MIRA INFORM REPORT

 

 

Report Date :

13.11.2013

 

IDENTIFICATION DETAILS

 

Name :

NEW ZEALAND INSULATORS LIMITED

 

 

Registered Office :

1-37 Mount Wellington Highway Mount Wellington Auckland 1060

 

 

Country :

New Zealand

 

 

Date of Incorporation :

22.05.2007

 

 

Com. Reg. No.:

1943566

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Import, manufacturing & distribution of medium voltage/low voltage insulators &

electrical protection equipment.

 

 

No. of Employees :

56

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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)

New Zealand

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

Source : CIA

 

IDENTIFICATION DETAILS

 

Verified Address

           

Subject name :              NEW ZEALAND INSULATORS LIMITED

Business address :        Thomas Street

Town : Temuka

Province : South Canterbury

Zip/postal code : 7920

Country : New Zealand

Tel : +64 3 6878100

Fax : +64 3 6158125

Email : sales@nzinsulators.co.nz

Website : www.nzinsulators.co.nz

 

Registered address :     1-37 Mount Wellington Highway

Town : Mount Wellington

Province : Auckland

Zip/postal code : 1060

Country : New Zealand

Postal address : P.O. Box 5

Town : Temuka

Province : South Canterbury

Zip/postal code : 7948

Country : New Zealand

 

 

SUMMARY DETAILS

 

Executive Summary

 

Date founded or registered :        22/05/2007

Legal form :                               Private Limited Company

Chief executive :                        Chris van der Werff

Issued & paid up capital :           NZD 100

Line of business :                       Import, manufacturing & distribution of medium voltage/low voltage insulators &

electrical protection equipment.

Staff employed :                         56 employees (Subject); 600 employees (Tiri Group)

 

 

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 good

Organization structure :              Organizational structure is stable

Detrimental :                              No detrimental found

Payment history :                      No payment delays noted

Credit amount asked :                Not described.

 

 

STATUTORY DETAILS

 

Registry Data

Registration date :                      22/05/2007

Legal form :                               Private Limited Company

Registration no                          1943566

Registered authority :                 New Zealand Companies Office

Registry status :                        Live/Active

Previous name :                         STURGESS EQUITIES NO.3 LIMITED (until 03-07-2007)

Change of legal form :                 None reported.

 

 

MANAGEMENT / DIRECTORS

 

Key Management

Name :              Chris van der Werff

Designation :     General Manager

Name :              Brett Dixon

Designation :     Financial Manager

 

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

Appointments

Name :                          Robert Allen Astley

Designation :                 Director

Appointment date :         07/08/07

Address :                      27 Ngapipi Road

Orakei, Auckland 1071

New Zealand

 

Name :                          Gregory Andrew Howell

Designation :                 Director

Appointment date :         22/02/13

Address :                      312 Muriwai Valley Road, RD 1

Muriwai, Rodney 0881

New Zealand

 

Name :                          Thomas Wilton Sturgess

Designation :                 Director

Appointment date :         22/05/07

Address :                      383 Wakefield Quay

Stepneyville, Nelson 7010

New Zealand

 

Name :                          Kevin Robert Tennant

Designation :                 Director

Appointment date :         07/08/07

Address :                      45 The Masthead

Whitby, Porirua 5024

New Zealand

 

Name :                          Amber Louvaine Wylie

Designation :                 Director

Appointment date :         08/06/07

Address :                      15 Muritai Road

Milford, Auckland 0620

New Zealand

Staff employed :             56 employees (Subject); 600 employees (Tiri Group)

 

 

SHARE CAPITAL

 

Composition

Authorized Capital :        NZD 100

No of shares :                100 Shares

Share par value :            NZD 1

Issued capital :              NZD 100

Paid up capital :             NZD 100

 

 

OWNERSHIP / SHAREHOLDERS

 

How listed :       Full List

 

Composition

 

Shareholder name :        TIRI GROUP LIMITED

Address :                      1-37 Mount Wellington Highway

Mount Wellington, Auckland 1060

New Zealand

No. of shares :               88 Shares

% of shares :                 88%

Shareholder name :        Gregory Andrew Howell

Address :                      312 Muriwai Valley Road, RD 1

Muriwai, Rodney 0881

New Zealand

No. of shares :               12 Shares

% of shares :                 12%

 

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

Structure

Name :              STURGESS HOLDINGS LIMITED

Affiliation type : Ultimate Holding Company

Address :          Level 2, 295 Trafalgar Street

Nelson 7040

New Zealand

Comments :      Sturgess Holdings Limited is 100% owned by Mr. Thomas Wilton Sturgess.

