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Report Date : |
05.10.2013 |
IDENTIFICATION DETAILS
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Name : |
LONGBEACH APPAREL LIMITED |
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Registered Office : |
10A Chapmans Road, Hillsborough, Christchurch 8022 |
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Country : |
New Zealand |
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Date of Incorporation : |
27.03.2009 |
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Com. Reg. No.: |
2222422 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Import and wholesale distribution of fashion apparels to Australia. |
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No. of Employees : |
Nil (Subject); 90 employees (Longbeach Group) |
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
|
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.
|
Source
: CIA |
Verified Address
Subject name : LONGBEACH
APPAREL LIMITED
Business address : 1 0A
Chapmans Road
Town : Hillsborough
Province : Christchurch
Zip/postal code : 8022
Country : New
Zealand
Tel : +64
3 9402300
Fax : +64
3 9402394
Website : www.longbeach.co.nz
Registered address : 10A
Chapmans Road
Town : Hillsborough
Province : Christchurch
Zip/postal code : 8022
Country : New
Zealand
Postal address : PO Box
22-542, High Street
Town : Christchurch
Central
Province : Christchurch
Zip/postal code : 8142
Country : New
Zealand
Executive Summary
Date founded or registered :
27/03/2009
Legal form : Private
Limited Company
Chief executive : Craig
McCallum
Issued & paid up capital : NZD
1,000
Sales turnover : NZD
500,000 (Estimated Non-Consolidated 12 months, 30/06/2013)
Line of business : Import
and wholesale distribution of fashion apparels to Australia.
Staff employed : Nil
(Subject); 90 employees (Longbeach Group)
Company Analysis
Country risk : Country
risk is minimal
Operation trend :
Operational trend is declining
Management experience : Management
is modestly experienced
Financial performance : Financial
performance is deteriorating
Organization structure : Organizational
structure is acceptable
Detrimental : No
detrimental found
Payment history : No
payment delays noted
Credit amount suggestion : Fully
secured terms.
Credit amount asked : Not
described.
Registry Data
Registration date : 27/03/2009
Legal form : Private
Limited Company
Registration no 2222422
Registered authority : New
Zealand Company Registry
Registry status : Live/Active
Previous name : None
reported.
Change of legal form : None
reported.
Key Management
Name : Craig
McCallum
Designation : Chief Executive Officer
Name : Barrie
Clark
Designation : Chief
Financial Officer
Appointments
Name : Graham
David Harris
Designation : Director
Appointment date : 27/03/09
Address : 6
Delhi Place
Cashmere, Christchurch 8022
New Zealand
Name : Bernard
Giles Marlow
Designation : Director
Appointment date : 27/03/09
Address : 2
Millway Place
Huntsbury, Christchurch 8022
New Zealand
Staff employed : Nil
(Subject); 90 employees (Longbeach Group)
Composition
Authorized Capital : NZD
1,000
No of shares : 1,000
Ordinary Shares
Share par value : NZD 1
Issued capital : NZD
1,000
Paid up capital : NZD
1,000
How listed : Full List
Composition
Shareholder name : LONGBEACH
HOLDINGS LIMITED
Address : 10A
Chapmans Road
Hillsborough, Christchurch 8022
New Zealand
No. of shares : 1,000
Ordinary Shares
% of shares : 100%
Structure
Name : LONGBEACH
HOLDINGS LIMITED
Affiliation type : Parent Company
Address : 10A Chapmans
Road
Hillsborough, Christchurch 8022
New Zealand
Name : LONGBEACH
AUSTRALIA LIMITED
Affiliation type : Sister Company
Address : 10A Chapmans
Road
Hillsborough, Christchurch 8022
New Zealand
Name : LONGBEACH
APPAREL NEW ZEALAND LIMITED
Affiliation type : Sister Company
Address : 10A Chapmans
Road
Hillsborough,
Christchurch 8022
New Zealand
Name : SWANNDRI NEW
ZEALAND LIMITED
Affiliation type : Sister Company
Address : 10A Chapmans
Road
Hillsborough, Christchurch 8022
New Zealand
Name : LONGBEACH APPAREL
LIMITED
Affiliation type : Sister Company
Address : 10A Chapmans
Road
Hillsborough, Christchurch 8022
New Zealand
Comments : Registered as a
Foreign Branch in Australia under the Australian Business
Number:
96136956244.
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.
Description
Source of financial statement : Provided
by the Subject
Financial statement date : 30/06/13
Type of accounts : Estimated
key figures
Currency : New
Zealand, Dollar (NZD)
Exchange rate : 1
USD = NZD 1.20 as of 04-10-2013
Summarized
Financial Information
Consolidation type : Non
Consolidated Non
Consolidated
Currency : New
Zealand, Dollar(NZD) Australia
Dollar (AUD)
Denomination : (x1)
One (x1)
One
Date of financial year end : 30/06/13
30/06/12
Length of accounts : 12
months 12
months
Sale turnover / Income : 500,000 5,000,000
Comments : The estimated turnover was
provided by Mr. Gerald Reinders. He further advised that the Subject’s huge
declined in turnover is due to its ceased of operation of its foreign branch
office in Australia. The Subject’s current sales is still generated 100% from
Australia however all operations are conducted through New Zealand. The
estimated turnover for financial year end 30-06-2013 is provided in New Zealand
Dollar and 30-06-2012 is provided in Australia Dollar.
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 in import and
wholesale distribution of fashion apparels to Australia.
Purchases
International : China, India
Sales
Local : None reported.
International : 100% sales to
Australia
Key events : 14 November, 2007
Swanndri sold to Longbeach Holdings
Successful Christchurch apparel company Longbeach Holdings Ltd today announced
that it has acquired one of New Zealand’s most well known
and respected brands, Swanndri.
Longbeach specialises in developing supply
solutions and product for the apparel sector. It has operations in New Zealand,
Australia, South Africa, UK and China.
The company has been working with Swanndri
as a major product supply partner for the past two years including developing
new innovations in fabrications and styling.
The outgoing Chairman of Swanndri, Bryan
Pearson, said the Board and management team of Swanndri has spent the past four
years repositioning and growing the business. “We all felt the time was right
for a major company like Longbeach to come in and take Swanndri to the next
level.
“Longbeach has the expertise and
infrastructure to support further growth of this great Kiwi brand in New
Zealand and international markets. Their existing relationship with the brand,
their established position in major markets beyond New Zealand and their
specialist skills, make them the natural owners of Swanndri.”
Longbeach Chairman, Ken Sparrow, says this
is a great deal for the Swanndri brand and for both companies.
“The Swanndri brand is a national icon that
we look forward to developing globally. We have plans to leverage and
capitalise on the hard work that has been done over recent years.”
Source: www.scoop.co.nz
Property &
Assets
Premises : The Subject operates from the verified
heading address consisting of a warehouse and an administrative office.
Branches : In addition, the
Subject operates a branch office located at:
Level One, 96 New North Road
Eden Terrace, Auckland 1021
New Zealand
Tel: +64 9 3667550
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, Credit 30-60 days
Sales Term
International : Telegraphic
transfer, Credit 30-60 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.61.40 |
|
|
1 |
Rs.99.28 |
|
Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
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 |
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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.