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Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
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Name : |
THE MERINO COMPANY LIMITED |
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Formerly Known As : |
LEMPRIERE LIMITED |
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Registered Office : |
C/O Staples Rodway Limited, Level 9, Tower Centre, 45 Queen Street, Auckland Central, Auckland, Zip/Postal Code 1010 |
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Country : |
New Zealand |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
16.09.2010 |
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Com. Reg. No.: |
3106045 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Production
and distribution of fabrics mainly merino wool fabrics. |
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No. of Employees : |
78 employees
(Subject) |
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 : |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
roughly 2% per year growth in 2010-12. 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 MERINO
COMPANY LIMITED
Other style /
Business name : LEVANA TEXTILES
Business
address : 14-20 Totara
Street
Town : Levin
Province : Manawatu-Wanganui
Zip/postal
code : 5510
Country : New Zealand
Tel : +64 6 3689259
Fax : +64 6
3682405
Email : hub@levana.co.nz
Website : www.levana.co.nz
Registered
address : C/o STAPLES
RODWAY LIMITED
Level 9, Tower Centre
45 Queen Street
Town : Auckland
Central
Province : Auckland
Zip/postal
code : 1010
Country : New Zealand
Postal address
: P.O. Box 41
Town : Levin
Province : Manawatu-Wanganui
Zip/postal
code : 5540
Country : New Zealand
Executive Summary
Date founded
or registered : 16/09/2010
Legal form : Private Limited
Company
Chief
executive : Andrew
George Wynne
Issued &
paid up capital : NZD 5,000,100
Sales turnover
: NZD 16,294,061
(Non-Consolidated 12 months, 30/06/2012)
Net income : NZD -860,902
(Non-Consolidated 12 months, 30/06/2012)
Total fixed
assets : NZD 13,415,221
(Non-Consolidated 12 months, 30/06/2012)
Line of
business : Production
and distribution of fabrics mainly merino wool fabrics.
Staff employed
: 78 employees
(Subject)
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 gradually declining
Organization
structure : Organizational
structure is acceptable
Detrimental : No detrimental found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 16/09/2010
Legal form : Private Limited
Company
Registration
no 3106045
Registered
authority : New Zealand
Companies Office
Registry
status : Live/Active
Previous name
: LEMPRIERE LIMITED
(until 01-11-2010)
Change of
legal form : None reported.
Key Management
Name : Andrew
George Wynne
Designation : Chief Executive
Officer
Appointments
Name : William
Lempriere
Designation : Director
Appointment
date : 16/09/10
Address : 52 McKinley
Avenue
Malvern, VIC 3144
Australia
Name : Andrew George Wynne
Designation : Director
Appointment
date : 16/09/10
Address : 31 Western Rise, Rd 20
Levin 5570
New Zealand
Staff employed
: 78 employees
(Subject)
Key Advisors
Auditors : BDO WELLINGTON
Level 1, Tower Building
50 Customhouse Quay
Wellington Central, Wellington 6011
New Zealand
Composition
Authorized
Capital : NZD 5,000,100
No of shares :
5,000,100 Ordinary Shares
Share par
value : NZD 1
Issued capital
: NZD 5,000,100
Paid up
capital : NZD 5,000,100
How listed : Full List
Composition
Shareholder
name : LEMPRIERE (AUSTRALIA)
PROPRIETARY LIMITED
Address : Level 7, 460 Collins Street
Melbourne, VIC 3000
Australia
No. of shares
: 5,000,100 Ordinary Shares
% of shares : 100%
Structure
Name : LEMPRIERE (AUSTRALIA)
PROPRIETARY LIMITED
Affiliation
type : Parent
Company
Address : Level 7, 460 Collins Street
Melbourne, VIC 3000
Australia
Comments : Lempriere Australia Pty Ltd. manufactures
and supplies wool for fashion houses
in Europe, Asia, and North America. The company was founded in
1931 and is
based in Melbourne, Australia with additional offices in Shanghai,
China; Prague,
the Czech Republic; Biella, Italy; Christchurch, New Zealand; Port
Elizabeth,
South Africa; Charleston, South Carolina; and Buenos Aires,
Argentina.
