MIRA INFORM REPORT
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Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
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Name : |
NEW ZEALAND WOOL SERVICES INTERNATIONAL
LIMITED |
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Registered Office : |
First Floor, 30 Sir William Pickering Drive, Russley, Christchurch, Zip/postal code 8042 |
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Country : |
New Zealand |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
13.12.1991 |
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Com. Reg. No.: |
530665 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Marketing,
processing and selling of New Zealand wool |
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No. of Employees : |
17 employees (Subject) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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With Financials |
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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 – 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.
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Source : CIA |
Verified Address
Subject name :
NEW ZEALAND WOOL
SERVICES INTERNATIONAL LIMITED
Other style /
Business name : WOOL SERVICES
INTERNATIONAL (WSI)
Business
address : First Floor,
30 Sir William Pickering Drive
Town : Russley
Province : Christchurch
Zip/postal
code : 8042
Country : New Zealand
Tel : +64 3 3578700
Fax : +64 3
3578720
Email info@woolserv.co.nz
Website : www.woolserv.co.nz
Registered
address : First Floor, 30
Sir William Pickering Drive
Town : Russley
Province : Christchurch
Zip/postal
code : 8042
Country : New Zealand
Postal address
: P.O. Box 29383
Town : Fendalton
Province : Christchurch
Zip/postal
code : 8540
Country : New Zealand
Executive Summary
Date founded
or registered : 13/12/1991
Legal form : Private Limited
Company
Chief
executive : Michael
Brian Francis Dwyer
Issued &
paid up capital : NZD 20,000,000
Sales turnover
: NZD 201,971,000
(Consolidated 12 months, 30/06/2012)
Net income : NZD
2,238,000 (Consolidated 12 months, 30/06/2012)
Total fixed
assets : NZD 90,931,000
(Consolidated 12 months, 30/06/2012)
Line of
business : Marketing,
processing and selling of New Zealand wool.
Staff employed
: 17 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 found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 13/12/1991
Legal form : Private Limited
Company
Registration
no 530665
Registered
authority : New Zealand
Companies Office
Registry
status : Live/Active
Previous name
: None reported.
Change of
legal form : None reported.
Key Management
Name : Michael Brian Francis
Dwyer
Designation : Managing Director
Name : John William Dawson
Designation : General Manager
Name : Paul Steel
Designation : Marketing
Manager
Appointments
Name : William Dougall
Lempriere
Designation : Director
Appointment
date : 02/04/13
Address : 52 McKinley Avenue
Malvern, VIC 3144
Australia
Staff employed
: 17 employees (Subject)
Key Advisors
Auditors : ERNST & YOUNG
20-22 Twigger Street
Addington, Christchurch 8013
New Zealand
Composition
Authorized
Capital : NZD 20,000,000
No of shares :
20,000,000 Ordinary Shares
Share par
value : NZD 1
Issued capital
: NZD 20,000,000
Paid up capital : NZD
20,000,000
How listed : Full List
Composition
Shareholder
name : WSI HOLDINGS PTY LTD
Address : Level 7, 460 Collins Street
Melbourne, VIC 3000
Australia
% of shares : 100%
Structure
Name : LEMPRIERE (AUSTRALIA)
PROPRIETARY LIMITED
Affiliation
type : Ultimate
Holding 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 : WSI HOLDINGS PTY LTD
Affiliation
type : Parent Company
Address : Level 7, 460 Collins Street
Melbourne, VIC 3000
Australia
Name : WHAKATU WOOL SCOUR
LIMITED
Affiliation
type : Wholly-owned Subsidiary
Address : Railway Road
Hawkes Bay, Whakatu 4172
New Zealand
Comments : Wool processing.
Name : KAPUTONE WOOL SCOUR
(1994) LIMITED
Affiliation
type : Wholly-owned Subsidiary
Address : 20 Station Road
Belfast, Christchurch 8051
New Zealand
Comments : Wool processing.
