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Report Date : |
05.10.2013 |
IDENTIFICATION DETAILS
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Name : |
MOLLERS HOMEWARES LIMITED |
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Formerly Known As : |
MOLLERS TEXTILES LIMITED |
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Registered Office : |
64 Porana Road, Hillcrest, Auckland,
Zip/postal code 0627 |
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Country : |
New Zealand |
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Date of Incorporation : |
03.10.1975 |
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Com. Reg. No.: |
96108 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is in receivership since 24 May 2013 Subject was previously engaged in importer, manufacturer
and distributor of home furnishing products |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Poor |
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Payment Behaviour : |
Slow |
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Litigation : |
--- |
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 : MOLLERS HOMEWARES LIMITED
Business address : 64 Porana Road
Town : Hillcrest
Province : Auckland
Zip/postal code : 0627
Country : New Zealand
Tel : +64 9 4442777
Fax : +64 9 4445454
Email : mollers@mollers.co.nz
Website : www.mollers.co.nz
Registered address : 64 Porana Road
Town : Hillcrest
Province : Auckland
Zip/postal code : 0627
Country : New Zealand
Comments : The Subject provided collateral
security to Westpac as one of the guarantors of
LANE
WALKER RUDKIN INDUSTRIES LIMITED (Superior Holding Company)
debt.
Following the default of LANE WALKER RUDKIN INDUSTRIES LIMITED
the
guarantees of certain associated entities including the Subject, have been
called up
but have been unable to be satisfied. As a result of this default, the
Subject
was placed in receivership on 24 May 2013.
The
representative contacted Ms. Jane Misa advised that the business assets of
the Subject have been
taken over by another entity DALCOOK GROUP
LIMITED under New
Zealand Company Number: 4626580. The Subject is now
in receivership and
will soon be winding up. The contact number of the Subject
+64 9 4442777 is now
directed to DALCOOK GROUP LIMITED.
Mailing Address: P
O Box 100777 North Share Mai Centre Auckland, New Zealand
Executive Summary
Date founded or registered : 03/10/1975
Legal form : Private Limited
Company
Chief executive : George Weejone Gin
Issued & paid up capital
: NZD 1,260,000
Line of business : In receivership since 24
May 2013.
Staff employed : Nil (Subject)
SUMMARY DETAILS
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
ceased
Management experience : Management is inadequately experienced
Financial performance : Financial performance is
undetermined
Organization structure : Organizational structure is flawed
Detrimental : Serious detrimental found
Payment history : Serious payment delays
noted
Comments : The Subject
provided collateral security to Westpac as one of the guarantors of
LANE
WALKER RUDKIN INDUSTRIES LIMITED (Superior Holding Company)
debt. Following
the default of LANE WALKER RUDKIN INDUSTRIES LIMITED
the
guarantees of certain associated entities including the Subject, have been
called up
but have been unable to be satisfied. As a result of this default, the
Subject was
placed in receivership on 24 May 2013.
Registry Data
Registration date : 03/10/1975
Legal form : Private Limited
Company
Registration no 96108
Registered authority : New Zealand Companies Office
Registry status : In Receivership
Previous name : MOLLERS TEXTILES LIMITED
(until 25-05-2004)
MOLLER
BROTHERS LIMITED (until 01-08-1994)
EXPORT
MANUFACTURERS LIMITED (until 11-05-1990)
Change of legal form : None reported.
Comments : The Subject
provided collateral security to Westpac as one of the guarantors of
LANE
WALKER RUDKIN INDUSTRIES LIMITED (Superior Holding Company)
debt.
Following the default of LANE WALKER RUDKIN INDUSTRIES LIMITED
the
guarantees of certain associated entities including the Subject, have been
called up
but have been unable to be satisfied. As a result of this default, the
Subject
was placed in receivership on 24 May 2013.
Key Management
Name : George Weejone Gin
Designation : Managing Director
Appointments
Name : George Weejone Gin
Designation : Director
Appointment date : 28/04/09
Address : C/o MOLLERS HOMEWARES
LIMITED
64 Porana
Road
Hillcrest,
Auckland 0627
New
Zealand
Name : John Joseph Cregten
Designation : Receiver
Appointment date : 24/05/13
Address : C/o CORPORATE FINANCE
LIMITED
Level 12,
AMP Centre
29 Customs
Street West
Auckland
Central, Auckland 1010
New
Zealand
Name : Justin James Bosley
Designation : Receiver
Appointment date : 24/05/13
Address : C/o CORPORATE FINANCE
LIMITED
Level 12,
AMP Centre
29 Customs
Street West
Auckland
Central, Auckland 1010
New
Zealand
Staff employed : Nil (Subject)
Composition
Authorized Capital : NZD 1,260,000
No of shares : 1,260,000 Shares
Share par value : NZD 1
Issued capital : NZD 1,260,000
Paid up capital : NZD 1,260,000
How listed : Full List
Composition
Shareholder name : POD LIMITED
Address : 64 Porana Road
Hillcrest,
Auckland 0627
New
Zealand
No. of shares : 1,260,000 Shares
% of shares : 100%
Structure
Name : STIRLING CORPORATION
LIMITED
Affiliation type : Ultimate Holding Company
Address : 5 Durham Street
Sydenham,
Christchurch 8023
New
Zealand
Comments : The company is 100% owned by
Kenneth James Anderson.
