MIRA INFORM REPORT

 

 

Report Date :

25.08.2014

 

IDENTIFICATION DETAILS

 

Name :

UNITED FISHERIES LIMITED

 

 

Registered Office :

50-58, Parkhouse Road, Wigram, Christchurch, 8042

 

 

Country :

New Zealand 

 

 

Date of Incorporation :

23.11.1953

 

 

Com. Reg. No.:

126455

 

 

Legal Form :

New Zealand Limited Company

 

 

Line of Business :

Subject is engaged in import, export, processing and supply of fresh & frozen seafood.

 

 

No of Employees :

170

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

New Zealand 

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 pulled out of recession late in 2009, and achieved 2-3% per year growth in 2010-13. 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

 

 

 

CORPORATE DETAILS

 

Verified Address

 

Subject name
UNITED FISHERIES LIMITED
Business address
50-58 Parkhouse Road
Town
Wigram
Province
Christchurch
Zip / Postal code
8042
Country
New Zealand
Telephone
+64 3 3430587
Fax
+64 3 3486788
Email
mail@unitedfisheries.co.nz
Website
www.unitedfisheries.co.nz

Registered address
50-58 Parkhouse Road
Town
Wigram
Province
Christchurch
Zip / Postal code
8042
Country
New Zealand

 

 

 

SUMMARY DETAILS

 

Report Summary

 

Date registered
23/11/1953
Legal form
New Zealand Limited Company
Key personnel
Andre Kotzikas
Line of business
The Subject’s business consist of import, export, processing and supply of fresh & frozen seafood.
Staff employed
170 employees

Paid-up capital
NZD2,500,000.00

 

 

CREDIT RISK OUTLOOK

 

Subject’s Credit Risk Analysis

 

Country risk
Country risk is minimal
Operation trend
Operational trend is steady
Management experience
Management is adequately experienced
Financial performance
Financial performance is undetermined

 

Organisation structure
Organisational structure is stable
Detrimental
No detrimental found
Payment history
No payment delays noted
Credit amount requested
Not described.

 

 

STATUTORY DETAILS

 

Registry Information

 

Date registered
23/11/1953
Legal form
New Zealand Limited Company
Registration number
126455
Registered authority
The Companies Office
Tax / VAT number
9429031950626

 

Statutory status
Active
Previous name
None reported.
Change of legal form
None reported.

 

 

BOARD OF MANAGEMENT

 

Key Personnel

 

Name
Andre Kotzikas
Designation
Chief Executive Officer

 

 

 

 

BOARD OF DIRECTORS

 

Appointments

 

Name
Andre Kotzikas
Title
Director
Appointment date
21/03/97
Address
C/o UNITED FISHERIES LIMITED
50-58 Parkhouse Road
Wigram, Christchurch 8042
New Zealand
Name
Kypros Kotzikas
Title
Director
Appointment date
07/05/92
Address
C/o UNITED FISHERIES LIMITED
50-58 Parkhouse Road
Wigram, Christchurch 8042
New Zealand

 

Staff employed
170 employees

 

 

SHARE CAPITAL

 

Composition

 

Authorized capital
NZD2,500,000.00
Number / Type of shares
2,500,000 Shares
Share par value
NZD1.00
Issued capital
NZD2,500,000.00

Paid-up capital
NZD2,500,000.00

 

 

 

OWNERSHIP / SHAREHOLDERS

 

Composition

 

How listed
Full list
Shareholder name
UNITED FISHERIES HOLDINGS LIMITED
Address
50-58 Parkhouse Road
Wigram, Christchurch 8042
New Zealand
Number / Type of shares
2,500,000 Shares
Percentage (%) of shares
100%

 

 

 

CORPORATE AFFILIATIONS AND RELATED COMPANIES

 

Structure

 

Company name
UFL CHARTERS LIMITED
Affiliation type
Sister Company
Country of business
New Zealand
Company name
UNITED WORLD FOODS LIMITED
Affiliation type
Sister Company
Country of business
New Zealand
Company name
DEKARA FINANCE LIMITED
Affiliation type
Sister Company
Country of business
New Zealand

 

 

BANK AND MORTGAGES

 

Bank Details

 

Name of bank
ANZ Bank New Zealand Limited
Address
New Zealand

 

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 Filings

 

Bankruptcy filings
None reported.
Court judgements
None reported.

Tax liens
None reported.
Others
None reported.

 

 

FINANCIAL STATISTICS

 

Remarks

 

The representative contacted Ms. Diane Payne 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 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.

 

 

BUSINESS DETAILS

 

Operational Details

 

Main activities
The Subject engages in import, export, processing and supply of fresh & frozen seafood.
Products and services
New Zealand Seafood
-Tarakihi
-Hoki
-Squid
-Southern Blue Whiting
-Ling
-Red Cod
-Skate
-Blue Cod
-Gurnard
-Groper
-Mussels
-Monkfish
-Orange Roughy
-Bluenose
-Deep Sea Cod
-Trumpeter
-Flounders
-New Zealand Sole
-Lemon Soles
-Barracouta
-Black Oreo Dory
-Smooth Oreo Dory
-Blue Mackerel
-Jack Mackerel
-Blue Warehou
-Silver Warehou
-Elephant Fish
-Hake
-Sea Perch

Other products
-Calamari Rings
-Hoki Wedges
-Southern Blue Whiting Fillets
-Tarakihi Fillets
-Prawn cutlet

Imported Products
-Asian Specialities
-Crab & Whitebait
-Fast Foods
-Prawns
-Shellfish
-Squid, Octopus, Cuttlefish
-Surimi & Marinara
-Vegetables

 

Purchases

 

Local
The Subject sources its product(s) / material(s) locally.

International
The Subject sources its product(s) / material(s) from countries such as Vietnam, Thailand, India, Malaysia.

 

Sales

 

Local
The Subject sells its product(s) locally.

International
The Subject exports its product(s) to countries in Asia, Europe, United States, Australia, Middle East, Africa, Pacific Islands.

 

Business Facilities and Assets

 

Premises
The Subject operates from the verified heading address consisting of a production facility, warehouse and an administrative office.

Branches
In addition, the Subject operates from sales offices located in Wellington and Auckland, New Zealand.

 

 

SUMMARIZED COUNTRY RISK

 

Gross Domestic Products (GDP) and Economic Overview

 

Central bank
Reserve Bank of New Zealand
Reserve of foreign exchange and gold
US$ 20.562 billion
Gross domestic product (GDP)
US$ 180.548 billion
Purchasing power parity (GPP)
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 percentage (%) of 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
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 and Competitiveness Overview

 

Total exports
US$33.24 billion
Export commodities
Dairy products, meat, wood and wood products, fish, machinery
Total imports
US$31.11 billion
Import commodities
Machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics
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)

Major export partners
Australia 22%, US 11.5%, Japan 9.2%, China 5.3%, UK 4.6%
Major import 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

 

Country and Population Overview

 

Total population
4.37 million
Total area
270,467 km2
Capital
Wellington

Currency
New Zealand dollars (NZD)
Internet users as percentage (%) of total population
83%

 

 

PAYMENT OUTLOOK

 

Purchases Term

 

Local
Bank transfer, Prepayment, Credit 30-90 days

International
Telegraphic transfer, Prepayment, Credit 30-90 days

 

Sales Term

 

Local
Bank transfer, Prepayment, Credit 30-90 days

International
L/C, Telegraphic transfer, Prepayment, 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.60.44

UK Pound

1

Rs.100.24

Euro

1

Rs.80.35

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SMN

 

 

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

--

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.