MIRA INFORM REPORT
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Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
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Name : |
ACOM SYSTEMS LIMITED |
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Registered Office : |
C/O Bertelsen Harry Waters Limited, 139 Great South Road, Greenlane, Auckland, Zip/Postal Code 1051 |
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Country : |
New Zealand |
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Date of Incorporation : |
13.11.1989 |
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Com. Reg. No.: |
444264 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Supplier of
industrial equipment and machinery |
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No. of Employees : |
04 |
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 :
ACOM SYSTEMS LIMITED
Business
address : 19-21 Greenpark Road
Town : Penrose
Province : Auckland
Zip/postal
code : 1061
Country : New Zealand
Tel : +64 9 6254292
Fax : +64 9 6256731
Website : www.kiran.co.nz
Registered
address : C/o BERTELSEN HARRY WATERS
LIMITED
139 Great South Road
Town : Greenlane
Province : Auckland
Zip/postal
code : 1051
Country : New Zealand
Postal address
: P.O. Box 112-337
Town : Penrose
Province : Auckland
Zip/postal
code : 1642
Country : New Zealand
Executive Summary
Date founded
or registered : 13/11/1989
Legal form : Private Limited
Company
Chief
executive : Hashmukh
Rye
Issued &
paid up capital : NZD 100
Sales turnover
: NZD 1,500,000
(Estimated Non-Consolidated 12 months, 31/03/2012)
Line of
business : Supplier
of industrial equipment and machinery.
Staff employed
: 4 employees
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 fair
Organization
structure : Organizational
structure is stable
Detrimental : No
detrimental found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 13/11/1989
Legal form : Private Limited
Company
Registration
no 444264
Registered
authority : New Zealand
Companies Office
Registry
status : Live/Active
Previous name
: None reported.
Change of
legal form : None reported.
Key Management
Name : Mike Holland
Designation : General Manager
Appointments
Name : Hashmukh Rye
Designation : Director
Appointment
date : 13/11/89
Address : Unit 11, 411 Toorak Road
South Yarra, VIC 3141
Australia
Staff employed
: 4 employees
Composition
Authorized
Capital : NZD 100
No of shares :
100 Shares
Share par
value : NZD 1
Issued capital
: NZD 100
Paid up capital : NZD
100
How listed : Full List
Composition
Shareholder
name : Hashmukh Rye
Address : Unit 11, 411 Toorak Road
South Yarra, VIC 3141
Australia
No. of shares
: 100 Shares
% of shares : 100%
Structure
Name : KIRAN ELECTRONICS
LIMITED
Affiliation
type : Sister Company
Address : 19-21 Greenpark Road
Penrose, Auckland 1061
New Zealand
Name : FUJI SYSTEMS PTY. LTD.
Affiliation
type : Sister
Company
Address : 234 Albert Road
South Melbourne, VIC 3205
Australia
Name : MAGDRIVE TECHNOLOGY
LIMITED
Affiliation
type : Sister Company
Address : 19-21 Greenpark Road
Penrose, Auckland 1061
New Zealand
Name : HISLOP & BARLEY
ELECTRICAL LIMITED
Affiliation
type : Sister Company
Address : 19-21 Greenpark Road
Penrose, Auckland 1061
New Zealand
Name : SENSORTECH TECHNOLOGY
LIMITED
Affiliation
type : Sister Company
Address : 19-21 Greenpark 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
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 1.17
as of 03-05-2013
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 : 1,500,000
Comments : The estimated turnover was
provided by Mr. Hashmukh Rye.
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 supplier of industrial equipment and machinery.
The Subject are appointed agents for brands such as for Minarik,
Mitsubishi, Dataman, Parvalus and Beijer.
Product & services :
- Motion
control solutions for automation and control industry
- Industrial
Automation products
- 1kW electric
motors and gearboxes
- Device
programmers
Products
AC and DC
drives, including SCR, PWM, regenerative, brushless, and DC
to DC for
packaging and printing machineries, conveyor systems,
treadmills,
battery-powered vehicles, specialty machinery, and material
handling
machinery applications, AC, DC, and brushless motors, as well as
gear heads and
other accessories.
Brand :
Minarik, Mitsubishi, Dataman, Parvalus and Beijer
Purchases
International
: Australia, Hong Kong,
China, United Kingdom
Sales
Local : Yes
International
: No exports.
Property & Assets
Premises : The Subject operates from
premises at the verified heading address
consisting of a production facility, administrative office
and showroom.
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
: Telegraphic transfer,
D/P, Credit 30-90 days
Sales Term
Local : Bank 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
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.53.95 |
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UK Pound |
1 |
Rs.84.03 |
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Euro |
1 |
Rs.70.72 |
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.