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Report Date : |
28.01.2013 |
IDENTIFICATION DETAILS
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Name : |
AUTEX INDUSTRIES LIMITED |
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Registered Office : |
702-718 Rosebank Road, Avondale, Auckland, 1026 |
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Country : |
New Zealand |
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Date of Incorporation : |
08.06.1970 |
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Com. Reg. No.: |
79343 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of carpet, wall coverings, insulation and bedware, polypropyleneneedle-punched carpets, floor mats, carpet tiles, non-slip flooring, automotive and outdoor carpets. |
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No. of Employees : |
110 employees (Subject) |
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 |
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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 |
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 : AUTEX
INDUSTRIES LIMITED
Business address : 702-718
Rosebank Road
Town :
Avondale
Province :
Auckland
Zip/postal code : 1026
Country :
New Zealand
Tel :
+64 9 8289179
Fax :
+64 9 8285810
Email :
enquiries@autex.co.nz
Website :
www.autexindustries.com
Registered address : 702-718
Rosebank Road
Town : Avondale
Province :
Auckland
Zip/postal code : 1026
Country :
New Zealand
Postal address :
Private Bag 19988
Town :
Avondale
Province :
Auckland
Zip/postal code : 1746
Country :
New Zealand
Executive Summary
Date founded or registered :
08/06/1970
Legal form :
Private Limited Company
Chief executive :
Mark Robinson
Issued & paid up capital :
NZD 1,000,000
Sales turnover :
NZD 20,000,000 (Estimated Non-consolidated 12 months, 31/03/2012)
Line of business : Manufacturer of
carpet, wall coverings, insulation and bedware, polypropyleneneedle-punched
carpets, floor mats, carpet tiles, non-slip flooring, automotive and outdoor
carpets.
Staff employed :
110 employees (Subject)
Company Analysis
Country risk : Country risk is minimal
Operation trend :
Operational trend is progressing
Management experience :
Management is adequately experienced
Financial performance :
Financial performance is good
Organization structure :
Organizational structure is stable
Detrimental : No
detrimental records found
Payment history :
No payment delays noted
Comments : The Subject is
well positioned in the market and we believe the Subject would be able to uphold the credit amount asked.
Registry Data
Registration date :
08/06/1970
Legal form :
Private Limited Company
Registration no :
79343
Registered authority :
New Zealand Companies Office
Registry status :
Live/Active
Previous name : The Subject was
established under the name PACIFITEX (N.Z.) LIMITED on the 08-06-1970 and
changed to the current style on 10-11-1972.
Change of legal form :
None reported.
Key Management
Name :
Mark Robinson
Designation :
Chief Executive Officer
Name : Rob Jones
Designation :
Market Development Manager
Name :
Marcel Van Vliet
Designation :
Financial Controller
Appointments
Name :
David Robinson
Designation :
Director
Appointment date :
15/12/87
Address :
290 Jervois Road
Herne Bay, Auckland 1011
New Zealand
Name :
Mark Robinson
Designation :
Director
Appointment date :
21/03/95
Address :
10 Birchwood Grove
Greenhithe, North Shore City 0632
New Zealand
Name :
Warrick Batt
Designation :
Director
Appointment date :
16/03/10
Address :
55 Taparoo Road
Templestowe, VIC 3106
Australia
Name :
William Randolph Cunningham
Designation :
Director
Appointment date :
15/12/87
Address :
326 Beach Road
Campbells Bay, North Shore City 0630
New Zealand
Name :
Andrew Macleod Cunningham
Designation :
Director
Appointment date :
29/05/03
Address :
371 Beach Road
Campbells Bay, North Shore City 0630
New Zealand
Staff employed :
110 employees (Subject)
Composition
Authorized Capital :
NZD 1,000,000
No of shares :
1,000,000 Shares
Share par value : NZD
1
Issued capital :
NZD 1,000,000
Paid up capital :
