MIRA INFORM REPORT

Report No. :	302468
Report Date :	02.02.2015

IDENTIFICATION DETAILS

Name :	CAVALIER BREMWORTH LIMITED
Registered Office :	7, Grayson Avenue, P O Box 97-040 auckland
Country :	New Zealand
Financials (as on) :	30.06.2014
Date of Incorporation :	07.10.1983
Com. Reg. No.:	202621
Legal Form :	Private Limited Liability Company
Line of Business :	Designs and manufactures residential and commercial broadloom carpets
No. of Employee :	710 (Group-Reported)

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
New Zealand	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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

IDENTIFICATION

Given
Subject name:	Cavalier Bremworth Ltd
Address:	7, Grayson Avenue, P O Box 97-040 auckland
Country:	New Zealand
Verified
Subject name:	CAVALIER BREMWORTH LIMITED
Address:	7 Grayson Avenue		Postal address:		PO Box 97 040
Town:	Papatoetoe		Town:		Manukau
State/province:	Auckland
Zip/postal code:	2104		Zip/postal code:		2241
Country:	New Zealand
Telephone:	+64 (9) 2776000
Fax:	+64 (9) 2783045
Website:	www.cavbrem.co.nz www.cavcorp.co.nz (Group)
EXECUTIVE SUMMARY
Date established:	1959
Legal form:	Private Limited Liability Company
Authorised capital:	NZD 2,000
Sales turnover:	NZD 200,642,000 (Group consolidated 12 months, 30-06-2014)
Main activities:	Designs and manufactures residential and commercial broadloom carpets.
Employees:	710 (Group-Reported)
REGISTRY DATA
Key Facts
Date established:	1959
Date registered:	07-10-1983
Legal form:	Private Limited Liability Company
Registration no:	202621
Registry auth.	Registrar of Companies
Other reg.:	NZBN 9429040011745
Registry status:	Live/Active
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Colin Angus McKenzie
Job title:	Director
Name:	Paul John Alston
Job title:	Director
Name:	Brent Wollaston
Job title:	General Manager, Carpets Division
Name:	Warren Drinkwater
Job title:	General Manager of Sales
Staff
No of employees	710 (Group-Reported)
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Alan Michael James
Board function:	Chairman (Group)
Name:	Colin McKenzie
Board function:	Chief Executive Officer (Group)
Name:	Colin Angus McKenzie
Board function:	Director
Address:	316 Monument Road, Rd 2 Papakura, 2582 New Zealand
Name:	Paul John Alston
Board function:	Director and Chief Financial Officer (Group)
Address:	8 Kawaka Street Mount Eden Auckland 1024 New Zealand
SHARE CAPITAL
Composition
Authorised:	NZD 2,000
Number/type:	2,000 shares
Share value:	NZD 1
Issued:	2,000 shares
Paid-up:	NZD 2,000
Shareholders/Owners
How Listed	Full List
Composition
Name:	CAVALIER CORPORATION LIMITED
% of shares:	100%
Address:	7 Grayson Avenue Papatoetoe Auckland, 2104 New Zealand
CORPORATE AFFILIATIONS
Structure
Name:	CAVALIER CORPORATION LIMITED
Affiliation type:	Parent Company
Address:	7 Grayson Avenue Papatoetoe Auckland, 2104 New Zealand
Comments	A list of major affiliated companies is attached to this report.
BANKING & FINANCING
Bankers
Bank name:	BANK OF NEW ZEALAND
Address:	New Zealand
Charges & Mortgages	A detailed list of charges is attached to this report.
Comments	It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.
FINANCIAL ACCOUNTS
Description
Required to file:	No
Source:	Group Consolidated Statements
Presentation:	Attached to this report / Summarised below
Date of accounts:	30-06-2014
Type of accounts:	Full audited
Currency:	New Zealand Dollar (NZD)
Exchange rate:	USD 1 = NZD 1.28 as of 19-01-2015
Summarised
	30-06-2014			30-06-2013
Consolidation:	Group consolidated			Group consolidated
Period:	12 months			12 months
Sales turnover:	200,642,000			201,739,000
Gross profit:	53,230,000			51,631,000
Operating profit:	8,760,000			823,000
Profit before tax:	7,320,000			2,096,000
Profit after tax:	5,790,000			3,030,000
Non-current assets:	100,701,000			103,379,000
Current assets:	97,359,000			93,258,000
Inventories:	66,847,000			56,965,000
Total assets:	198,060,000			196,637,000
Current liabilities:	37,518,000			36,862,000
Non-cur. liabilities:	67,583,000			65,857,000
Total liabilities:	105,101,000			102,719,000
Shareholders' equity:	92,959,000			93,918,000
Comments	The above group consolidated figures relate to the Subject's Parent Company CAVALIER CORPORATION LIMITED and its subsidiaries.
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in the design and manufacture of residential and commercial broadloom carpets using wool, nylon, and synthetics.
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of production facilities, a warehouse and administrative offices.
PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Exports:	Credits 30 days net
Debt Collections / Judgements	No negative information was found.
Payment Experience
Payment behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.
INVESTIGATIVE NOTES
Sources:		Interviews and material provided by the Subject Other official and local business sources
ATTACHMENTS
Attachments:		Group consolidated financial statements List of charges List of affiliated companies

