MIRA INFORM REPORT
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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
HARDIE FASTENERS LIMITED |
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Registered Office : |
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Country : |
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Date of Incorporation : |
27.03.1997 |
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Com. Reg. No.: |
848674 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributor of fasteners. |
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No. of Employees : |
10 |
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
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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 : HARDIE FASTENERS LIMITED
Business address : 62 Morrin Road
Town : St Johns
Province : Auckland
Zip/postal code : 1072
Country : New Zealand
Tel : +64 9 5708917
Fax : +64 9 5708918
Email : sales@hardiefasteners.co.nz
Website : www.hardiefasteners.co.nz
Registered address : 62 Morrin Road
Town : St Johns
Province : Auckland
Zip/postal code : 1072
Country : New Zealand
Executive Summary
Date founded or registered : 27/03/1997
Legal form : Private Limited
Company
Chief executive : Joseph Hardie
Issued & paid up capital
: NZD 100,000
Line of business : Distributor of fasteners.
Staff employed : 10 employees
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is reasonably experienced
Financial performance : Financial performance is
undetermined
Organisation structure : Organisational structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date : 27/03/1997
Legal form : Private Limited
Company
Registration no 848674
Registered authority : New Zealand Companies Office
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None
reported.
Key Management
Name : Joseph
Hardie
Designation : Managing Director
Appointments
Name : Joseph Hardie
Designation : Director
Appointment date : 27/03/97
Address : 56 Marlborough
Street
Mt Eden,
Auckland 1024
New
Zealand
Staff employed : 10 employees
Composition
Authorized Capital : NZD 100,000
No of shares : 100,000 Shares
Share par value : NZD 1
Issued capital : NZD 100,000
Paid up capital : NZD
100,000
How listed : Full List
Composition
Shareholder name : Desmond Brassington
Address : 10 McGregor
Place
Hillcrest,
Hamilton 3216
New
Zealand
No. of shares : 51,000 Shares
% of shares : 51%
Shareholder name : Jointly held by Joseph
Hardie, Susannah Jan Hardie & SGW TRUSTEES (1)
LIMITED
Address : Joseph Hardie
& Susannah Jan Hardie
56
Marlborough Street
Mountt
Eden, Auckland 1024
New
Zealand
SGW
TRUSTEES (1) LIMITED
1208
Amohia Street
Rotorua
3010
New
Zealand
No. of
shares : 17,000 Shares
% of
shares : 17%
Shareholder name : Joseph Hardie
Address : 56 Marlborough
Street
Mt Eden,
Auckland 1024
New
Zealand
No. of shares 32,000 Shares
% of shares : 32%
Structure
Related companies and
corporate affiliations comments :
None reported.
Bank Details
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
Comments : The representative
contacted Mr. Joseph Hardie declined to provide any financial
information until the inquiring party details are revealed.
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 engages as
distributor of fasteners for the automotive,
construction, marine, DIY, engineering and manufacturing
industries.
Product & services : Bolts, nuts, screws, washers, rivets
Purchases
International : Mainly from Taiwan, China
Sales
Local : Yes
International : No exports.
Property &
Assets
Premises : The Subject operates from
premises at the verified heading address
consisting of a administrative office and warehouse.
Branches : In addition, the Subject operates
from branch office located at:
21 Lake
Road
Frankton,
Hamilton 3204
New
Zealand
Tel: +64 7
8473296
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: 4.1.%
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$33.24billion
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 Dollar (NZD)
Internet
users as % of total population
:
83 %
Purchase Term
International : Prepayment, Telegraphic
transfer, Credit 30-60 days
Sales Term
Local : Cash, Bank 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.70 |
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UK Pound |
1 |
Rs.92.25 |
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Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.