MIRA
INFORM REPORT
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Report Date : |
22.11.2013 |
IDENTIFICATION DETAILS
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Name : |
DCNZ LIMITED |
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Registered Office : |
C/o Daniel Overton & Goulding 33 Selwyn Street Onehunga Auckland 1061 |
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Country : |
New Zealand |
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Date of Incorporation : |
27.08.2004 |
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Com. Reg. No.: |
1549833 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORT AND SALES OF CUT AND POLISHED DIAMOND. |
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No. of Employees : |
01 |
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 : |
Unknown |
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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) |
|
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
Source
: CIA
IDENTIFICATION
DETAILS
Verified Address
Subject name : DCNZ LIMITED
Business address : Runciman Road, RD 2
Town : Pukekohe
Province : Auckland
Zip/postal code : 2677
Country : New
Zealand
Tel : +64
9 3795815
Fax : +64
9 3795825
Email : paul@dcnz.biz
Website : www.dcnz.co.nz
Registered address : C/o DANIEL OVERTON & GOULDING
33 Selwyn Street
Town : Onehunga
Province : Auckland
Zip/postal code : 1061
Country : New
Zealand
Postal address : P.O. Box 606, Shortland Street
Town : Auckland
Central
Province : Auckland
Zip/postal code : 1140
Country : New
Zealand
SUMMARY
DETAILS
Executive Summary
Date founded or registered : 27/08/2004
Legal form : Private Limited Company
Chief executive : Paul Stephen Bunker
Issued & paid up capital : NZD 100
Line of business : Import and sales of cut and polished diamond.
Staff employed : Director
is the only employee of the Subject
.
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is modestly experienced
Financial performance : Financial performance is
undetermined
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 : 27/08/2004
Legal form : Private Limited Company
Registration no 1549833
Registered authority : New Zealand Companies Office
Registry status : Live/Active
Previous name : DIAMONDS.CO.NZ LIMITED (until 24-10-2006)
Change of legal form : None
reported.
MANAGEMENT
/ DIRECTORS
Key Management
Name : Paul
Stephen Bunker
Designation : Managing Director
BOARD
OF DIRECTORS/ OTHER APPOINTMENTS
Appointments
Name : Paul
Stephen Bunker
Designation : Director
Appointment date : 27/08/04
Address : Runciman
Road, RD 2
Pukekohe, Auckland 2677
New Zealand
Staff employed : Director is the only employee of the Subject
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 : ONEHUNGA TRUSTEE COMPANY LIMITED
Address : 33
Selwyn Street
Onehunga,
Auckland 1061
New Zealand
No. of shares : 98 Shares
Shareholder name : Paul Stephen Bunker
Address : Runciman
Road, RD 2
Pukekohe,
Auckland 2677
New Zealand
No. of shares : 1 Share
Shareholder name : Lyn Bayna Bunker
Address : Runciman
Road, RD 2
Pukekohe,
Auckland 2677
New Zealand
No. of shares : 1 Share
RELATED
COMPANIES & CORPORATE AFFILIATIONS
Structure
Name : TREASURECHEST.CO.NZ
LIMITED
Affiliation type : Associate
Address : 122
St Stephens Avenue
Parnell,
Auckland 1052
New Zealand
Name : ROMON
PROPERTIES LIMITED
Affiliation type : Associate
Address :
C/o RPL ACCOUNTANTS LIMITED
First Floor,
VTR House
24 Manukau
Road
Epsom,
Auckland 1023
New Zealand
Name : BROADLANDS
FOREST LIMITED
Affiliation type : Associate
Address : Runciman
Road, RD 2
Pukekohe,
Auckland 2677
New Zealand
Name : MONDIA
LIMITED
Affiliation type : Associate
Address : C/o
RPL ACCOUNTANTS LIMITED
First Floor,
VTR House
24 Manukau
Road
Epsom,
Auckland 1023
New Zealand
BANK
& MORTGAGES
Bank Details
Name of bank : Bank of 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 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.
OPERATION
DETAILS
Main activities : The Subject engages in import and sales of cut and
polished diamond.
Purchases
International : India, Hong Kong, Belgium
Sales
Local : Yes
International : No exports.
Property & Assets
Premises : The
Subject operates from residential premises at the verified heading
address consisting of an administrative office.
Branches : None
reported.
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: U S$4,598 million
2009:
US$-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
International : Telegraphic transfer, D/P,
Prepayment, Credit 30-90 days
Sales Term
Local : Bank transfer, Cheque, Prepayment,
Credit card, 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
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.89 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.84.42 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
|
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.