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Report Date : |
23.01.2013 |
IDENTIFICATION DETAILS
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Name : |
RITEX INTERNATIONAL LIMITED |
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Registered Office : |
C/O Robertson Chartered Accountants Limited, Level 1, 10 Church Street, Nelson, 7010 |
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Country : |
New
Zealand |
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Date of Incorporation : |
23.06.1988 |
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Com. Reg. No.: |
373344 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Import & distribution of textile, packaging,
agriculture, horticulture &
virticulture products. |
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No. of Employees : |
12 employees |
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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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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
New Zealand |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 : RITEX INTERNATIONAL
LIMITED
Business
address : 115 Bolt Road
Town : Tahunanui
Province
: Nelson
Zip/postal
code : 7011
Country
: New Zealand
Tel : +64 3 5478328
Fax : +64 3 5472270
Email : ritex@ritex.co.nz
Website
: www.ritex.co.nz
Registered
address : C/o ROBERTSON CHARTERED
ACCOUNTANTS LIMITED
Level 1, 10 Church
Street
Town : Nelson
Zip/postal
code : 7010
Country :
New Zealand
Postal
address : P.O. Box 224
Town : Nelson
Zip/postal
code : 7040
Country
: New Zealand
Executive Summary
Date
founded or registered : 23/06/1988
Legal
form :
Private Limited Company
Chief
executive : Peter
Allan Rutherford
Issued
& paid up capital : NZD
661,000
Sales
turnover : NZD
10,000,000 (Estimated non-consolidated 12 months, 31/03/2012)
Line of business :
Import & distribution of textile, packaging, agriculture, horticulture
& virticulture products.
Staff
employed : 12
employees
Country
risk :
Country risk is minimal
Operation
trend :
Operational trend is steady
Management
experience : Management is
adequately experienced
Financial
performance : Financial
performance is good
Organization
structure : Organizational
structure is stable
Detrimental
: No detrimental found
Payment
history : No
payment delays noted
Registry Data
Registration
date : 23/06/1988
Legal
form : Private Limited
Company
Registration
no 373344
Registered
authority : New Zealand Companies
Office
Registry
status : Live/Active
Previous
name : WRIGHTSON TEXTILES
LIMITED (until 22-05-1989)
BESTALL SALES
LIMITED (until 28-09-1988)
Change
of legal form : None reported.
Key Management
Name : Peter Allan Rutherford
Designation
: Managing Director
Appointments
Name : Peter Allan
Rutherford
Designation
: Director
Appointment
date : 22/05/92
Address
: 105 The Ridgeway
Stoke, Nelson 7011
New Zealand
Name : David Allen
Stratford
Designation
: Director
Appointment
date : 22/05/92
Address
: 124 Parkers Road
Tahunanui, Nelson
7011
New Zealand
Name : Bi Qin Yu
Designation
: Director
Appointment
date : 05/03/01
Address : China
Staff
employed : 12
employees
Composition
Authorized
Capital : NZD 661,000
No of
shares : 661,000 Shares
Share
par value : NZD 1
Issued
capital : NZD 661,000
Paid
up capital : NZD 661,000
How
listed : Full List
Composition
Shareholder
name : Peter Allan Rutherford
Address
: 105 The Ridgeway
Stoke, Nelson 7011
New Zealand
No. of
shares : 310,334 Shares
Shareholder
name : David Allen Stratford
Address
: 124 Parkers Road
Tahunanui, Nelson
7011
New Zealand
No. of
shares : 133,333 Shares
Shareholder
name : Bi Qin Yu
Address
: China
No. of
shares : 80,000 Shares
Shareholder
name : Jointly held by James
Franklin Shepherd & Elizabeth Shepherd
Address
: James Franklin
Shepherd & Elizabeth Shepherd
151 Washington
Avenue
Brooklyn, Wellington
6021
New Zealand
No. of
shares : 25,000 Shares
Shareholder
name : Brian James Pugh
Address
: 22 Kaka Street
Stoke, Nelson 7011
New Zealand
No. of
shares : 25,000 Shares
Shareholder
name : Rodney Ramsbottom
Address
: 23 Blair Terrace
Richmond 7020
New Zealand
No. of
shares : 20,000 Shares
Shareholder
name : Felix Yong Sid Fei
Address
: 105 The Ridgeway
Stoke, Nelson 7011
New Zealand
No. of
shares : 19,111 Shares
Shareholder
name : Mark Yong Sid Leong
Address
: 152 Mt Smart Road
Onehunga, Auckland
1061
New Zealand
No. of
shares : 19,111 Shares
Shareholder
name : Cecilia Yong Yuen Voon
Address
: 105 The Ridgeway
Stoke, Nelson 7011
New Zealand
No. of
shares : 19,111 Shares
Shareholder
name : Ross David Murray
Address
: 4 Seaview Road
Paremata, Porirua
5024
New Zealand
No. of
shares : 10,000 Shares
Structure
Related
companies and corporate
affiliations
comments : None
reported.
Bank Details
Name
of bank : Westpac 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
Source
of financial statement : External
Sources
Financial
statement date : 31/03/12
Type
of accounts :
Estimated key figures
Currency
: New
Zealand, Dollar (NZD)
Exchange
rate : 1 USD =
NZD 1.20 as of 18-01-2013
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 :
10,000,000
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 three conditions are met:
-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.
Main
activities :
The Subject is engaged in import & distribution of textile, packaging,
agriculture,
horticulture & virticulture products.
Product
& services : - Bird
protection nets
- Bird catching
nets
- Various types of
bags: Bulk container bags, polypropylene bags, poly
carpet bags,
onion bags, citrus bags, planter bags, hessian bags, jute fabric bags, wine bags etc
- Groundcovers
- Hail/frost
protection netting
- Rain protection
cloths
- Weed mat
- Scaffolding nets
- Textile products:
Bath towels, hand towels, face cloths, bed sheets,
pillowcases &
bath mats
- HDPE & nylon woolpacks
- Duct/cloth tape
& PE floor covering cloth
International
: Mainly from China,
Bangladesh, India, Taiwan
Sales
Local : Yes
International
: Pacific Islands,
Australia
Property & Assets
Premises
: The Subject
operates from premises located at the verified heading
address consisting
of a 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 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
Prepayment, Telegraphic transfer, D/P, Credit
30-90 days
Sales Term
Local : Prepayment, Bank
transfer, D/P, Credit 30-90 days
International : Prepayment, 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
: Official and local
business sources
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.51 |
|
UK Pound |
1 |
Rs.84.84 |
|
Euro |
1 |
Rs.71.42 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
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 |
-- |
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.