|
Report Date : |
19.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
KIWI STEEL NZ LIMITED |
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Registered Office : |
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Country : |
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|
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.10.1989 |
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Legal Form : |
Limited Private Company |
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Line of Business : |
Engaged in import and distribution of steel products |
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No. of Employees : |
60 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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) |
|
New Zealand |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : KIWI STEEL
NZ LIMITED
Other
style / Business name : KIWICOLOUR
Business
address : 12 Hautu
Drive
Town :
Wiri
Province
: Auckland
Zip/postal
code : 2104
Country
: New
Zealand
Tel : +64 9
2772700
Fax : +64 9
2772701
Email
: sales@kiwisteel.co.nz
Website
: www.kiwisteel.co.nz
Registered
address : 12 Hautu Drive
Town :
Wiri
Province
: Auckland
Zip/postal
code : 2104
Country
: Australia
Postal
address : P.O. Box
98-851
Town :
Manukau
City
Province
:
Auckland
Zip/postal
code : 2241
Country
: New
Zealand
Executive Summary
Date
founded or registered : 27/10/1989
Legal
form : Limited
Private Company
Chief
executive : Keun
Hong Lee
Issued
& paid up capital : NZD
6,550,000
Sales
turnover : NZD
29,176,213 (Non-consolidated 12 months, 31/12/2010)
Net
income : NZD
-2,419,854 (Non-consolidated 12 months, 31/12/2010)
Total
fixed assets : NZD
19,275,611 (Non-consolidated 12 months, 31/12/2010)
Line
of business : Import
and distribution of steel products.
Staff
employed : 60
employees
Country
risk : Country
risk is minimal
Operation
trend : Operational
trend is declining
Management
experience : Management is
reasonably experienced
Financial
performance : Financial
performance is gradually declining
Organization
structure : Organizational
structure is stable
Detrimental
: No detrimental found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 27/10/1989
Legal
form : Limited
Private Company
Registration
no 436852
Registered
authority : New Zealand
Companies Office
Registry
status : Live/Active
Previous
name : WONDERVOL
INVESTMENTS NO.50 LIMITED (until 22-05-1990)
Change
of legal form : None
reported.
Key Management
Name :
Keun Hong Lee
Designation
: Managing Director
Name :
Mario Lee
Designation
: Chief Financial Officer
Appointments
Name :
Keun Hong Lee
Designation
: Director
Appointment
date : 25/03/92
Address
: 7 Wolseley Avenue
Herne Bay, Auckland 1011
New Zealand
Staff
employed : 60 employees
Key Advisors
Auditors
: BENDALL AND CANT
LIMITED
7th Floor, Southern Cross Building
Corner High Street and Victoria Street
Auckland Central, Auckland 1010
New Zealand
Composition
Authorized
Capital : NZD 6,550,000
No of shares
: 6,550,000
Ordinary Shares
Share
par value : NZD 1
Issued
capital : NZD
6,550,000
Paid
up capital : NZD
6,550,000
How
listed : Full List
Composition
Shareholder
name : SKN TRUSTEE LIMITED
Address
: 12 Hautu Drive
Wiri,
Auckland 2104
New
Zealand
No. of
shares : 6,550,000 Ordinary Shares
% of
shares : 100%
Structure
Name :
ACL NOMINEES
LIMITED
Affiliation
type : Ultimate Holding
Company
Address
: Level 1, 110 Customs
Street West
Auckland Central, Auckland 1010
New Zealand
Name :
SKN TRUSTEE
LIMITED
Affiliation
type : Parent Company
