MIRA INFORM REPORT
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Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
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Name : |
WESFARMERS INDUSTRIAL & SAFETY NZ LIMITED
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Formerly Known as: |
NZ SAFETY LIMITED |
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Registered Office : |
401 Great South Road,
Penrose, Auckland, Zip/postal code 1051 |
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Country : |
New Zealand |
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Financials (as on) : |
30.06.2012 (Group Consolidated) 30.06.2012 (Non Consolidated) |
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Date of Incorporation : |
29.03.1949 |
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Com. Reg. No.: |
95105 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Import, manufacturing and distribution of personal
safety, packaging and maintenance and operational repair products. |
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No. of Employees : |
201,413 employees (Wesfarmers Group) |
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 : |
Good |
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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 – 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 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 |
Identification details
Verified Address
Subject name : WESFARMERS
INDUSTRIAL & SAFETY NZ LIMITED
Other style / Business name : NZ SAFETY / APC TECHSAFE /
BLACKWOODS PROTECTOR /
PACKAGING
HOUSE / EXPRESSPAK / PHL MEDICAL / SAFET
Business address : 401 Great South
Road
Town : Penrose
Province : Auckland
Zip/postal code : 1051
Country : New
Zealand
Tel : +64 9 5266720
Fax : +64 9 5266755
Website : www.wisnz.co.nz
Registered address : 401 Great South
Road
Town : Penrose
Province : Auckland
Zip/postal code : 1051
Country : New
Zealand
Postal address : Private Bag
92100, Victoria Street West
Town : Auckland
Central
Province : Auckland
Zip/postal code : 1142
Country : New Zealand
Summary details
Executive Summary
Date founded or registered : 29/03/1949
Legal form : Private
Limited Company
Chief executive : Olivier
Jean-Marie Chretien
Issued & paid up capital
: NZD 7,773,866
Sales turnover : NZD 269,573,905
(Non-Consolidated 12 months, 30/06/2012)
Net income : NZD
10,084,759 (Non-Consolidated 12 months, 30/06/2012)
Total fixed assets : NZD 124,530,704
(Non-Consolidated 12 months, 30/06/2012)
Line of business : Import,
manufacturing and distribution of personal safety, packaging and
maintenance and operational repair products.
Staff employed : 201,413
employees (Wesfarmers Group)
Credit risk opinion
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 very good
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Comments : Larger credit can
still be considered. The Subject is well positioned in the market
and the financial stability of the group is positive.
Statutory details
Registry Data
Registration date : 29/03/1949
Legal form : Private Limited
Company
Registration no 95105
Registered authority : New Zealand Companies Office
Registry status : Live/Active
Previous name : NZ SAFETY LIMITED (until
02-05-2002)
N.Z.
SAFETY LIMITED (until 22-09-1997)
HAWKESWOOD
SAFETY LIMITED (until 16-03-1981)
HAWKESWOOD
SALES LIMITED (until 10-03-1977)
N.
HAWKESWOOD LIMITED (until 29-03-1949)
HAWKESWOOD
SAFETY LIMITED (until 03-11-1975)
Change of legal form : None reported.
Management / directors
Key Management
Name : Olivier Jean-Marie
Chretien
Designation : Managing Director
Board of directors / other
appointments
Appointments
Name : Olivier Jean-Marie
Chretien
Designation : Director
Appointment date : 17/12/07
Address : 33 Narooma Road
Northbridge,
NSW 2063
Australia
Biography : Mr. Olivier
Chretien serves as Managing Director - Wesfarmers
Industrial
and Safety of Wesfarmers Limited. He holds an engineering
degree
from Ecole Centrale Paris, France and a Master of Business
Administration
from INSEAD. He has worked in logistics project
management
roles with an engineering contractor, Jacobs Serete. He
then spent
nine years in management consulting with The Boston
Consulting
Group in France and Australia. He joined Wesfarmers as
General
Manager Commercial, Wesfarmers Industrial and Safety in
February
2006. He was appointed Managing Director of Wesfarmers
Industrial
and Safety in November 2007. He is a director of a number
of
Wesfarmers Group subsidiaries and related companies.