NZD 1,000,000
How listed :
Full List
Composition
Shareholder name :
AUTEX INTERNATIONAL LIMITED
Address :
702-718 Rosebank Road
Avondale, Auckland 1026
New Zealand
No. of shares :
1,000,000 Shares
% of shares :
100%
Structure
Name :
AUTEX INTERNATIONAL LIMITED
Affiliation type :
Parent Company
Address :
702-718 Rosebank Road
Avondale, Auckland 1026
New Zealand
Name : AUTEX PROPERTIES LIMITED
Affiliation type :
Sister Company
Address :
702-718 Rosebank Road
Avondale, Auckland 1026
New Zealand
Name :
AUTEX PTY LIMITED
Affiliation type :
Sister Company
Address :
166 Bamfield Road
West Heidelberg
Melbourne,
Victoria 3081
Australia
Name :
AUTEX QUEENSLAND PTY LIMITED
Affiliation type :
Sister Company
Address :
29 Demand Avenue
Arundel, Queensland 4214
Australia
Name :
AUTEX INDUSTRIES LTD (BRANCH)
Affiliation type :
Sister Company
Address :
Office No. 5Ebg28
Dubai Airport Free Zone
P.O. Box 54948
Dubai
United Arab Emirates
Bank Details
Name of bank :
ASB Bank 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 :
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 25-01-2013
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 :
20,000,000
Comments :
The estimated financial figure was provided by Mr. Marcel Van Vliet.
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.
The Subject meets the criteria of being a
large Private Company however is exempted from filling their financial
information.
Main activities : The Subject's main
activities are manufacturing of carpet, wall coverings, insulation and
bedware,polypropylene needle-punched carpets, floor mats, carpet tiles,
non-slip flooring, automotive and outdoor carpets.
In addition, the Subject manufactures of
100% polyester thermal and acoustic building insulation, duvets, comforters,
quilts, pillows, woolen underlays and a variety of polyester filled bedware
products.
Product & services :
Autex Bedware - wool and polyester bedding products Autex Carpets –commercial
carpets
Autex Insulation - thermal and acoustic
polyester insulation for commercial and residential Autex Wall Coverings -
polypropylene plush and acoustic wall covering
Avondale - school and commercial carpet
BaffleBlock - acoustic polyester
Composition - acoustic wall coverings
Decord - marine, commercial and outdoor
ribbed carpet
Dream Maker - polyester bedding products
Elements - carpet and carpet tiles
Eurograss - cricket pitch and outdoor carpet
Euromat - door mats, non-slip mats
Flex2 - marine and automotive carpets and
linings GreenStuf - thermal and
acoustic polyester insulation High Country -
wool filled bedding products
Images - commercial and outdoor carpet
Multisport - sporting surfaces carpet
Performer - marine and automotive carpets
and linings
Quietstuf - acoustic polyester
Raider & Reef - marine and light
commercial carpet
Vertiface - plush wall coverings
Widetrack - commercial and outdoor ribbed
carpet
Purchases
International :
Asian countries, United Kingdom
Sales
Local :
Yes
International : Pacific Islands,
Singapore, Malaysia, Hong Kong, Philippines, Thailand, Indonesia, Japan, China,
Korea, Taiwan, Qatar, Egypt, United Kingdom, Portugal, India, Saudi Arabia,
Bahrain, United Arab Emirates, United States
Property &
Assets
Premises : The Subject
operates from premises located at the verified heading address consisting of
production facilities, warehouse and administrative office.
Branches : The Subject in addition
operates from branch office located at:
6 Victoria Street
Alicetown, Lower Hutt 5010
New Zealand
page 12 / 16
Tel: +64 4 568 8211
Fax: +64 4 568 7984
Intellectual property :
ISO14001
ISO9001 Quality Management Standard certification
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
Local :
Cash against document, Prepayment, Credit 30-60 days
International :
L/C, Credit 30-60 days
Sales Term
Local :
Cash against document, Prepayment, Credit 30-60 days
International :
L/C, Prepayment, 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.53.85 |
|
|
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
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.