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Report Date : |
01.03.2014 |
IDENTIFICATION DETAILS
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Name : |
FARMERS INDUSTRIES ( |
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Registered Office : |
72 Portside Drive, |
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Country : |
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Date of Incorporation : |
31.08.1978 |
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Com. Reg. No.: |
197785 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, manufacturer and distributor of dairy hygiene
and animal health products |
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No of Employees : |
34 employees (Subject); 24,893 employees (GEA Group) |
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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 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 |
Verified Address
Subject name : FARMERS INDUSTRIES (NEW ZEALAND)
LIMITED
Business address :
72 Portside Drive
Town : Mount Maunganui
Province : Tauranga
Zip/postal code : 3116
Country : New Zealand
Tel : +64 7 5752162
Fax : +64 7 5752161
Email : office.fil@gea.com
Website : www.fil.co.nz
Registered address
: 72 Portside Drive
Town : Mount Maunganui
Province : Tauranga
Zip/postal code : 3116
Country : New Zealand
Postal address : P.O. Box 4144
Town : Mount Maunganui South
Province : Tauranga
Zip/postal code : 3149
Country : New
Zealand
Executive Summary
Date founded or
registered : 31/08/1978
Legal form : Private Limited Company
Chief executive : Jamie Christopher Joseph
Mikkelson
Issued & paid
up capital : NZD 120,000
Sales turnover : NZD 24,200,000
(Estimated Non-Consolidated 12 months, 31/12/2013)
Line of business :
Import,
manufacturing and distribution of dairy hygiene and animal health
products.
Staff employed : 34
employees (Subject); 24,893 employees (GEA Group)
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
Organisation
structure : Organisational
structure is stable
Detrimental : No detrimental found
Payment history : No
payment delays noted
Credit amount asked : Not
described.
Registry Data
Registration date
: 31/08/1978
Legal form : Private Limited
Company
Registration no 197785
Registered
authority : New Zealand Company Registry
Fiscal/ Tax no : 9429040051444
Registry status : Live/Active
Previous name : FIL INDUSTRIES LIMITED
(until 12-11-1997)
Change of legal form : None
reported.
Key Management
Name : Jamie
Christopher Joseph Mikkelson
Designation : Managing
Director
Appointments
Name : Vern Edward
Foster
Designation : Director
Appointment date :
13/09/10
Address : 3257 S.
Donnington Avenue
Eagle, Idaho 83615
United States
Name : Dominic
Jackson
Designation : Director
Appointment date :
12/11/12
Address : 542/1
Maungatautari Road, RD2
Cambridge 3494
New Zealand
Name : Jamie
Christopher Joseph Mikkelson
Designation : Director
Appointment date :
20/11/12
Address : 23 Stoneleigh
Drive
Chartwell, Hamilton 3210
New Zealand
Staff employed : 34
employees (Subject); 24,893 employees (GEA Group)
Composition
Authorized Capital
: NZD 120,000
No of shares : 120,000 Shares
Share par value : NZD 1
Issued capital : NZD 120,000
Paid up capital : NZD
120,000
How listed : Full List
Composition
Shareholder name :
GEA FARM TECHNOLOGIES
NEW ZEALAND LIMITED
Address : 12-14 Quail
Place
Hamilton Lake, Hamilton 3204
New Zealand
No. of shares : 120,000 Shares
% of shares : 100%
Structure
Name : GEA GROUP
AKTIENGESELLSCHAFT
Affiliation type :
Ultimate Holding
Company
Address : Peter-Müller-Str.
12
40468 Düsseldorf
Germany
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Comments : |
GEA Group Aktiengesellschaft provides systems for the food and energy
industries. The company's Food Solutions segment manufactures machinery for preparing, marinating, processing, cutting, and packaging of meat,
poultry, fish, cheese, and other food products. Its Farm Technologies segment offers
solutions for milk production and livestock farming, including milking
equipment; parlor and herd management systems; automatic milking systems;
hygiene products for animal, equipment, and farm; milk cooling systems; barn
equipment; automatic feeding systems; manure technology; and consultancy and
design services. The company's Heat Exchangers segment provides finned tube,
shell-and-tube, and plate heat exchangers; wet and dry cooling systems;
Heller systems; and air conditioning systems. Its Mechanical Equipment
segment offers separators, decanters, ceramic membrane elements, valves,
pumps, and homogenizers for various industries. The company’s Process
Engineering segment provides process solutions for the dairy, brewery, food,
pharmaceutical, and chemical industries. This segment’s solutions include
liquid processing, concentration, industrial drying, powder processing and
handling, emission control, solid dosage processing, and aseptic packaging.