Name : Ian Bruce
Gardiner
Designation : Director
Appointment date : 16/10/12
Address : 52 Marellen
Drive
Red Beach,
Auckland 0932
New
Zealand
Name : Richard
James Barr Goyder
Designation : Director
Appointment date : 01/07/02
Address : 21 Irvine
Street
Peppermint
Grove, WA 6011
Australia
Biography : Mr. Richard
Goyder serves as Chief Executive Officer, Group
Managing
Director, Executive Director of Wesfarmers Limited. He
holds a
Bachelor of Commerce degree from the University of Western
Australia
and has completed the Advanced Management Program at
the
Harvard Business School. He held a number of positions with
Tubemakers
of Australia, particularly business development roles,
before
joining Wesfarmers in 1993. He is a director of Gresham
Partners
Holdings and a number of Wesfarmers group subsidiaries
and
related companies.
Name : Bruce
Rodney Olsen
Designation : Director
Appointment date : 18/11/09
Address : 23 Grosvenor
Road
Lindfield,
NSW 2070
Australia
Staff employed : 201,413 employees (Wesfarmers
Group)
Key Advisors
Auditors : ERNST &
YOUNG
Ernst
& Young Building
2 Takutai
Square
Britomart,
Auckland 1010
New
Zealand
Share capital
Composition
Authorized Capital : NZD 7,773,866
No of shares : 7,742,616 Ordinary Shares
Share par value : No par value
Issued capital : NZD 7,773,866
Paid up capital : NZD 7,773,866
O
ownership / shareholders
WNERSHIP / SHAREHOLDERS
How listed : Full List
Composition
Shareholder name : WESFARMERS INDUSTRIAL & SAFETY
HOLDINGS NZ LIMITED
Address : 401 Great South Road
Penrose,
Auckland 1051
New
Zealand
No. of shares : 7,742,616 Ordinary Shares
% of shares : 100%
REL
Related companies & corporate Affiliations
Structure
Name : WESFARMERS LIMITED
Affiliation type : Ultimate Holding Company
Address : Level 11, Wesfarmers House
40 The
Esplanade
Perth, WA
6000
Australia
Comments : Wesfarmers Limited engages in
the retail; coal mining and production; gas
processing
and distribution; insurance; industrial and safety product distribution;
chemicals
and fertilizers manufacture; and investment businesses in Australia,
New
Zealand, and internationally. The company operates approximately 749
supermarkets,
including BI-LO branded stores; 792 liquor stores trading under the
Liquorland,
Vintage Cellars, and 1st Choice Liquor Superstores brands; 92 hotels;
627 fuel
and convenience store outlets under the Coles Express name; and an
online
supermarket. It also retails home improvement and outdoor living products,
building
materials, and office and technology products; apparel, home wares, and
general
merchandise through 291 Target and Target Country stores; and apparel
and
general merchandise through 186 Kmart stores. In addition, the company is
involved
in property business; servicing project builders and the housing industry;
automotive
service, repair, and tire businesses through 251 Kmart Tyre and Auto
Service
stores; and supplying and distributing maintenance, repair, and operating
products,
as well as industrial safety products and services. Further, it provides
rural and
small business regional insurance; general insurance through broking
intermediaries;
insurance broking services; and risk management solutions to
corporates,
small-to-medium sized businesses, not-for-profit organizations, and
individuals.
Additionally, the company offers chemicals for industry, mining, and
mineral
processing activities; broadacre and horticultural fertilizers; LPG and
LNG;
industrial, medical, and specialty gases; and industrial equipment. It holds
interest
in the Curragh and Bengalla cola mines in Australia. The company also
provides
investment banking advisory and structured finance services; manages
investment
funds in private equity and property; and operates a softwood sawmill.
Wesfarmers
Limited was founded in 1914 and is headquartered in Perth,
Australia.
Name : WESFARMERS INDUSTRIAL
AND SAFETY PTY LTD
Affiliation type : Intermediate Holding Company
Address : Level 11, Wesfarmers House
40 The
Esplanade
Perth, WA
6000
Australia
Name : WESFARMERS INDUSTRIAL
& SAFETY HOLDINGS NZ LIMITED
Affiliation type : Parent Company
Address : 401 Great South Road
Penrose,
Auckland 1051
New
Zealand
Name : KMART AUSTRALIA LIMITED
Affiliation type : Sister Company
Address : Level 3, 690 Springvale
Road
Mulgrave,
VIC 3170
Australia
Comments : KMART Australia Limited owns
and operates a network of discount department
stores in
Australia and New Zealand. The company sells automotive and
hardware,
camping and fishing, garden, health and beauty, home entertainment,
outdoor
living, stationery and home office, and storage products, as well as
children’s
and infants’ wear, everyday needs, footwear, homewares, men’s
wear,
women’s wear, and toys and sporting goods. It also operates an online
store that
sells entertainment, gaming, and home living products, as well as toys
and gifts.