Address
: 12 Hautu Drive
Wiri, Auckland 2104
New Zealand
Name :
THE BUILDING
STORE LIMITED
Affiliation
type : Wholly-owned
Subsidiary
Address
: 12 Hautu Drive
Wiri, Auckland 2104
New Zealand
Name :
APEX TILE
MANUFACTURING 2012 LIMITED
Affiliation
type : Wholly-owned
Subsidiary
Address
: 18 Wedgewood Street
Katikati 3129
New Zealand
Name :
INTERNATIONAL
ROOFING NZ LIMITED
Affiliation
type : Wholly-owned
Subsidiary
Address
: 440 Tuapiro Road,
RD 1
Katikati 3177
New Zealand
Name :
THE ROOFING STORE
LIMITED
Affiliation
type : Wholly-owned
Subsidiary
Address
: 12 Hautu Drive
Wiri, Auckland 2104
New Zealand
Name :
PEARCE TOOL &
MANUFACTURING 2012 LIMITED
Affiliation
type : Wholly-owned
Subsidiary
Address
: 20 Wedgewood Street
Katikati 3129
New Zealand
Name :
KOREAN SAUNA
LIMITED
Affiliation
type : Sister Company
Address
: 12 Hautu Drive
Wiri, Auckland 2104
New Zealand
Name :
KHL PROPERTIES
LIMITED
Affiliation
type : Sister Company
Address
: 12 Hautu Drive
Wiri, Auckland 2104
New Zealand
Name :
KHL TRUSTEE
LIMITED
Affiliation
type : Sister Company
Address
: 12 Hautu Drive
Wiri, Auckland 2104
New Zealand
Bank Details
Name
of bank : 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.
Description
Source
of financial statement : Commercial Registry Filings
Financial
statement date : 31/12/10
Type
of accounts : Full
audited
Currency
: New
Zealand, Dollar (NZD)
Exchange
rate : 1 USD = NZD
1.23 as of 14-11-2012
Summarized Financial Information
Consolidation
type : Non Consolidated
Non Consolidated
Currency
: New
Zealand, Dollar
(NZD)
New Zealand, Dollar
(NZD)
Denomination
: (x1) One (x1) One
Date
of financial year end : 31/12/10
31/12/09
Length
of accounts : 12
months 12 months
Sale
turnover / Income : 29,176,213
31,494,864
Gross
profit : 5,712,749
5,342,886
Operating
profit : -984,606
359,271
Profit
before tax : -1,154,584
323,352
Net
income : -2,419,854
222,948
Non
current assets : 1,742,537
3,403,743
Current
assets : 17,533,074 22,378,394
Inventories
: 11,573,020
12,094,918
Total
assets : 19,275,611
25,782,138
Current
liabilities : 8,005,251
12,091,923
Total
liabilities : 8,005,251
12,091,923
Share
equity : 11,270,360
13,690,215
Retained
earning : 3,194,653
5,614,508
Main
activities : The Subject is engaged in import and distribution of steel
products.
Product
& services : Products:
-
Steel sheet, coil & plate products
-
Aluminium-Zinc alloy coated coil products
-
Aluminised steel sheets & coils products
-
Pre-painted steel products
-
Roofing products
Services:
-
Steel sourcing services
- Steel
processing services
Brand
: KIWICOLOUR
Purchases
International
: China, South Korea, Japan, Singapore
Sales
Local
: Yes
International
: No exports.
Property & Assets
Premises
: The Subject operates from premises located at the verified heading
address
consisting of an administrative office, warehouse and store.
Branches
: In addition, the Subject operates from branch office and retail stores
located
at:
Christchurch
Branch
411
Blenheim Road
Sockburn,
Christchurch
New
Zealand
Tel:
+64 3 3436528
The Roofing
Store Albany
2
Cowley Place
Albany,
Auckland
New
Zealand
Tel:
+64 9 9720060
The
Roofing Store Wellington
21-23
Wakefield Street
Alicetown,
Lower Hutt
New
Zealand
Tel:
+64 4 9745762
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
: Prepayment, Telegraphic transfer, Credit 30-90 days
Sales Term
Local
: Prepayment, Bank transfer, Credit 30-90 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.54.99 |
|
|
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.