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Report Date : |
12.10.2013 |
IDENTIFICATION DETAILS
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Name : |
KIWI STEEL NZ LIMITED |
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Registered Office : |
12 Hautu Drive Wiri Auckland 2104 |
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Country : |
New Zealand |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.10.1989 |
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Com. Reg. No.: |
436852 |
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Legal Form : |
Limited Private Company |
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Line of Business : |
Import and distribution of steel products |
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No. of Employees : |
70 |
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 : KIWI STEEL NZ LIMITED
Other style / Business name : KIWICOLOUR
Business address : 12 Hautu Drive
Town : Wiri
Province : Auckland
Zip/postal code : 2104
Country : New Zealand
Tel : +64 9 2772700
Fax : +64 9 2772701
Email : sales@kiwisteel.co.nz
Website : www.kiwisteel.co.nz
Registered address : 12 Hautu Drive
Town : Wiri
Province : Auckland
Zip/postal code : 2104
Country : New Zealand
Postal address : P.O. Box 98-851
Town : Manukau City
Province : Auckland
Zip/postal code : 2241
Country : New Zealand
Executive Summary
Date founded or registered : 27/10/1989
Legal form : Limited Private Company
Chief executive : Keun Hong Lee
Issued & paid up capital : NZD 6,550,000
Sales turnover : NZD 31,654,548.74 (Non-Consolidated 12 months, 31/12/2012)
Line of business : Import and distribution of steel products.
Staff employed : 70 employees (Subject)
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is reasonably experienced
Financial performance : Financial performance is fair
Organization structure : Organizational structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date : 27/10/1989
Legal form : Limited Private Company
Registration no 436852
Registered authority : New Zealand Companies Office
Registry status : Live/Active
Previous name : WONDERVOL INVESTMENTS NO.50 LIMITED (until 22-05-1990)
Change of legal form : None reported.
Key Management
Name : Keun Hong Lee
Designation : Managing Director
Name : Mario Lee
Designation : Chief Financial Officer
Appointments
Name : Keun Hong Lee
Designation : Director
Appointment date : 25/03/92
Address : 7 Wolseley Avenue
Herne Bay, Auckland 1011
New Zealand
Staff employed : 70 employees (Subject)
Key Advisors
Auditors : BENDALL AND CANT LIMITED
7th Floor, Southern Cross Building
Corner High Street and Victoria Street
Auckland Central, Auckland 1010
New Zealand
Composition
Authorized Capital : NZD 6,550,000
No of shares : 6,550,000 Ordinary Shares
Share par value : NZD 1
Issued capital : NZD 6,550,000
Paid up capital : NZD 6,550,000
How listed : Full List
Composition
Shareholder name : SKN TRUSTEE LIMITED
Address : 12 Hautu Drive
Wiri, Auckland 2104
New Zealand
No. of shares : 6,550,000 Ordinary Shares
% of shares : 100%
Structure
Name : ANDERSON CREAGH LAI LIMITED
Affiliation type : Ultimate Holding Company
Address : Level 1, 110 Customs Street West
Auckland Central, Auckland 1010
New Zealand
Comments : Jeffrey Keng Yew Lai & Philip Charles Creagh each owns 44.87% of Anderson
Creagh Lai Limited shares.
Name : ACL NOMINEES LIMITED
Affiliation type : Intermediate Holding Company
Address : Level 1, 110 Customs Street West
Auckland Central, Auckland 1010
New Zealand
Name : SKN TRUSTEE LIMITED
Affiliation type : Parent Company
Address : 12 Hautu Drive
Wiri, Auckland 2104
New Zealand
Name : APEX TILE MANUFACTURING 2012 LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 18 Wedgewood Street
Katikati 3129
New Zealand
Name : INTERNATIONAL ROOFING NZ LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 440 Tuapiro Road, RD 1
Katikati 3177
New Zealand
Name : THE BUILDING STORE LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 12 Hautu Drive
Wiri, Auckland 2104
New Zealand
Name : THE ROOFING STORE LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 12 Hautu Drive
Wiri, Auckland 2104
New Zealand
Name : PEARCE TOOL & MANUFACTURING 2012 LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 20 Wedgewood Street
Katikati 3129
New Zealand
Name : KOREAN SAUNA LIMITED
Affiliation type : Sister Company
Address : 12 Hautu Drive
Wiri, Auckland 2104
New Zealand
Name : KHL PROPERTIES LIMITED
Affiliation type : Sister Company
Address : 12 Hautu Drive
Wiri, Auckland 2104
New Zealand
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 : 31/12/12
Type of accounts : Key figures
Currency : New Zealand, Dollar (NZD)
Exchange rate : 1 USD = NZD 1.21 as of 10-10-2013
Summarized Financial
Information
Consolidation type : Non Consolidated Non Consolidated
Currency : New Zealand, Dollar
(NZD)
New Zealand, Dollar
(NZD)
Denomination : (x1) One (x1) One
Date of financial year end : 31/12/12 31/12/11
Length of accounts : 12 months 12 months
Sale turnover / Income : 31,654,548.74 28,343,545.43
Comments : The key figure above was provided by Mr. Eddy Lee.
