MIRA INFORM REPORT
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Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
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Name : |
COMET EXPORT IMPORT COMPANY LIMITED |
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Registered Office : |
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Country : |
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Date of Incorporation : |
22.01.1992 |
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Com. Reg. No.: |
529129 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and distributor of
automotive parts, automotive lamps and automotive accessories |
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No. of Employees : |
02 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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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 30, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 : COMET EXPORT IMPORT COMPANY LIMITED
Business address : 12 Moa Street
Town : Otahuhu
Province : Auckland
Zip/postal code : 1062
Country : New Zealand
Tel : +64 9 2767841
Fax : +64 9 2762358
Email : jonty.c@begroup.co.nz
Registered address : 12 Moa Street
Town : Otahuhu
Province : Auckland
Zip/postal code : 1062
Country : New Zealand
Postal address : P.O. Box 22607
Town : Otahuhu
Province : Auckland
Zip/postal code : 1062
Country : New Zealand
Comments : The Subject is a sister company of BRIT-EURO CAR PARTS LIMITED.
Executive Summary
Date founded or registered : 22/01/1992
Legal form : Private Limited
Company
Chief executive : Terence George Lines
Issued & paid up capital
: NZD 2,000
Sales turnover : NZD 1,000,000 (Estimated
non-consolidated 12 months, 31/03/2012)
Line of business : Importer and distributor
of automotive parts, automotive lamps and automotive
accessories.
Staff employed : 2 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
steady
Management experience : Management is reasonably experienced
Financial performance : Financial performance is fair
Organization structure : Organizational structure is
acceptable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date : 22/01/1992
Legal form : Private Limited
Company
Registration no 529129
Registered authority : New Zealand Companies Office
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Terence George Lines
Designation : Managing Director
Name : Jonty Cooper
Designation : Sales Manager
Appointments
Name : Terence George Lines
Designation : Director
Appointment date : 22/01/92
Address : 212A Ellett Road, Rd 1
Papakura,
2580
New
Zealand
Staff employed : 2 employees
Composition
Authorized Capital : NZD 2,000
No of shares : 2,000 Shares
Share par value : NZD 1
Issued capital : NZD 2,000
Paid up capital : NZD
2,000
How listed : Full List
Composition
Shareholder name : Terence George Lines
Address : 212A Ellett Road, Rd 1
Papakura,
2580
New
Zealand
No. of shares : 1,500 Shares
% of shares : 75%
Shareholder name : Jane Elizabeth Dunnet
Address : 12A Ellett Road, Rd 1
Papakura, 2580
New Zealand
No. of shares : 500 Shares
% of shares : 25%
Structure
Name : BRIT-EURO CAR PARTS
LIMITED
Affiliation type : Sister Company
Address : 12 Moa Street
Otahuhu,
Auckland 1062
New
Zealand
Name : BE CAR PARTS (SI)
LIMITED
Affiliation type : Sister Company
Address : 325 Brougham Street
Sydenham, Christchurch 8023
New Zealand
Name : EURO 2000 CAR PARTS
LIMITED
Affiliation type : Sister Company
Address : 12 Moa Street
Otahuhu,
Auckland 1062
New
Zealand
Name : NIPPON AUTO PARTS
LIMITED
Affiliation type : Sister Company
Address : 12 Moa Street
Otahuhu,
Auckland 1062
New
Zealand
Name : NEW ZEALAND CAR PARTS
CHRISTCHURCH LIMITED
Affiliation type : Sister Company
Address : 14 Sonter Road
Wigram,
Christchurch 8042
New
Zealand
Name : NEW ZEALAND CAR PARTS
WELLINGTON LIMITED
Affiliation type : Sister Company
Address : 1a Parkside Road
Seaview,
Wellington 5010
New
Zealand
Name : VERNON & VAZEY TRUCK
PARTS (S.I.) LIMITED
Affiliation type : Sister Company
Address : 2 Racecourse Road
Sockburn,
Christchurch 8042
New
Zealand
Name : CAR AND TRUCK GLASS
(SI) LIMITED
Affiliation type : Sister Company
Address : 12 Moa Street
Otahuhu,
Auckland 1062
New
Zealand
Name : 4WD AUCKLAND PARTS
LIMITED
Affiliation type : Sister Company
Address : 12 Moa Street
Otahuhu,
Auckland 1062
New
Zealand
Name : BRAXTON CAR LIGHTS (SI)
LIMITED
Affiliation type : Sister Company
Address : 325 Brougham Street
Sydenham,
Christchurch 8023
New Zealand
Bank Details
Name of bank : Australia And New Zealand Banking
Group 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
: Provided by the Subject
Financial statement date 31/03/12
Type of accounts : Estimated key figures
Currency : New Zealand,
Dollar (NZD)
Exchange rate : 1 USD = NZD 1.19 as of
03-04-2013
Summarized
Financial Information
Consolidation type : Non Consolidated
Currency : New Zealand,
Dollar (NZD)
Denomination : (x1) One
Date of financial year end : 31/03/12
Length of accounts : 12 months
Sale turnover / Income : 1,000,000
Comments : The estimated
turnover was provided by Mr. Jonty Cooper. He further advised
that the
turnover is relatively small as the Subject’s turnover mainly derives from
inter
company transactions.
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 as importer
and distributor of automotive parts,
automotive
lamps and automotive accessories. The Subject mainly
distributes
its products to its sister companies.
Purchases
International : Taiwan, China, Japan
Sales
Local : Yes
International : Pacific Islands
Property &
Assets
Premises : The Subject operates from
head office at the verified heading address
consisting of a administrative office and warehouse.
Branches : None reported.
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: 4.1.%
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$33.24billion
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 Dollar (NZD)
Internet
users as % of total population
:
83 %
Purchase Term
International : L/C, Prepayment, Credit 30-90
days
Sales Term
Local : Prepayment, Cash,
Credit 30-90 days
International : Prepayment, Cash, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.88 |
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UK Pound |
1 |
Rs.83.54 |
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Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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.