products to customers around the world through
website shopnewzealand.co.nz, but the company was put into voluntary
administration last month by its major shareholder and sole director, Chris
Berryman, after it struck severe financial difficulties. However, that
arrangement was shortlived. The company's only secured creditor, BNZ, placed it
into receivership a few days later.
But the
receivership also lasted for just a few days, after the debt to the BNZ was
paid off by a Chinese company, Golden Fern Group, allowing NZ Global to return
to voluntary administration.
However, some
of NZ Global's creditors and minority shareholders have raised concerns about
that arrangement because Golden Fern has close ties with Berryman and is also
one of NZ Global's biggest debtors. According to insolvency practitioner Gareth
Hoole of Staples Rodway, who is running NZ Global's voluntary administration,
NZ Global had recently sold a chunk of its business to Golden Fern for
$500,000, although only
$230,000 of that has been paid.
Golden Fern
advanced the money to repay the BNZ as a secured loan, which means it now ranks
ahead of other creditors and shareholders in NZ Global despite its debt to the
company.
Creditors and minority shareholders are particularly unhappy
about the situation because of Berryman's perceived close involvement with
Golden
Fern, which
markets a range of NZ-made infant formulas in
Although
Berryman is not a director of the company, he filed the original shareholder
consent notices when the company was established in August, giving a
Berryman is also
listed as a director of Golden Fern Dairy, which is majority owned by Golden
Fern Group.
"Certain
shareholders and creditors have expressed some concerns surrounding the sale of
the trade business to Golden Fern. Those concerns focus on the value of the
sale and Mr Berryman's personal involvement and possible conflict of
interest," Hoole said in his report to creditors last week. However, he
had concluded that the price was "fair and reasonable in the
circumstances".
Hoole said
Berryman and his wife had provided him with affidavits to the effect that
neither of them have a financial interest in Golden Fern. Continuation of the
business under voluntary administration will be considered at a meeting of
creditors on Thursday.
Hoole said he
believed it was in the creditors' best interests to allow the company to
continue trading, because if it was put into liquidation they would probably
get nothing.
"So
it's a bit of a Hobson's choice for them," he said.
Property & Assets
Premises : The Subject operates from premises
located at the verified heading address consisting of warehouse and
administrative office.
Branches : None reported.
Other property : Total Group NBV of property, plant and equipment as of 31-03-2011
was NZD 14,955.
Gross Domestic
Products (GDP) & Economic Overview
Central bank Reserve Bank of New Zealand
Reserve of foreign exchange & gold US$ 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$ $32,145
GDP - composition by sector agriculture: 4.6% industry: 23.7% services: 71.7%
Inflation 2008: 4%
2009: 2.1%
2010: 2.3%
Unemployment
rate 2008:4.2%
2009: 6.2%
2010: 6.5%
Public debt
(General Government gross
debt as a % GDP) 2008: 20.4 %
2009: 26.1%
2010: 31 %
Government bond
ratings Standard
& Poor's: AA+/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded shares US$ 67.061 Billion
Largest companies in the country : Telecom of New Zealand, Trans power, 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$31.11 billion
Imports commodities machinery and equipment, vehicles and aircraft, petroleum,
electronics, textiles, plastics
Export - major partners Australia 22%, US 11.5%, Japan 9.2%, China 5.3%, UK 4.6%
Import - major partners Australia 20.7%, China 13.4%, US 9.7%, Japan 9.5%, Singapore 4.9%,
Germany 4.7%
FDI Inflows 2008: US$ 3,441 million
2009: US$ 4,993 million
2010: 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 Dollar (NZD)
Internet
users as % of total population
:
84.38 %
Purchase Term
Local : Prepayment, Credit 30 days
Sales Term
International : L/C, Prepayment, Telegraphic transfer,
Credit 30 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.49.35 |
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UK Pound |
1 |
Rs.78.68 |
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Euro |
1 |
Rs.65.63 |
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.