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Report Date : |
25.09.2012 |
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Tel. No.: |
0064-9 4155646 |
IDENTIFICATION DETAILS
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Name : |
THE MIDAS INTERIOR DESIGN GROUP (1992) LIMITED |
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Registered Office : |
C/o WATERSTONE INSOLVENCY LIMITED 16 Piermark Drive Albany Auckland 0632 |
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Country : |
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Date of Incorporation : |
13.03.1992 |
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Com. Reg. No.: |
540044 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in retail sales and wholesale of ceramic, terracotta and porcelain tiles. |
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No. of Employees : |
Not Available |
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 : |
Poor |
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Payment Behaviour : |
Slow and delayed |
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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 (31.03.2011) |
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 : THE MIDAS INTERIOR DESIGN GROUP
(1992) LIMITED
Business address :
C/o WATERSTONE INSOLVENCY LIMITED
16 Piermark Drive
Town : Albany
Province : Auckland
Zip/postal code : 0632
Country : New Zealand
Tel : +64 9 4482038
Fax : +64 9 4413489
Registered address
: C/o WATERSTONE INSOLVENCY LIMITED
16 Piermark Drive
Town : Albany
Province : Auckland
Zip/postal code : 0632
Country : New Zealand
Executive Summary
Date founded or
registered : 13/03/1992
Legal form : Private Limited
Company
Chief executive : Damien Grant
Issued & paid
up capital : NZD 10,000
Line of business :
The Subject has been
in liquidation since 25-06-2012 due the demise of Mr.
Frederic Vincent Turner. The Subject’s was previously engaged in retail
sales
and wholesale of ceramic, terracotta and porcelain tiles.
Staff employed : Nil
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
ceased
Management
experience : Management is
inadequately experienced
Financial
performance : Financial
performance is undetermined
Organization
structure : Organizational
structure is flawed
Detrimental : Serious detrimental records
found
Payment history : Payment punctuality is
undetermined
Credit amount
suggestion : Fully secured terms.
Registry Data
Registration date
: 13/03/1992
Legal form : Private Limited
Company
Registration no 540044
Registered
authority : New Zealand
Companies Office
Registry status : In Liquidation
Previous name : None reported.
Change of legal
form : None reported.
Comments : The Subject has
been in liquidation since 25-06-2012 due the demise of Mr.
Frederic Vincent Turner. The Subject’s business asset has been taken
over by
Roberts Heritage Limited doing business as Heritage Tiles and Midas
Tiles. The
Subject has ceased operations since 25-06-2012 and all correspondence
with
regards to the Subject should be directed to the Subject’s liquidators
Waterstone
Insolvency Limited located at the heading address.
Key Management
Name : Damien
Grant
Designation : Liquidator
Name : Steven Khov
Designation : Liquidator
Appointments
Name : Frederic
Vincent Turner (deceased)
Designation : Director
Appointment date :
31/07/00
Address : 21A Wisteria
Way
Mairangi Bay, Auckland 0630
New Zealand
Name : Damien
Grant
Designation : Liquidator
Appointment date : 25/06/12
Address : C/o
WATERSTONE INSOLVENCY LIMITED
16 Piermark Drive
Albany, Auckland 0632
New Zealand
Name : Steven Khov
Designation : Liquidator
Appointment date :
25/06/12
Address : C/o WATERSTONE
INSOLVENCY LIMITED
16 Piermark Drive
Albany, Auckland 0632
New Zealand
Staff employed : Nil
Composition
Authorized Capital
: NZD 10,000
No of shares : 10,000 Ordinary
Shares
Share par value : NZD 1
Issued capital : NZD 10,000
Paid up capital : NZD 10,000
How listed : Full
List
Composition
Shareholder name :
Frederic Vincent Turner
(deceased)
Address : 21A Wisteria
Way
Mairangi Bay, Auckland 0630
New Zealand
No. of shares : 5,000 Ordinary Shares
% of shares : 50%
Shareholder name :
Pauline Margaret Turner
Address : 21A Wisteria
Way
Mairangi Bay, Auckland 0630
New Zealand
No. of shares : 5,000 Ordinary
Shares
% of shares : 50%
Structure
Related companies
and corporate
affiliations
comments: None reported.
Mortgages : None reported.
Legal Fillings
Bankruptcy
fillings : None
reported.
Court judgements :
None reported.
Tax liens : None reported.
Others : None
reported.
Description
Comments : The Subject's
financial information is not available.
The Subject has been in liquidation since 25-06-2012 due the demise of
Mr.
Frederic Vincent Turner. The Subject’s business asset has been taken
over by
Roberts Heritage Limited doing business as Heritage Tiles and Midas
Tiles. The
Subject has ceased operations since 25-06-2012 and all correspondence
with
regards to the Subject should be directed to the Subject’s liquidators
Waterstone
Insolvency Limited located at the heading address.
Main activities : The Subject has been in
liquidation since 25-06-2012 due the demise of
Mr. Frederic Vincent Turner. The Subject’s was previously engaged in
retail sales and wholesale of ceramic, terracotta and porcelain tiles.
The Subject’s business asset has been taken over by Roberts Heritage
Limited doing business as Heritage Tiles and Midas Tiles. The Subject
has
ceased operations since 25-06-2012 and all correspondence with regards
to the Subject should be directed to the Subject’s liquidators
Waterstone
Insolvency Limited located at the heading address.
Purchases
Local : None
reported.
International : None reported.
Sales
Local : None
reported.
International : None reported.
Property & Assets
Premises : The Subject
operates from premises located at the verified heading
address consisting of the liquidators administrative office.
Branches : None reported.
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$ $32,145
GDP - composition
by sector : agriculture:
4.6%
industry: 23.7%
services: 71.7%
Inflation : 2008:
4%
2009: 2.1%
2010: 2.5%
Unemployment rate
: 2008: 4.2%
2009: 6.2%
2010: 6.2%
Public debt
(General
Government gross debt as
a % GDP): 2008:
20.4%
2009: 26.2%
2010: 31%
Government bond
ratings : Standard
& Poor's: AA+/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of
publicly traded
shares: US$
67.061 billion
Largest companies
in the country : Telecom of New
Zealand, 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 : None
International :
None
Sales Term
Local : None
International :
None
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 : 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.53.29 |
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1 |
Rs.86.43 |
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Euro |
1 |
Rs.68.95 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.