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Report Date : |
09.01.2013 |
IDENTIFICATION DETAILS
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Name : |
STONEX SYSTEMS LIMITED |
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Formerly Known As : |
LHASA NO.18 LIMITED |
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Registered Office : |
725 Great South Road Penrose Auckland 1061 |
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Country : |
New Zealand |
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Date of Incorporation : |
10.04.2000 |
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Com. Reg. No.: |
1028682 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of stone and quartz products for bench tops, tiling and cladding using resin technologies. |
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No. of Employees : |
20 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 : |
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
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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 : STONEX SYSTEMS LIMITED
Business
address : 725 Great South Road
Town : Penrose
Province : Auckland
Zip/postal
code : 1061
Country : New Zealand
Tel : +64 9 5800458
Fax : +64 9 5800459
Email : info@roxxstone.com
Website : www.roxx.co.nz
Registered
address : 725 Great South Road
Town : Penrose
Province : Auckland
Zip/postal
code : 1061
Country : New Zealand
Postal
address : P.O. Box 74289
Town : Greenlane
Province : Auckland
Zip/postal
code : 1546
Country : New Zealand
Executive Summary
Date
founded or registered : 10/04/2000
Legal form
: Private
Limited Company
Chief executive
: David Matchett
Alfred Cashmore
Issued
& paid up capital : NZD
1,622
Line of
business : Manufacturer
of stone and quartz products for bench tops, tiling and cladding
using resin technologies.
Staff
employed : 20
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 undetermined
Organization
structure : Organizational
structure is stable
Detrimental
: No detrimental records
found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 10/04/2000
Legal form
: Private Limited
Company
Registration
no 1028682
Registered
authority : New Zealand Companies
Office
Registry
status : Live/Active
Previous
name : LHASA NO.18 LIMITED
(until 22-03-2001)
MINT FINANCE LIMITED (until 25-01-2001)
LHASA NO.18 LIMITED (until 03-05-2000)
Change of legal
form : None reported.
Key Management
Name : David Matchett Alfred
Cashmore
Designation
: Managing Director
Appointments
Name : Keith Harvey Alison
Designation
: Director
Appointment
date : 26/03/02
Address : 16 Karori Crescent
Orakei, Auckland 1071
New Zealand
Name : David Matchett Alfred
Cashmore
Designation
: Director
Appointment
date : 30/09/01
Address : 10 Quail Drive
Albany Heights, North Shore City 0632
New Zealand
Name : Gary Albert Paykel
Designation
: Director
Appointment
date : 26/03/02
Address : 44 Arney Road
Remuera, Auckland 1050
New Zealand
Name : Keith Raymond Rushbrook
Designation
: Director
Appointment
date : 19/06/07
Address : 63 Point View Drive
East Tamaki Heights, Manukau 2016
New Zealand
Staff
employed : 20 employees
Composition
Authorized
Capital : NZD 1,622
No of
shares : 1,622 Shares
Share par
value : NZD 1
Issued
capital : NZD 1,622
Paid up
capital : NZD 1,622
How listed
: Full List
Composition
Shareholder
name : Jointly held by Gary Albert
Paykel, Keith Raymond Rushbrook & Dorothy Mary
Paykel
Address : Gary Albert Paykel &
Dorothy Mary Paykel
44 Arney Road
Remuera, Auckland 1050
New Zealand
Keith Raymond Rushbrook
63 Point View Drive
East Tamaki Heights, Manukau 2016
New Zealand
No. of
shares : 991 Shares
Shareholder
name : Jointly held by James Edward
Webber & David John Alison
Address : James Edward Webber
593 Riddell Road
Glendowie, Auckland 1071
New Zealand
David John Alison
12 Siota Crescent
Kohimarama, Auckland 1071
New Zealand
No. of
shares : 331 Shares
Shareholder
name : Jointly held by David
Matchett Alfred Cashmore, Virginia Hume Clark & Peter
Alexander Herdson
Address : David Matchett Alfred
Cashmore & Virginia Hume Clark
10 Quail Drive
Albany Heights, North Shore City 0632
New Zealand
Peter Alexander Herdson
20A Orakei Road
Remuera, Auckland, 1050
New Zealand
No. of
shares : 300 Shares
Structure
Related
companies and corporate
affiliations
comments : None reported.
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 as
manufacturer of stone and quartz products for
bench tops,
tiling and cladding using resin technologies.
Brand : ROXX
Purchases
International
: Mainly from India
Sales
Local : Yes
International
: Australia, India
Property & Assets
Premises :
The Subject operates from premises located at the verified heading
address consisting
of a production facilities, warehouse and administrative office.
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%
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 tradedshares: 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.33 |
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|
1 |
Rs.89.05 |
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Euro |
1 |
Rs.72.57 |
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.