 

Name :              TIRI GROUP LIMITED

Affiliation type : Parent Company

Address :          1-37 Mount Wellington Highway

Mount Wellington, Auckland 1060

New Zealand

 

Name :              RAPID LABELS LIMITED

Affiliation type : Sister Company

Address :          1-37 Mount Wellington Highway

Mount Wellington, Auckland 1060

New Zealand

 

Name :              MASPORT FOUNDRIES HOLDINGS LIMITED

Affiliation type : Sister Company

Address :          1-37 Mount Wellington Highway

Mount Wellington, Auckland 1060

New Zealand

 

Name :              PACIFIC WALLCOVERINGS HOLDINGS LIMITED

Affiliation type : Sister Company

Address :          1-37 Mount Wellington Highway

Mount Wellington, Auckland 1060

New Zealand

Related companies and corporate affiliations comments

: Other companies of the Tiri and Sturgess Group should be considered affiliates of

the Subject.

 

 

BANK & MORTGAGES

 

Bank Details

Name of bank :              Westpac New Zealand

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

 

Description

Comments :      The representative contacted Mr. Brett Dixon 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.

On a separate note, the Tiri Group estimated consolidated annual turnover is in

excess of $200 million.

 

 

OPERATION DETAILS

 

Main activities :              The Subject engages in import, manufacturing & distribution of medium

voltage/low voltage insulators & electrical protection equipments.

The Subject holds exclusive distribution rights in New Zealand for DTR,

PAYER, GIG, NGK STANGER, FULTON and EFEN brand products and

shared distribution rights in New Zealand for COOPER BUSSMANN, RED

SPOT and AVON brand products.

 

The Subject operates as a wholly owned subsidiary of Tiri Group Limited.

Tiri Group Limited, through its subsidiaries, operates manufacturing and

distribution businesses in New Zealand. It offers engineering solutions,

containment systems, roofing and waterproofing solutions, conveyor

systems, lawn mowers and outdoor living products, and wallcovering

products. The company also provides electrical products, including

insulators; and sheet metal and laser cutting services, as well as engages

in iron manufacturing. It serves resource, construction, industrial

manufacturing and processing, food manufacturing and processing,

government department, marine, wholesaler, retail, and civil construction

and engineering market sectors. The company was incorporated in 2007

and is based in Auckland, New Zealand.

 

Product & services :       Reels, Spike & Bundles

LV Insulators

Guy & Fence Strains

Insulator Bundles

Lampholders

Station Posts, Standoff & EDO

Connectors

Pole Mounted Cutouts

Surge Arrestors

Fuselinks

Fuseholders

Disconnects

Earth Rods

Earthing Accessories

Clamps & Connectors

Busbar Supports

DMC Standoffs

Fastlug Connectors

MCB Safety Bases

Line Posts

 

Brand :                          NZI (Own brand)

DTR ELECTRIC

PAYER

GIG

AX (Own brand)

AVON INDUSTRIES

NGK STANGER

FULTON INDUSTRIES

RED SPOT

COOPER BUSSMANN

EFEN

 

Purchases

 

Local :                          Yes

International :                South Korea, Canada, Ukraine, Australia, India, Germany, United Kingdom

 

Sales

Local :                          Yes

International :                 Australia

 

 

Property & Assets

 

Premises :                    The Subject operates from the verified heading address consisting of a

production facility, warehouse and an administrative office.

Branches :                    In addition, the Subject operates from a branch office located at:

11 Wookey Lane

Kumeu, West Auckland 0810

New Zealand

Tel:                               +64 9 4125941

Intellectual property :      ISO 9001 Quality System Certified

NZI Quality System Certified

 

 

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 30-90 days

International :     Telegraphic transfer, D/P, Credit 30-90 days

 

Sales Term

Local :              Bank transfer, D/P, Credit 30-90 days

International :     Telegraphic 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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.59

UK Pound

1

Rs.100.56

Euro

1

Rs.85.15

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.