Name : RAYMOND DALE WOOL
MARKETING LIMITED
Affiliation
type : Wholly-owned Subsidiary
Address : 1st Floor, 2 Kari Street
Grafton, Auckland 1010
New Zealand
Comments : Wool trading and marketing.
Related companies and 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 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 1.27 as of 10-06-2013
Summarized Financial
Information
Consolidation
type : Consolidated
Consolidated
Currency : New
Zealand, Dollar (NZD) New Zealand,
Dollar (NZD)
Denomination :
(x1)
One (x1)
One
Date of
financial year end : 30/06/12
30/06/11
Length of
accounts : 12
months 12
months
Sale turnover
/ Income : 201,971,000
200,113,000
Gross profit :
11,921,000
18,754,000
Profit before
tax : 3,171,000
9,112,000
Net income : 2,238,000
6,636,000
Non current
assets : 21,022,000
22,647,000
Current assets
: 69,909,000 80,171,000
Inventories : 42,482,000
46,717,000
Total assets : 90,931,000
102,818,000
Current
liabilities : 54,697,000
56,574,000
Non current
liabilities : 1,555,000
10,636,000
Total
liabilities : 56,252,000 67,210,000
Share equity :
34,679,000 35,608,000
Reserve 2,190,000 2,253,000
Retained
earning : 3,685,000
4,551,000
Comments : The
consolidated financial information above relates to the Subject and
its subsidiaries.
Main
activities : The
Subject is engaged in marketing, processing, export and distribution of
New Zealand wool worldwide.
As of February 24, 2013, the Subject operates as a subsidiary of
WSI
Holdings Pty Ltd.
The Subject is ultimately owned by Lempriere (Australia) Pty
Limited.
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 and its associated companies
(together
“the Lempriere Group”) is one of the world’s largest wool
merchants and
processors.
Product & services :
Scoured wool
Greasy wool
Brand :
PURELANA
GLACIAL
RED BAND
Purchases
Local : Yes (Primarily from New
Zealand)
International
: None reported.
Sales
Local : Yes
International
: Mainly to China, India,
United Kingdom, Australia, Turkey, Iran, Egypt
Key events :
14 February 2013
Lempriere
reaches 90% of Wool Services International, hitting mop-up target
Australian
wool merchant Lempriere has reached the 90 percent target of
Wool Services
International, allowing it to mop-up the remaining shares.
The
Melbourne-based company reached 90.9 percent of acceptances
yesterday,
according to a substantial security holder notice, meeting its
minimum
acceptance and letting it compulsorily acquire the remaining
shares in the
company.
Lempriere
launched the takeover last year, offering 45 cents a share,
valuing WSI at
$31 million, a 22 percent premium to the trading price
before the offer emerged. The shares
last traded in January at 42 cents.
The Australian company
locked up 75 percent of WSI's shares having
bought control when it
acquired the majority stake owned by Allan
Hubbard-related companies
Woolpak Holdings and Plum Duff and entered
into lock-up agreements
with some of the firm's executives.
WSI's scouring assets
attracted a rival bid by Cavalier Wool Holdings, a
joint venture between
Cavalier Corp, Direct Capital Investments and the
Accident Compensation
Corp, to build a national wool scouring monopoly,
which won Commerce
Commission authority to do so.
Lempriere's local vehicle
making the bid, WSI Holdings, said it is aware of
CWH's interest in the
scouring assets, and has "no intention to dispose of
those assets."
The Australian company
plans to undertake a strategic review of the New
Zealand wool merchant, and
will align WSI's business practices, systems
and processes with
Lempriere's. It will install appropriate board
representation and seek a
review of WSI's trade finance terms that could
lead to changes in its
capital structure.
Lempriere owns specialist
merino wool merchant The Merino Co with
businesses in the US,
Argentina and South Africa, and is one of the world's
major suppliers of fine
wool to European, Japanese and American fashion
houses.
The 150-year-old
Australian company has been held in the same family for
five generations, with
William Lempriere the current managing director.
Source: www.scoop.co.nz
31 October 2012
Assurance on woolscouring
assets
Australian company
Lempriere Holdings has indicated it would not sell New
Zealand Wool Services
International's scouring assets if its takeover bid is
successful.