The Subject's latest financial statement filed with the New Zealand Companies
Office was for financial year end 31-12-2010.
Main activities : The Subject is engaged in import and distribution of steel products.
The Subject mainly supplies its products to manufacturers of household
appliances, automotive products, building and civil engineering
constructors.
Product & services : - Steel sheets, plates, pipes, wires and coils
- Roofing products
- Aluminium-Zinc Alloy Coated Coils
- Aluminised Steel Sheet and Coils
- Pre-painted Steel
- Steel processing services such shearing, rolling, slitting, blanking,
recoiling, profile cutting and roll forming.
Brand : KIWICOLOUR
Purchases
International : China, South Korea, Japan, Singapore
Sales
Local : Yes
International : No exports.
Key events : 4 August, 2013
Kiwi Steel fined $52,000 after worker lost three fingers
A Lower Hutt steel manufacturer has been fined $52,000 and ordered to
pay $15,000 reparations after a worker had three fingers cut off in an
accident.
Kiwi Steel was charged with failing to ensure the worker's safety.
The injury happened as the employee was trying to unjam a blockage on a
guillotine.
There was no guard fitted to the rear of the machine although one had
been supplied.
Although all three fingers were surgically re-attached, one was
subsequently removed.
Source: www.nzherald.co.nz
29 May, 2011
Kiwi steel fined $237,500 for multiple health and safety breaches
One of New Zealand’s leading steel manufacturers has been fined nearly
a quarter of a million dollars for repeated breaches of workplace health and
safety legislation.
Kiwi Steel NZ Limited was fined $237,500 in the Manukau District Court for
six separate health and safety offences.
Kiwi Steel NZ failed to report four separate accidents to the Department of
Labour. The company was also fined on two charges of failing to
adequately guard machines in the workplace. All told, two workers
suffered de-gloving injuries to their fingers (which involves skin being
stripped from the fingers), one worker had part of a finger amputated and
one worker had his foot broken by a piece of falling steel.
The Judge said there was “no evidence of any effective preventative
measures being put in place, at least until after the Department had
become involved” following the most recent of the four accidents.
Kiwi Steel NZ was also ordered to pay a total of $16,500 in reparations to
two of the injured employees. The Judge was “driven to the conclusion that
the defendant adopted a laissez-faireattitude to health and safety issues.”
“Kiwi Steel NZ put its employees at risk, and failed to notify the
Department of Labour about these workplace accidents,” says Department
of Labour Acting Service Manager for Manukau, Jason Papuni.
“All employers are required by law to notify the Department about
accidents at work. We found out about one of these breaches when an
injured employee phoned our contact centre and also made enquiries with
ACC,” says Mr Papuni.
Every year hundreds of people are injured while using machinery that is not
adequately guarded.
“Employers have a duty to take all practicable steps to make sure that
employees are able to go to work with the peace of mind that they won’t
be injured while going about their daily duties,” says Mr Papuni.
The judge fined Kiwi Steel a total of $87,500 on the two charges of failing
to adequately guard machines in the workplace. This means that in the
last six months, the courts have levied fines of $455,012 on 13 companies
(including Kiwi Steel) for machine guarding failures.
ENDS
Note to Editor
Kiwi Steel NZ Limited was convicted on two charges under Section 6 and
four charges under Section 25(3)(a) of the Health and Safety in
Employment Act 1992.
The details of the accidents are as follows:
In August 2006 an employee suffered serious injuries to his right thumb,
while using a mini-slitter - a machine used to cut sheets of steel into
narrower strips.
In August 2007 an employee’s foot was crushed by a sheet of steel.
In April 2009 an employee’s finger on his right hand was amputated while
he was working on an industrial guillotine.
In August 2009 an employee’s right hand got caught and dragged into the
unguarded cutting knives of a mini-slitter.
Source: www.dol.govt.nz
Property & Assets
Premises : The Subject operates from the verified heading address consisting of an
administrative office, warehouse and store.
Branches : In addition, the Subject operates from branch office and retail stores
located at:
Christchurch Branch
411 Blenheim Road
Sockburn, Christchurch
New Zealand
Tel: +64 3 3436528
The Roofing Store Albany
2 Cowley Place
Albany, Auckland
New Zealand
Tel: +64 9 9720060
The Roofing Store Wellington
21-23 Wakefield Street
Alicetown, Lower Hutt
New Zealand
Tel: +64 4 9745762
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve Bank of New Zealand
Reserve of foreign exchange & gold : US$ 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 : Prepayment, Telegraphic transfer, Credit 30-90 days
Sales Term
Local : Prepayment, Cash, Credit card, Bank transfer, 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
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UK Pound |
1 |
Rs.97.77 |
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Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
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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 |
|
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 |
-- |
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.