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Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
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Name : |
CONVEX PLASTICS LIMITED |
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Registered Office : |
5, |
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Country : |
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Date of Incorporation : |
19.10.1976 |
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Com. Reg. No.: |
196531 |
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Legal Form : |
Limited Private Company |
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Line of Business : |
Design and manufacturing
of polyethylene flexible films, ready-made bags, promotional materials and
labels. |
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No. of Employees : |
100 |
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 350,000 |
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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 – June 30th, 2012
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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.
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Source : CIA |
Verified Address
Subject name : CONVEX PLASTICS LIMITED
Business address : 5 Latham Court
Town : Frankton
Province : Hamilton
Zip/postal code : 3204
Country : New Zealand
Tel : +64 7 8475133
Fax : +64 7 8475130
Email :
enquiriesham@convex.co.nz
Website : www.convex.co.nz
Registered address
: 5 Latham Court
Town : Frankton
Province : Hamilton
Zip/postal code : 3204
Country : New Zealand
Postal address : P.O. Box 5460
Town : Frankton
Province : Hamilton
Zip/postal code : 3242
Country : New Zealand
Executive Summary
Date founded or
registered : 19/10/1976
Legal form : Limited
Private Company
Chief executive : Owen Lionel Embling
Issued & paid
up capital : NZD 1,000,000
Line of business : Design and
manufacturing of polyethylene flexible films, ready-made bags, promotional
materials and labels.
Staff employed : 100 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is steady
Management
experience : Management is
adequately experienced
Financial
performance : Financial
performance is undetermined
Organization
structure : Organizational
structure is stable
Detrimental : No detrimental records
found
Payment history : No payment delays noted
Credit amount
suggestion : USD 350,000
Credit amount asked
: USD 300,000
Registry Data
Registration date : 19/10/1976
Legal form : Limited
Private Company
Registration no : 196531
Registered
authority : New Zealand
Companies Office
Registry status : Live/Active
Previous name :
None reported.
Change of legal
form : None reported.
Key Management
Name : Owen Lionel Embling
Designation : Managing Director
Name : Anthony Grant Letcher
Designation : Chief Financial Officer
Appointments
Name : Bryan William
Chesire
Designation : Director
Appointment date : 01/09/99
Address : 2884 State Highway 2,
Rd 2, Katikati 3178, New Zealand
Name : Owen Lionel Embling
Designation : Director
Appointment date : 01/09/99
Address : 94 Beerescourt Road,
Beerescourt, Hamilton 3200, New Zealand
Name : David Warren
Fredericksen
Designation : Director
Appointment date : 19/10/76
Address : 457 River Road,
Fairfield, Hamilton 3214, New Zealand
Name : Anthony Grant
Letcher
Designation : Director
Appointment date : 01/09/99
Address : 39 Cranmere Drive, Rd
3, Hamilton 3283, New Zealand
Staff employed : 100 employees
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 : VELOCITY CAPITAL LIMITED
Address : 5 Latham Court,
Frankton, Hamilton 3204, New Zealand
No. of shares : 999,995 Shares
Shareholder name : Owen Lionel Embling
Address : 94 Beerescourt Road,
Beerescourt, Hamilton 3200, New Zealand
No. of shares : 2 Shares
Shareholder name : Anthony Grant Letcher
Address : 39 Cranmere Drive, Rd
3, Hamilton 3283, New Zealand
No. of shares : 2 Shares
Shareholder name : David Warren Fredericksen
Address : 457 River Road,
Fairfield, Hamilton 3214, New Zealand
No. of shares : 1 Share
Structure
Name : VELOCITY CAPITAL LIMITED
Affiliation type : Parent Company
Address : 5 Latham Court, Frankton, Hamilton
3204, New Zealand
Name : SLIDERPACK LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 5 Latham Court, Frankton, Hamilton
3204, New Zealand
Name : RSS PLASTICS LIMITED
Affiliation type : Sister Company
Address : 5 Latham Court, Frankton, Hamilton
3204, New Zealand
Name : CONVEX AUSTRALIA PTY LTD
Affiliation type : Sister Company
Address : Unit 11, 5 Bungan Street, Mona
Vale, NSW 2103, Australia
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
Comments : 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
- 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 does not
meet the criteria of being a large Private Company.
Main activities : The Subject is engaged in
design and manufacturing of polyethylene flexible films, ready-made bags,
promotional materials and labels.
Product &
services : Breathable Packaging
Sliderpack Packaging
Food Packaging
Retail & Promotional Packaging
Industrial & Commercial
Resealable Packaging
Environmentally Friendly Packaging
Seedling Planter Bags
Brand : CONVEX PLASTICS
GREENSACK
Purchases
International :
Asia countries
Sales
Local : Yes
International : Asia countries, Chile,
Australia
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 branch offices located at:
2nd Floor, 2
Kalmia Street, Greenlane, Auckland 1051, New Zealand
Tel: +64 9 5251010
1 Ivan Jamieson Place,
Christchurch Airport, Christchurch 8053, New Zealand
Tel: +64 3 9434651
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
30-90 days
Sales Term
Local : Prepayment, Bank transfer, D/P,
Credit 30-90 days
International : L/C, Telegraphic transfer, D/P, 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.55.20 |
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UK Pound |
1 |
Rs.87.79 |
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Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
RATING EXPLANATIONS
|
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.