The company was founded in 1969 and is based in Mulgrave, Australia.
KMART
Australia Limited operates as a subsidiary of Wesfarmers Limited.
Name : TARGET AUSTRALIA PTY
LTD
Affiliation type : Sister Company
Address : 12-14 Thompson Road
North
Geelong, VIC 3215
Australia
Comments : Target Australia Pty. Ltd.
operates department stores in Australia. It offers
fashionable
women’s, men’s, and children’s clothing, underwear, and footwear;
and
homeware, including bed linens, electrical appliances, and décor
accessories. The company also provides cosmetics, fragrances,
accessories,
toys,
games, and entertainment products. Target Australia Pty. Ltd. was formerly
known as
Lindsay's Target Pty Ltd. The company was founded in 1925 and is
based in
North Geelong, Australia. Target Australia Pty. Ltd. operates as a
subsidiary
of Wesfarmers Limited.
Name : COLES GROUP LIMITED
Affiliation type : Sister Company
Address : 800 Toorak Road
Hawthorn
East, VIC 3123
Australia
Name : BUNNINGS GROUP LIMITED
Affiliation type : Sister Company
Address : 16-18 Cato Street
Hawthorn
East, VIC 3123
Australia
Name : WESFARMERS RESOURCES
LIMITED
Affiliation type : Sister Company
Address : Level 31, Central Plaza One
345 Queen
Street
Brisbane,
QLD 4000
Australia
Name : OAMPS (UK) LIMITED
Affiliation type : Sister Company
Address : Windsor House
High
Street, Esher
Surrey
KT10 9RY
United
Kingdom
Name : WESFARMERS CURRAGH PTY LTD
Affiliation type : Sister Company
Address : GPO Box 51
Brisbane,
QLD 4000
Australia
Related companies and corporate affiliations comments
Other companies of the
Wesfarmers Limited should be considered affiliates of the
Bank & mortgages
Bank Details
Name of bank : Westpac Banking Corporation
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.
FINANCIAL DATA
financial data
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
1.23 as of 23-05-2013
Summarized
Financial Information
Consolidation type : Non Consolidated Non Consolidated Group Consolidated
Currency : New Zealand,
Dollar New Zealand, Dollar Australia Dollar (AUD)
(NZD) (NZD)
Denomination : (x1) One (x1) One (x1) One
Date of financial year end 30/06/12
30/06/11 30/06/12
Length of accounts : 12 months 12 months 12 months
Sale turnover / Income : 269,573,905 262,744,611
58,080,000,000
Gross profit : 85,602,036 82,877,436
Operating profit : 14,050,159 13,100,142
Profit before tax : 14,095,798 13,127,752 3,044,000,000
Net income : 10,084,759 9,080,487 2,126,000,000
Non current assets : 15,247,756 16,166,731
31,401,000,000
Current assets : 109,282,948 97,759,343 10,911,000,000
Inventories : 42,567,063 41,751,818 5,006,000,000
Total assets : 124,530,704 114,926,074 42,312,000,000
Current liabilities : 21,549,713 22,048,692 10,747,000,000
Non current liabilities : 252,446 233,596 5,938,000,000
Total liabilities : 21,802,159 22,282,288 16,685,000,000
Share equity : 102,728,545 92,643,786 25,627,000,000
Reserve : 269,000,000
Retained earning : 94,954,679 84,869,920
2,103,000,000
Comments : The non-consolidated financial
information above relates to the Subject only.
The
group’s consolidated financial information above relates to the Subject’s
Ultimate
Holding Company Wesfarmers Limited and all its subsidiaries which
include
the Subject.
Operation details
Main activities : The Subject engages in
import, manufacturing and distribution of personal
safety,
packaging and maintenance and operational repair products.