Lempriere (Australia) Pty Limited is ultimately 100% owned by the
Lempriere
Family, Australia.
Name : LEVANA TEXTILES LIMITED
Affiliation
type : Sister
Company
Address : 14-20 Totara Street
Levin, 5510 Manawatu-Wanganui
New Zealand
Name : THE MERINO COMPANY PTY
LTD
Affiliation
type : Sister
Company
Address : Level 7, 460 Collins Street
Melbourne, VIC 3000
Australia
Name : WSI HOLDINGS PTY LTD
Affiliation
type : Sister
Company
Address : Level 7, 460 Collins Street
Melbourne, VIC 3000
Australia
Name : LEMPRIERE PTY LTD
Affiliation
type : Sister
Company
Address : Level 7, 460 Collins Street
Melbourne, VIC 3000
Australia
Related companies
& corporate affiliations comments
Other
companies of the Lempriere Group should be considered affiliates of the
Subject.
Bank Details
Name of bank :
Bank of New
Zealand
Address : New Zealand
Account
details : Current Account
Name of bank :
ANZ Bank New
Zealand 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 : 30/06/12
Type of
accounts : Full audited
Currency : New Zealand,
Dollar (NZD)
Exchange rate
: 1 USD = NZD 1.28
as of 27-08-2013
Summarized
Financial Information
Consolidation
type : Non Consolidated Non Consolidated
Currency : New Zealand,
Dollar New Zealand,
Dollar
(NZD) (NZD)
Denomination :
(x1) One (x1) One
Date of
financial year end : 30/06/12 30/06/11
Length of
accounts : 12 months 10 months
Sale turnover
/ Income : 16,294,061 11,139,270
Gross profit :
4,786,281 3,986,981
Operating
profit : -831,971 -618,904
Profit before
tax : -860,902 -746,299
Net income : -860,902 -851,716
Non current
assets : 1,055,487 721,148
Current assets
: 12,359,734 9,085,889
Inventories : 6,602,778 4,473,534
Total assets :
13,415,221 9,807,037
Current
liabilities : 8,536,249
10,574,906
Non current
liabilities : 1,591,591 83,848
Total
liabilities : 10,127,840
10,658,754
Share equity :
3,287,382 -851,716
Retained
earning : -1,712,618 -851,716
OPERATION DETAILS
Main
activities : The
Subject engages in production and distribution of fabrics mainly merino
wool fabrics.
The Subject is a wholly owned subsidiary of Lempriere Australia
Pty Ltd.
Lempriere Australia Pty Ltd. manufactures and supplies wool for
fashion
houses in Europe, Asia, and North America. The company was founded
in
1931 and is based in Melbourne, Australia with additional offices
in
Shanghai, China; Prague, the Czech Republic; Biella, Italy;
Christchurch,
New Zealand; Port Elizabeth, South Africa; Charleston, South Carolina;
and Buenos Aires, Argentina.
Product & services :
Cotton fabrics
Merino wool fabrics
Brand :
LEVANA TEXTILES
Purchases
International
: India, South Korea
Sales
Local : Yes
International
: Germany, Australia
Property &
Assets
Premises : The Subject operates from
premises at the verified heading address
consisting of a production facility, warehouse and an
administrative office.
Branches : In addition, the Subject
operates from the following factory shop located at:
36/38 Cambridge Steet South
Levin, Manawatu-Wanganui 5510
New Zealand
Tel: +64 6 3660820
Intellectual property : ISO 9001 certified
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 : agriculture4.7%
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, Credit 30-60 days
Sales Term
Local : Bank transfer,
Prepayment, Cash, Credit card, Credit 30-60 days
International
: L/C, Telegraphic
transfer, Credit 30-60 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.67.71 |
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UK Pound |
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.