Wool Services
International this week received a takeover notice from WSI
Holdings Pty Ltd (WSIH),
an associated company of Lempriere, for a full
takeover offer for all the
ordinary shares in WSI at 45c a share.
In the notice, it said
WSIH was aware of Cavalier Wool Holdings Ltd's
interest in the
woolscouring assets of WSI and it had "no intention" of
disposing of those.
The future of WSI has been
under a cloud for some time after the
Commerce Commission
granted authorisation to Cavalier Wool Holdings in
June last year to make an
offer for its woolscouring assets.
WSI later confirmed it was
planning capital raising in its attempt to buy the
64% of the company owned
by Plum Duff and Woolpak Holdings and
under the control of a receiver.
Last month, that stake of the company was locked
up for sale to Lempriere
at 45c per share, along
with a further 11% of WSI shares held by five
senior employees and
another retiree.
WSI said it would be
appointing an independent adviser to assess the offer
and give advice on the
merits of it.
WSIH intended to initiate
a strategic review of WSI and its subsidiaries, the
notice said.
Source: www.odt.co.nz
19 September 2012
WSI board welcomes
takeover offer
An associated company of
Melbourne wool merchant Lempriere Holdings
has announced a takeover
offer for wool processor and the country's
largest wool exporter, NZ
Wool Services International (WSI).
The bidder, WSI Holdings
Pty Limited, has already secured 75 per cent of
WSI shares through lock-up
agreements with the receivers of two Allan
Hubbard-associated
companies which hold 64 per cent of WSI, and senior
WSI managers who hold
another 11 per cent.
WSI Holdings Pty will make
a takeover offer for all shares in WSI at 45
cents per share.
Shares in WSI were last
trading on the NZAX about 37c a share.
Receivers from
PricewaterhouseCoopers have been trying to offload the 64
per cent shareholding once
controlled by Hubbard-associated companies
Plum Duff and Woolpak
Holdings for nearly two years.
Once WSI's board of
directors receives the takeover offer it will seek an
independent appraisal on
the offer, which it would send to shareholders,
along with the board's
recommendations.
WSI managing director
Michael Dwyer and four other senior employees,
together with one retired
employee, have signed lock-up agreements to sell
a combined 11 per cent
shareholding held by them in WSI, to WSI
Holdings for 45c per
share.
WSI's board of directors
said that while the company had continued to
trade profitably, having a
majority of its shares tied up in two companies in
receivership had meant a
lengthy period of uncertainty for its employees
and customers.
The board therefore
welcomed the prospect of a conclusion to the process,
they said
Source: www.stuff.co.nz
17 February 2012
New Zealand Wool Sale
Expected By June
A sale of 64% stake in New
Zealand Wool Services International is
expected to be
completed by June 2012, according to Maurice Noone of
PwC, the
receiver of Allan Hubbard-related companies Plum Duff and
Woolpak
Holdings. "On the back of recent Commerce Commission
appeals, we
are continuing discussions with interested parties with the
intention to reach
some form of settlement within the next reporting period,"
he said in his
latest report.
Property &
Assets
Premises : The Subject operates from
premises at the verified heading address
consisting of an administrative office.
Branches : None reported.
Other property
: Wool scouring facility:
KAPUTONE WOOL
SCOUR (1994) LIMITED, located just north of
Christchurch
on the east coast of the South Island, New Zealand.
WHAKATU WOOL
SCOUR LIMITED, located in the Hawkes Bay on the
east coast of
the North Island, New Zealand.
Total Group
NBV of property, plant and equipment as of 30-06-2012 was
NZD
14,273,000.
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 : Prepayment, Bank
transfer, D/P, Credit up to 120 days
International
: Prepayment, Telegraphic
transfer, D/P, Credit up to 120 days
Sales Term
Local : Bank transfer, D/P,
Credit up to 120 days
International
: L/C, Prepayment,
Telegraphic transfer, D/P, Credit up to 120 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.57.78 |
|
UK Pound |
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
|
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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.