	Time of Registration/ PPSR Registration Date		Debtor Name	Financing Statement Registration No.	Debtor Reference
	16-Nov-2002 12:33		CAVALIER BREMWORTH LIMITED	FZ43X5F023T2H896/C0005
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	Goods - Other
	19-Jan-2005 14:36		CAVALIER BREMWORTH LIMITED	F23WV0M93D8X3442/C0092	CAV100
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	PAPATOETOE 2025
	Collateral Type:	Goods - Motor Vehicles; Goods - Other; Intangibles
	19-Jan-2006 09:48		CAVALIER BREMWORTH LIMITED	FX3J9E1BR3252321/C0005
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	All Present And After Acquired Personal Property; Goods - Motor Vehicles
	23-Jan-2007 10:09		CAVALIER BREMWORTH LIMITED	FN09ND0256V63Z28/C0003	100446
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	SOUTH AUCKLAND
	Collateral Type:	Goods - Other
	15-Jun-2007 15:29		CAVALIER BREMWORTH LTD	FN68P475C619TF23/C0001
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	All Present And After Acquired Personal Property; Goods - Other
	13-Sep-2008 03:19		CAVALIER BREMWORTH LIMITED	FC379T2Z60X47X15/C0003	100333
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	MANUKAU
	Collateral Type:	All Present And After Acquired Personal Property; Goods - Other
	27-Nov-2008 12:46		CAVALIER BREMWORTH LIMITED	FA8JT0267485NJ66/C0002	1000883
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	Goods - Other
	16-Jul-2010 17:01		CAVALIER BREMWORTH LTD	F65MU1UJ4023P224/C0001
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	Goods - Motor Vehicles
	06-Aug-2010 15:15		CAVALIER BREMWORTH LIMITED	F7328JJ0T2G941M7	PPSR Cavalier Bremworth 1182
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	Goods - Other
	14-Dec-2010 23:20		CAVALIER BREMWORTH LIMITED	FJ1P82N622T6J281	845968,RPC2075706,Rental & Service Agreemt
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	MANUKAU
	Collateral Type:	Goods - Other
	07-Jan-2011 11:06		CAVALIER BREMWORTH LIMITED	FC322U392H1PP132	CAVBRE
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	Goods - Other
	28-Mar-2011 17:32		CAVALIER BREMWORTH LIMITED	F3329AR28YR8514P/C0004	104470
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	Goods - Motor Vehicles
	21-Apr-2011 13:39		CAVALIER BREMWORTH LIMITED	FZ76X3P468VD9591/C0004	104541
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	Goods - Motor Vehicles
	07-Jun-2011 17:11		CAVALIER BREMWORTH LIMITED	FT0U7M0K824R5155/C0003	104622
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	Goods - Motor Vehicles
	22-Jun-2011 15:23		CAVALIER BREMWORTH LIMITED	FJ1RR0282X232B95	CAVABREM
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	Goods - Other
	16-Sep-2011 12:50		CAVALIER BREMWORTH LIMITED	FD82F52927Z2CM69/C0001
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	Goods - Other
	28-Sep-2011 17:52		CAVALIER BREMWORTH LIMITED	FC3966W99T0R6P08/C0001
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	Goods - Motor Vehicles
	22-Dec-2011 23:06		CAVALIER BREMWORTH LIMITED	FR2534G2G16D299S/C0002
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	Goods - Motor Vehicles
	04-Apr-2012 23:07		CAVALIER BREMWORTH LIMITED	FP276F553U13GH93/C0001
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	Goods - Motor Vehicles
	24-May-2012 20:08		CAVALIER BREMWORTH LIMITED	FA1H57R7828VJ364/C0001	10900
	Org Type:	Company
	Incorporation No:	202621
	City/Town:	AUCKLAND
	Collateral Type:	Goods - Motor Vehicles; Intangibles

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.76
UK Pound	1	Rs.93.13
Euro	1	Rs.70.03

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

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%)

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