Its Refrigeration Technologies segment offers components and technical
solutions for refrigeration, such as piston compressors, compact piston
compressors, screw compressors, packaged systems and skids, chillers, heat
pumps, ice machines, freezers, dryers, electronic controls, and purgers. It
serves food, dairy, beverages, energy, breweries, pharma and cosmetics,
chemistry, environment, and marine industries in Germany, North America,
Latin America, the Middle East, the Asia Pacific, Africa, and rest of Europe.
The company was formerly known as mg technologies ag and changed its name to
GEA Group Aktiengesellschaft in 2005. GEA Group Aktiengesellschaft was
founded in 1881 and is headquartered in Düsseldorf, Germany. |
Name : GEA FARM
TECHNOLOGIES GMBH
Affiliation type :
Superior
Holding Company
Address : Siemensstr.
25-27
59199 Bönen
Germany
Name : GEA FARM
TECHNOLOGIES AUSTRALIA PTY LTD
Affiliation type :
Intermediate
Holding Company
Address : 16 Trade Park
Drive
Tullamarine, VIC 3043
Australia
Name : GEA FARM
TECHNOLOGIES NEW ZEALAND LIMITED
Affiliation type :
Parent Company
Address : 12-14 Quail
Place
Hamilton Lake, Hamilton 3204
New Zealand
Name : MILFOS
INTERNATIONAL LIMITED
Affiliation type :
Sister Company
Address : 12-14 Quail Place
Hamilton Lake, Hamilton 3204
New Zealand
Related companies
and
corporate
affiliations comments: Other
companies of the GEA Group should be considered affiliates of the Subject.
Bank Details
Name of bank : ANZ Bank 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
Source of
financial statement : Provided
by the Subject
Financial
statement date : 31/12/13
Type of accounts : Estimated key
figures
Currency : New
Zealand, Dollar (NZD)
Exchange rate : 1 USD = NZD
1.19 as of 28-02-2014
Summarized Financial Information
Consolidation type
: Non
Consolidated Non Consolidated
Currency : New
Zealand, Dollar New Zealand, Dollar
(NZD) (NZD)
Denomination : (x1) One (x1) One
Date of financial
year end : 31/12/13 31/12/12
Length of accounts
: 12 months 12 months
Sale turnover /
Income : 24,200,000 22,000,000
Comments : The
estimated turnover was provided by Ms. Allison Jordon.
Private Companies in New Zealand are not required to file accounts
unless classified as "Large", which at the moment means that two out
of 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 does
not meet the criteria of being a large Private Company.
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Main activities : |
The Subject engages in import, manufacturing and distribution of dairy hygiene and animal health products. |
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The Subject is part of GEA Group Aktiengesellschaft, which is a
German-based management holding company of the GEA Group, active as system
provider for food and energy processes. It operates in six segments: GEA Food
Solutions; GEA Farm Technologies; GEA Heat Exchangers; GEA Mechanical
Equipment; GEA Process Engineering, and GEA Refrigeration Technologies. The
GEA Food Services segment manufactures machines for the preparation,
marinating, processing, slicing and packaging of meat, among others. The GEA
Farm Technologies segment manufactures milking equipment, and animal hygiene
products, among others. The GEA Heat Exchangers segment offers air
conditioning systems, among others. The GEA Mechanical Equipment segment
offers valves, pumps and separators, among others. The GEA Process Engineering
segment offers process solutions for dairy, brewery, food, pharmaceutical and
chemical industries. The GEA Refrigeration Technologies offers industrial
refrigeration systems. |
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Purchases |
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International : |
Worldwide |
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Sales |
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Local : |
Yes |
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International : |
Australia, United States, United Kingdom Kingdom |
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Property &
Assets |
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Premises : |
The Subject operates from the verified heading address consisting of a production facility, warehouse and an administrative office. |
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Branches : |
None reported |
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 : 2009:
26.1%
(General
Government gross debt as 2010:
32.3%
a % GDP): 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 : Telegraphic
transfer, D/P, Prepayment, Credit 30-90 days
Sales Term
Local : Bank
transfer, D/P, Prepayment, Credit 30-90 days
International : Telegraphic
transfer, D/P, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 62.07 |
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|
1 |
Rs. 103.61 |
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Euro |
1 |
Rs. 85.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
-- |
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.