MIRA INFORM REPORT
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Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
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Name : |
UNITED FLEXIBLE (NZ) LIMITED |
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Registered Office : |
C/O Hlb Mann Judd Limited, Level 6, 57 Symonds Street, Grafton, Auckland, Zip/Postal Code 1010 |
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Country : |
New Zealand |
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Date of Incorporation : |
28.11.2001 |
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Com. Reg. No.: |
1176848 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Import and distribution hydraulic & industrial hose products |
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No. of Employees : |
10 employees including directors |
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 : |
Regular |
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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 30, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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.
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Source : CIA |
Verified Address
Subject name :
UNITED FLEXIBLE (NZ) LIMITED
Business
address : 5C Industry Road
Town : Penrose
Province : Auckland
Zip/postal
code : 1061
Country : New Zealand
Tel : +64 9 5792103
Fax : +64 9 5792108
Email : uniflex@xtra.co.nz
Website : www.unitedflexible.co.nz
Registered
address : C/o HLB MANN JUDD LIMITED
Level 6, 57 Symonds Street
Town : Grafton
Province : Auckland
Zip/postal
code : 1010
Country : New Zealand
Postal address
: P.O. Box 12600
Town : Penrose
Province : Auckland
Zip/postal
code : 1642
Country : New Zealand
Executive Summary
Date founded
or registered : 28/11/2001
Legal form : Private Limited
Company
Chief
executive : Nicoli
Keith Bedogni
Issued &
paid up capital : NZD 200,000
Line of business
: Import and
distribution hydraulic & industrial hose products.
Staff employed
: 10 employees
including directors
Credit risk opinion
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 found
Payment
history : No payment
delays noted
Comments : It is advisable to
conduct business dealing on prepayment or L/C basis for larger
credit transactions than suggested.
Registry Data
Registration
date : 28/11/2001
Legal form : Private Limited Company
Registration
no 1176848
Registered
authority : New Zealand Companies
Office
Registry
status : Live/Active
Previous name
: None reported.
Change of
legal form : None reported.
Key Management
Name : Nicoli Keith Bedogni
Designation : Managing Director
Name : Keith Graham Bedogni
Designation : Joint Managing Director
Appointments
Name : Keith Graham Bedogni
Designation : Director
Appointment
date : 01/04/03
Address : 5 Williams Road
Hobsonville, Auckland 0618
New Zealand
Name : Nicoli Keith Bedogni
Designation : Director
Appointment
date : 01/04/03
Address : 67 Beachlands Road
Beachlands, Auckland 2018
New Zealand
Staff employed
: 10 employees including
directors
Composition
Authorized
Capital : NZD 200,000
No of shares :
200,000 Ordinary Shares
Share par
value : NZD 1
Issued capital
: NZD 200,000
Paid up capital : NZD
200,000
How listed : Full List
Composition
Shareholder
name : Jointly held by Nicoli Keith
Bedogni, Karen Lee McFarlane & Megan Joy Hough
Address : Nicoli Keith Bedogni,
Karen Lee McFarlane & Megan Joy Hough
67 Beachlands Road
Beachlands, Auckland 2018
New Zealand
No. of shares
: 100,000 Ordinary Shares
% of shares : 50%
Shareholder
name : Jointly held by Keith Graham
Bedogni, Hazel Gwendoline Bedogni & John Steel
Address : Keith Graham Bedogni &
Hazel Gwendoline Bedogni
5 Williams Road
Hobsonville, Auckland 0618
New Zealand
John Steel
92 Campbell Street
Karori, Wellington 6012
New Zealand
No. of shares
: 100,000 Ordinary Shares
% of shares : 50%
Structure
Name : UNITED FLEXIBLE HOSES (NZ) LIMITED
Affiliation
type : Associate
Address : 5C Industry Road
Penrose, Auckland 1061
New Zealand
Name : BOMBYX LIMITED
Affiliation
type : Associate
Address : 5 Williams Road
Hobsonville, Auckland 0618
New Zealand
Name : EXNER (NZ) LIMITED
Affiliation
type : Associate
Address : 5C Industry Road
Penrose, Auckland 1061
New Zealand
Name : HOOPER MACHINERY(2012) LIMITED
Affiliation
type : Associate
Address : 5C Industry Road
Penrose, Auckland 1061
New Zealand
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. Keith
Graham Bedogni 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
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 and distribution of hydraulic & industrial
hose products.
Product
& services :
Hydraulic hose
& fittings
Industrial
hose & fittings
Kamlocks
Hose
clips/clamps
Composite hose
Fuel Transfer
Hose
Chemical hose
Expansion
bellows
Rubber
expansion joints
Flexible
exhaust tube
Flexible
exhaust bellows
Waterblaster
hose
Stainless
steel hose
Teflon hose
Pushlock fittings
Finnpower/Hydralock
swaging machines
Stainless
steel welding
Brewer's hose
Ducting
Hydraulic
adaptors
Stainless
steel fittings
OEM kit
manufacturers
Radiator hose
Purchases
International
: Taiwan, China, India, Italy,
Australia, United States, United Kingdom
Sales
Local : Yes
International
: Pacific Islands
Property &
Assets
Premises : The Subject operates from head office
located at the verified heading
address consisting of a administrative office and warehouse.
Branches : In addition, the Subject operates from
branch offices located at:
52E Hayton Road
Wigram, Christchurch 8042
New Zealand
Tel: +64 3 3481758
50 Ellis Street
Frankton, Hamilton 3204
New Zealand
Tel: +64 7 8482103
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$33.24billion
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
: L/C, Prepayment, Credit
up to 90 days
Sales Term
Local : Prepayment, Cash,
Credit 30-60 days
International
: L/C, Credit up to 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.54.38 |
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UK Pound |
1 |
Rs.82.07 |
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Euro |
1 |
Rs.70.37 |
INFORMATION DETAILS
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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.