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Report Date : |
05.09.2013 |
IDENTIFICATION DETAILS
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Name : |
AUTEX INDUSTRIES LIMITED |
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Formerly Known as: |
PACIFITEX (N.Z.) LIMITED (until 10-11-1972) |
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Registered Office : |
702-718 Rosebank Road, Avondale Auckland, 1026 |
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Country : |
New Zealand |
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Date of Incorporation : |
08.06.1970 |
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Com. Reg. No.: |
79343 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of
carpet, wall coverings, insulation and bedware, polypropylene needle-punched carpets, floor mats,
carpet tiles, non-slip flooring, automotive and outdoor carpets. |
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No. of Employees : |
110 employees (Subject) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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) |
|
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 : AUTEX
INDUSTRIES LIMITED
Business address : 702-718
Rosebank Road
Town : Avondale
Province : Auckland
Zip/postal code : 1026
Country : New
Zealand
Tel : +64
9 8289179
Fax : +64
9 8285810
Email : enquiries@autex.co.nz
Website : www.autexindustries.com
Registered address : 702-718
Rosebank Road
Town : Avondale
Province : Auckland
Zip/postal code : 1026
Country : New
Zealand
Postal address : Private
Bag 19988
Town : Avondale
Province : Auckland
Zip/postal code : 1746
Country : New
Zealand
Executive Summary
Date founded or registered : 08/06/1970
Legal form : Private
Limited Company
Chief executive : Mark
Robinson
Issued & paid up capital : NZD
1,000,000
Line of business : Manufacturer
of carpet, wall coverings, insulation and bedware, polypropylene
needle-punched carpets, floor mats, carpet
tiles, non-slip flooring, automotive and outdoor carpets.
Staff employed : 110
employees (Subject)
Company Analysis
Country risk : Country
risk is minimal
Operation trend : Operational
trend is steady
Management experience : Management
is adequately experienced
Financial performance : Financial
performance is good
Organization structure : Organizational
structure is consistent
Detrimental : No
detrimental found
Payment history : No
payment delays noted
Registry Data
Registration date : 08/06/1970
Legal form : Private
Limited Company
Registration no 79343
Registered authority : New
Zealand Companies Office
Registry status : Live/Active
Previous name : PACIFITEX
(N.Z.) LIMITED (until 10-11-1972)
Change of legal form : None
reported.
Key Management
Name : Mark Robinson
Designation : Chief Executive
Officer
Name : Marcel Van
Vliet
Designation : Financial
Controller
Appointments
Name : David
Robinson
Designation : Director
Appointment date : 15/12/87
Address : 290
Jervois Road
Herne Bay, Auckland 1011
New Zealand
Name : Mark
Robinson
Designation : Director
Appointment date : 21/03/95
Address : 10
Birchwood Grove
Greenhithe, North Shore City 0632
New Zealand
Name : Warrick
Bruce Batt
Designation : Director
Appointment date : 16/03/10
Address : 55
Taparoo Road
Templestowe, VIC 3106
Australia
Name : William
Randolph Cunningham
Designation : Director
Appointment date : 15/12/87
Address : 326
Beach Road
Campbells Bay, North Shore City 0630
New Zealand
Name : Andrew MacLeod Cunningham
Designation : Director
Appointment date : 29/05/03
Address : 371
Beach Road
Campbells Bay, North Shore City 0630
New Zealand
Staff employed : 110
employees (Subject)
Composition
Authorized Capital : NZD
1,000,000
No of shares : 1,000,000
Shares
Share par value : NZD 1
Issued capital : NZD
1,000,000
Paid up capital : NZD
1,000,000
How listed : Full
List
Composition
Shareholder name : AUTEX INTERNATIONAL
LIMITED
Address : 702-718
Rosebank Road
Avondale, Auckland 1026
New Zealand
No. of shares : 1,000,000
Shares
% of shares : 100%
Structure
Name : AUTEX
INTERNATIONAL LIMITED
Affiliation type : Parent
Company
Address : 702-718
Rosebank Road
Avondale, Auckland 1026
New Zealand
Name : AUTEX
PROPERTIES LIMITED
Affiliation type : Sister
Company
Address : 702-718
Rosebank Road
Avondale, Auckland 1026
New Zealand
Name : AUTEX
PTY. LTD.
Affiliation type : Sister
Company
Address : 166
Bamfield Road
Heidelberg West, VIC 3081
Australia
Name : AUTEX
QUEENSLAND PTY LTD
Affiliation type : Sister
Company
Address : 7-11
Lancashire Street
Acacia Ridge, QLD 4110
Australia
Name : AUTEX
INDUSTRIES LTD (BRANCH)
Affiliation type : Sister
Company
Address : Office
No. 5Ebg28
Dubai Airport Free Zone
P.O. Box 54948
Dubai
United Arab Emirates
Bank Details
Name of bank : ASB
Bank 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
Comments : The representative contacted Mr. Marcel Van
Vliet advised that the Subject’s estimated turnover for financial year end
31-03-2013 was NZD 40 million to 45 million.
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
three conditions are met:
- 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 meets the criteria of being a
large Private Company however is
exempted from filling their financial
information.
Main activities : The Subject's main activities are
manufacturing of carpet, wall coverings, insulation and bedware, polypropylene
needle-punched carpets, floor mats, carpet tiles, non-slip flooring, automotive
and outdoor carpets.
In addition, the Subject manufactures of
100% polyester thermal and acoustic building insulation, duvets, comforters, quilts,
pillows, woolen underlays and a variety of polyester filled bedware products.
Product & services : Autex
Bedware - wool and polyester bedding products
Autex Carpets - commercial carpets
Autex Insulation - thermal and acoustic
polyester insulation for commercial
and residential
Autex Wall Coverings - polypropylene plush
and acoustic wall covering
Avondale - school and commercial carpet
BaffleBlock - acoustic polyester
Composition - acoustic wall coverings
Decord - marine, commercial and outdoor ribbed
carpet
Dream Maker - polyester bedding products
Elements - carpet and carpet tiles
Eurograss - cricket pitch and outdoor carpet
Euromat - door mats, non-slip mats
Flex2 - marine and automotive carpets and
linings GreenStuf - thermal and
acoustic polyester insulation High Country -
wool filled bedding products
Images - commercial and outdoor carpet
Multisport - sporting surfaces carpet
Performer - marine and automotive carpets
and linings
Quietstuf - acoustic polyester
Raider & Reef - marine and light commercial
carpet
Vertiface - plush wall coverings
Widetrack - commercial and outdoor ribbed
carpet
Purchases
International : Asian countries, United
Kingdom
Sales
Local : Yes
International : Pacific
Islands, Singapore, Malaysia, Hong Kong, Philippines, Thailand,
Indonesia, Japan, China, Korea, Taiwan,
Qatar, Egypt, United Kingdom,
Portugal, India, Saudi Arabia, Bahrain,
United Arab Emirates, United States
Property &
Assets
Premises : The Subject operates from
premises at the verified heading address consisting of a production facility,
warehouse and an administrative office.
Branches : None
reported.
Intellectual property : ISO14001
ISO9001 Quality
Management Standard certification
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 : Bank transfer,
Credit 30-90 days
International : L/C,
Telegraphic transfer, Credit 30-90 days
Sales Term
Local : Bank transfer,
Credit 30-90 days
International : L/C, D/P, Prepayment,
Telegraphic 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.03 |
|
|
1 |
Rs.104.32 |
|
Euro |
1 |
Rs.88.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.