The
Subject provides personal protective equipment, work apparel and
related
safety products, industrial film and machinery products; packaging
and
hygiene products.
In
addition, the Subject provides general industrial consumables, conveyor
equipment,
hose and hose assembly products and welding products.
The
Subject operates through seven independent businesses; NZ Safety,
Blackwoods
Protector, Packaging House, Expresspak, PHL Medical,
Safety
Source and APC Techsafe.
The
Subject is ultimately owned by Wesfarmers Limited.
Wesfarmers
Limited engages in the retail; coal mining and production; gas
processing
and distribution; insurance; industrial and safety product
distribution;
chemicals and fertilizers manufacture; and investment
businesses
in Australia, New Zealand, and internationally. The company
operates
approximately 749 supermarkets, including BI-LO branded stores;
792 liquor
stores trading under the Liquorland, Vintage Cellars, and 1st
Choice
Liquor Superstores brands; 92 hotels; 627 fuel and convenience
store
outlets under the Coles Express name; and an online supermarket. It
also
retails home improvement and outdoor living products, building
materials,
and office and technology products; apparel, home wares, and
general
merchandise through 291 Target and Target Country stores; and
apparel
and general merchandise through 186 Kmart stores. In addition,
the
company is involved in property business; servicing project builders
and the
housing industry; automotive service, repair, and tire businesses
through
251 Kmart Tyre and Auto Service stores; and supplying and
distributing
maintenance, repair, and operating products, as well as
industrial
safety products and services. Further, it provides rural and small
business
regional insurance; general insurance through broking
intermediaries;
insurance broking services; and risk management solutions
to
corporates, small-to-medium sized businesses, not-for-profit
organizations,
and individuals. Additionally, the company offers chemicals
for
industry, mining, and mineral processing activities; broadacre and
horticultural
fertilizers; LPG and LNG; industrial, medical, and specialty
gases; and
industrial equipment. It holds interest in the Curragh and
Bengalla
cola mines in Australia. The company also provides investment
banking
advisory and structured finance services; manages investment
funds in
private equity and property; and operates a softwood sawmill.
Wesfarmers
Limited was founded in 1914 and is headquartered in Perth,
Australia.
Product & services : -
Industrial safety products:
Industrial clothing, personal protective
equipment, work apparel,
first aid kits, safety footwear, height safety
products and related safety
products
- Industrial packaging,
retail packaging products, food and beverage packaging products and hygiene
products
- Industrial film and
machinery
- Maintenance, repair and
operating (MRO) products
- Gas detection &
environmental monitoring equipments/products
- Medical products
- Food service products
- General industrial
consumables, conveyor equipment, hose and hose
assembly products and welding
products.
Brand :
NZ SAFETY
APC TECHSAFE
BLACKWOODS PROTECTOR
PACKAGING HOUSE
EXPRESSPAK
PHL MEDICAL
SAFETY SOURCE
Purchases
International : Worldwide
Sales
Local : Yes
International : Worldwide
Property &
Assets
Premises : The Subject operates from premises
at the verified heading address
consisting of an administrative office.
Branches : In addition, the Subject
operates from various divisions located at:
NZ Safety
87 Kerrs
Road
Wiri,
Auckland 2104
New
Zealand
Tel: +64 9
2632942
Blackwoods
Protector
21 El
Kobar Drive
East
Tamaki, Auckland 2013
New
Zealand
Tel: +64 9
265 6000
Packaging
House, Expresspak & PHL Medical
91 Kerrs
Road
Wiri,
Auckland 2104
New
Zealand
Tel: +64 9
263 1100 / 2631168 / 2631153
Safety
Source
19A
Douglas Alexander Parade
Rosedale,
Auckland 0632
New
Zealand
Tel: +64 9
4156144
Summarized country risk
SUMMARIZED COUNTRY RISK
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%
Payment history
Purchase Term
Local : Bank
transfer, D/P, Credit 30-120 days
International : L/C, Telegraphic
transfer, D/P, Credit 30-120 days
Sales Term
Local : Bank
transfer, D/P, Credit 30-120 days
International : L/C, Telegraphic
transfer, D/P, Credit 30-120 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.55.99 |
|
UK Pound |
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.86 |
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 |
---- |
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.