MIRA INFORM REPORT

Report Date :

12.07.2014

IDENTIFICATION DETAILS

Name :	TEXTILIA LIMITED

Formerly Known As :	BULK FABRICS LIMITED

Registered Office :	12 Bath Street, Parnell, Auckland, 1052

Country :	New Zealand

Date of Incorporation :	12.04.1957

Com. Reg. No.:	55067

Legal Form :	New Zealand Limited Company

Line of Business :	Subject engages in import and wholesale of home textiles and wallcoverings.

No. of Employees :	24 employees

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

New Zealand

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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
TEXTILIA LIMITED
Business address
12 Bath Street
Town
Parnell
Province
Auckland
Zip / Postal code
1052
Country
New Zealand
Telephone
+64 9 3023182
Fax
+64 9 3023183
Email
sales@textilia.co.nz
Website
www.textilia.co.nz

Registered address
12 Bath Street
Town
Parnell
Province
Auckland
Zip / Postal code
1052
Country
New Zealand
Postal address
P.O. Box 37378
Town
Parnell
Province
Auckland
Zip / Postal code
1151
Country
New Zealand

SUMMARY DETAILS

Report Summary

Date registered
12/04/1957
Legal form
New Zealand Limited Company
Key personnel
Rex Alan Godso
Line of business
The Subject’s business consist of import and wholesale of home textiles and wallcoverings.
Staff employed
24 employees

Paid-up capital
NZD1,190,000.00
Sales turnover / Revenue / Income
NZD9,000,000.00 (Estimated Consolidated 12 months, 31/03/2014)

STATUTORY DETAILS

Registry Information

Date registered
12/04/1957
Legal form
New Zealand Limited Company
Registration number
55067
Registered authority
The Companies Office
Tax / VAT number
9429040705958

Statutory status
Active
Previous name
BULK FABRICS LIMITED (18-11-1993)
KOLMAR TRADING COMPANY LIMITED (18-04-1979)
SOUTH AUCKLAND FURNISHING COMPANY LIMITED (23-06-1965)
Change of legal form
None reported.

BOARD OF MANAGEMENT

Key Personnel

Name
Rex Alan Godso
Designation
Managing Director

BOARD OF DIRECTORS

Appointments

Name
Leslie Hulbert Godso
Title
Director
Appointment date
31/07/87
Address
Unit S 220, Edmund Hillary Retirement Village
221 Abbotts Way
Remuera, Auckland 1050
New Zealand
Name
Rex Alan Godso
Title
Director
Appointment date
31/07/87
Address
9 York Street
Parnell, Auckland 1052
New Zealand
Name
Shirley Godso
Title
Director
Appointment date
31/07/87
Address
Unit S 220, Edmund Hillary Retirement Village
221 Abbotts Way
Remuera, Auckland 1050
New Zealand

Staff employed
24 employees

SHARE CAPITAL

Composition

Authorized capital
NZD1,190,000.00
Number / Type of shares
1,190,000 Shares
Share par value
NZD1.00
Issued capital
NZD1,190,000.00

Paid-up capital
NZD1,190,000.00

OWNERSHIP / SHAREHOLDERS

Composition

How listed
Full list
Shareholder name
Jointly held by James Edward Webber & Rex Alan Godso
Address
James Edward Webber & Rex Alan Godso
9 York Street
Parnell, Auckland 1052
New Zealand
Number / Type of shares
396,627 Shares
Percentage (%) of shares
33.33%
Shareholder name
Rex Alan Godso
Address
9 York Street
Parnell, Auckland 1052
New Zealand
Number / Type of shares
396,627 Shares
Percentage (%) of shares
33.33%
Shareholder name
Leslie Hulbert Godso
Address
Unit S 220, Edmund Hillary Retirement Village
221 Abbotts Way
Remuera, Auckland 1050
New Zealand
Number / Type of shares
393,771 Shares
Percentage (%) of shares
33.09%
Shareholder name
Shirley Godso
Address
Unit S 220, Edmund Hillary Retirement Village
221 Abbotts Way
Remuera, Auckland 1050
New Zealand
Number / Type of shares
2,975 Shares
Percentage (%) of shares
0.25%

CORPORATE AFFILIATIONS AND RELATED COMPANIES

Structure

Company name
TEXTILIA AT WORK LIMITED
Affiliation type
Wholly-owned Subsidiary
Country of business
New Zealand
Comments
Supplier of fabrics, vinyls and leathers for the office commercial, education, hospitality and healthcare markets.

Company name
FURNITURE IMAGING N.Z. LIMITED
Affiliation type
Subsidiary
Country of business
New Zealand
Comments
Dormant.

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

Description

Financial statement source
Provided by the Subject
Financial statement date
31/03/14
Style of financial statement
Estimated key figures

Currency of financial statement
New Zealand, Dollar (NZD)
Exchange rate
1 USD = NZD 1.14 as of 11-07-2014

_{Concise Financial Data}	_{Consolidation style}	_Consolidated
	_Currency	_{New Zealand, Dollar (NZD)}
	_{Date of financial year end}	_31/03/14
	_{Length of financial accounts}	_{12 months}
	_{Sales turnover / Revenue / Income}	_9,000,000.00

Remarks

The estimated turnover was provided by Mr. Rex Alan Godso. The estimated turnover figure above relates to the Subject and all its subsidiaries.

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 and wholesale of home textiles and wallcoverings.
Brands
SANDERSON
MORRIS & CO
ZOFFANY
ARISTIDE
CAMENGO
DURALEE
GOSH LEATHER

Purchases

Local
None reported.

International
The Subject sources its product(s) / material(s) from countries such as India, United Kingdom, Belgium, Italy, Spain, France, Turkey, Thailand, Indonesia, United States.

Sales

Local
The Subject sells its product(s) locally.

International
The Subject exports its product(s) to countries such as Australia.

Business Facilities and Assets

Premises
The Subject operates from the verified heading address consisting of a showroom and an administrative office.

Branches
In addition, the Subject operates from showroom(s) located at:

21 Marion Street
Te Aro, Wellington 6011
New Zealand
Tel: +64 4 3841801
Fax: +64 4 3843195

323 Madras Street
Christchurch Central, Christchurch 8013
New Zealand
Tel: +64 21 780840

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

International
Telegraphic transfer, Prepayment, D/P, Credit 30-90 days

Sales Term

Local
Bank transfer, Prepayment, Credit 30-90 days

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.60.19
UK Pound	1	Rs.103.15
Euro	1	Rs.81.87

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	NNA

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.