Name : LANE WALKER RUDKIN
INDUSTRIES LIMITED
Affiliation type : Superior Holding Company
Address : C/o BDO CHRISTCHURCH
LIMITED
30 Sir William
Pickering Drive
Burnside,
Christchurch 8053
New
Zealand
Comments : LANE WALKER RUDKIN INDUSTRIES
LIMITED is in receivership since 28 April 2009.
Name : LWR MANUFACTURING
LIMITED
Affiliation type : Intermediate Holding Company
Address : C/o BDO CHRISTCHURCH
LIMITED
30 Sir
William Pickering Drive
Burnside,
Christchurch 8053
New
Zealand
Comments : LWR MANUFACTURING LIMITED is in
receivership since 28 April 2009.
Name : POD LIMITED
Affiliation type : Parent Company
Address : 64 Porana Road
Hillcrest,
Auckland 0627
New
Zealand
Name : LWR (DTIL) LIMITED
Affiliation type : Sister Company
Address : 64 Porana Road
Hillcrest,
Auckland 0627
New
Zealand
Bank Details
Name of bank : Westpac 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
Comments : The Subject is in receivership
since 24 May 2013 hence financial information is
not available with the New Zealand Companies Office.
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 is in receivership
since 24 May 2013. The Subject was
previously
engaged in import, manufacturing and distribution of home
furnishing
products.
Purchases
Local : None reported.
International : None reported.
Sales
Local : None reported.
International : None reported.
Key events : 28 April, 2009
Lane Walker Rudkin in receivership
Clothing manufacturer Lane
Walker Rudkin Industries - which employs
nearly 500 staff in New
Zealand and Australia - has been placed in
receivership, banker Westpac
says.
The
Christchurch-headquartered company has gone into into receivership
with Westpac appointing BDO
Spicers as the receiver-manager.
LWRI is 100 per cent owed by
Christchurch's Ken Anderson, according to
the Companies Office, who two
years ago recounted to The Press that the
company had a history going
back to 1904.
BDO Spicers partners Brian
Mayo-Smith and Stephen Tubbs, in a
statement said the appointment
by bankers was to protect the financial
position of LWR and its
subsidiary Pod while issues facing the group are
resolved.
''The LWR operations are
currently unprofitable and have incurred a
substantial increase in bank
debt.''
Anderson purchased LWR in
2001 and Pod (until then owned by a group of
businessmen including George
Gould) in 2007.
LWR is a diversified
manufacturer of clothing and textiles with operations in
several locations in New
Zealand and Australia.
Approximately 470 people were
employed in textile, hosiery, underwear
and garment factories in
Christchurch; garment manufacture in Greytown
and Pahiatua; a sock factory
in Timaru; and a sports apparel factory in
Brisbane.
Pod comprises fabric maker
Designer Textiles International, clothing
designer and manufacturer
Michele Ann and Mollers Homewares, all
located in Auckland.
Tubbs said receivers now had
full control over all the businesses. There
would be a clear distinction
in direction and day-to-day management
between the LWR and Pod
operations.
Information available up to
this point would appear to indicate that the Pod
operations are profitable and
cash positive, Tubbs said.
''These operations will be
ring-fenced under a dedicated board and
management structure
reporting to the receivers.
''The current chief executive
and chief financial officer, Malcolm
Walkinshaw and George Gin,
will remain in place under these
arrangements.''
It was understood the bank
would provide additional finance to ensure the
short-term liquidity and flexibility
of the Pod businesses.
Source: www.stuff.co.nz
28 April, 2009
470 jobs at risk at textile
and garment manufacturer
Four hundred and seventy jobs
are at risk at South Island textile and
garment manufacturer Lane
Walker Rudkin Industries following the
appointment of receivers to
protect the company's financial position.
LWR’s bankers have appointed
Brian Mayo-Smith and Stephen Tubbs,
partners in BDO Spicers to
protect the financial position of LWR and its
subsidiary Pod while
"issues facing the group are resolved", Mr Tubbs said
in a statement this
afternoon.
"The LWR operations are
currently unprofitable and have incurred a
substantial increase in bank
debt."
The group, owned by Christchurch
businessman Ken Anderson, employs
470 people in in
Christchurch, Greytown, Pahiatua, Timaru and Brisbane.
Auckland-based subsidiary Pod
comprises fabric maker Designer Textiles
International, clothing
designer and manufacturer Michele Ann and Mollers
Homewares.
Mr Tubbs said there would be
a "clear distinction in direction and
day-to-day management between
the LWR and Pod operations".
“Information available up to
this point would appear to indicate that the Pod
operations are profitable and
cash positive. These operations will be
‘ring-fenced’ under a
dedicated board and management structure
reporting to the receivers.
The current Chief Executive and Chief Financial
Officer, Malcolm Walkinshaw
and George Gin, will remain in place under
these arrangements. We
understand that the bank will provide additional
finance to ensure the
short-term liquidity and flexibility of the Pod
businesses.”
More information would be
required before any decision could be made on
the LWR business, however.
“What we can be sure of is that the decision
to appoint receivers has not
been taken lightly,"
said Mr Tubbs. "It has become unavoidable through a
significant deterioration in
the overall financial position of the LWR
businesses."
Mr Tubbs said the receivers
hope to be able to make further information
available in the next two
weeks.
Source: www.3news.co.nz
Property &
Assets
Premises : The Subject was previously
operating from the verified heading address
consisting
of a production facility, warehouse and an administrative office
however
this premises is no longer occupied by the Subject.
Branches : None reported.
PERATION DETAILS
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
Local : None
International : None
Sales Term
Local : None
International : None
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.
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.61.41 |
|
UK Pound |
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.83.68 |
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 |
|
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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.