MIRA INFORM REPORT

Report No. :	308010
Report Date :	19.02.2015

IDENTIFICATION DETAILS

Name :	DULUXGROUP (NEW ZEALAND) PTY LTD
Registered Office :	1956 Dandenong Rd, Clayton, VIC 3168
Country :	New zealand
Financials (as on) :	30.09.2013
Date of Incorporation :	30.10.2009
Com. Reg. No.:	2355191
Legal Form :	Overseas Company
Line of Business :	engaged in manufacturing and distributing of Paints, Sealants and Car Care as well as Garden Care Products Subject product ranges includes: Dulux Interior Products · Preparation · Walls · Ceiling · Trim · Specialist · Effects · Dulux Waste Paint Hardener Dulux Exterior Products · Preparation · Walls · Specialist · Trim · Effects · Roof & Trim · Dulux Weathershield X10 Guarantee · Dulux Waste Paint Hardener Woodcare Products · Cabot's · Intergrain
No of Employees :	4,100 (Group)

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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:	Dulux New Zealand
Address:	150, Hutt Park Road, Gracefield
Town:	Wellington
Zip/postal code:	5010
Country:	New Zealand
Comment:	The given name is a trading name of Subject.
Verified
Subject name:	DULUXGROUP (NEW ZEALAND) PTY LTD
Other style:	DULUX NEW ZEALAND
Address:	150 Hutt Park Road, Gracefield			Postal address:		PO Box 30749
Town:	Lower Hutt			Town:		Lower Hutt
State/province:	Wellington			State/province:		Wellington
Zip/postal code:	5010			Zip/postal code:		5040
Country:	New Zealand
Telephone:	+64 (4) 5766400 +64 800800424 / 800764766 / 800734607
Fax:	+64 (4) 5766496 +64 800801424 / 800734607
Email:	company.info@duluxgroup.com.au
Website:	www.dulux.co.nz
Remarks:	The Subject's registered address is: 1956 Dandenong Rd Clayton, VIC 3168 Australia
EXECUTIVE SUMMARY
Date registered:	30-10-2009
Legal form:	Overseas Company
Authorised capital:	NZD 172,872,000
Sales turnover:	NZD 163,434,000 (Non-consolidated 12 months, 30-09-2013) AUD 134,590,000 (Founding company 12 months, 30-09-2013)
Main activities:	engaged in manufacturing and distributing of Paints, Sealants and Car Care as well as Garden Care Products
Employees:	4,100 (Group)
REGISTRY DATA
Key Facts
Date registered:	30-10-2009
Legal form:	Overseas Company
Registration no:	2355191
Registry auth.	New Zealand Companies Office
Other reg.:	NZBN 9429031797351
Registry status:	Live/Active
Comments:	Subject's founding company was initially registered for business in Australia as Australian Proprietary Company on 04-09-2008 under registration number CAN : 133404118.
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Filomena d'Angelo
Job title:	Director
Name:	Michelle Anne Durkin
Job title:	Director
Name:	Richard Carl Hansen
Job title:	Director
Name:	Stuart Ronald Boxer
Job title:	Director
Key Advisors
Auditor:	KPMG Melbourne Australia
Staff
No of employees	4,100 (Group)
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Filomena d'Angelo
Board function:	Director
Date appointed:	18-11-2010
Address:	43 Manningtree Road Hawthorn, VIC 3122 Australia
Name:	Michelle Anne Durkin
Board function:	Director
Address:	31 Lurnea Road Glen Iris, VIC 3146 Australia
Name:	Richard Carl Hansen
Board function:	Director
Date appointed:	11-02-2014
Address:	12 Glen Road Kelburn Wellington New Zealand
Name:	Stuart Ronald Boxer
Board function:	Director
Date appointed:	04-02-2010
Address:	16 Bayview Avenue Hawthorn East, VIC 3123 Australia
SHARE CAPITAL
Composition
Authorised:	NZD 172,872,000
Issued:	NZD 172,872,000
Paid-up:	NZD 172,872,000
Shareholders/Owners
How Listed	Full List - (Founding Entity)
Composition
Name:	DULUXGROUP (NEW ZEALAND) PTY LTD
% of shares:	100% (Founding Entity)
Address:	1956 Dandenong Rd Clayton, VIC 3168 Australia
Comment:	ACN: 133404118 ABN: 5513340411 Registration date: 24/09/2008
CORPORATE AFFILIATIONS
Structure
Name:	DULUXGROUP LIMITED
Affiliation type:	Holding Company
Address:	1956 Dandenong Rd Clayton, VIC 3168 Australia
Name:	ACN 000 639 252 PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	ACN 009 130 858 PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	ALESCO CORPORATION LIMITED
Affiliation type:	Associate
Address:	Australia
Name:	ALESCO FINANCE PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	ALESCO HOLDINGS PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	ALESCO MANAGEMENT SHARE PLAN TRUST
Affiliation type:	Associate
Address:	Australia
Name:	ALESCO NEW ZEALAND LIMITED
Affiliation type:	Associate
Address:	New Zealand
Name:	ALESCO NO. 1 PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	ALESCO NO. 2 PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	ALESCO NZ TRUSTEE LIMITED
Affiliation type:	Associate
Address:	New Zealand
Name:	ATA INNOVATIONS PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	AUTOMATIC TECHNOLOGY (AUSTRALIA) PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	B&D AUSTRALIA PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	B&D DOORS (NZ) LIMITED
Affiliation type:	Associate
Address:	New Zealand
Name:	CONCRETE PLUS LIMITED
Affiliation type:	Associate
Address:	New Zealand
Name:	CONCRETE TECHNOLOGIES PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	COUNTERMAST LIMITED
Affiliation type:	Associate
Address:	Hong Kong
Name:	COUNTERMAST TECHNOLOGY (DALIAN) COMPANY LIMITED
Affiliation type:	Associate
Address:	China
Name:	DGL CAMEL (CHINA) LIMITED
Affiliation type:	Associate
Address:	Hong Kong
Name:	DGL CAMEL (HONG KONG) LIMITED
Affiliation type:	Associate
Address:	Hong Kong
Name:	DGL CAMEL (SINGAPORE) PTE LTD
Affiliation type:	Associate
Address:	Singapore
Name:	DGL CAMEL COATINGS (DONGGUAN) LIMITED
Affiliation type:	Associate
Address:	China
Name:	DGL CAMEL COATINGS (SHANGHAI) LIMITED
Affiliation type:	Associate
Address:	China
Name:	DGL CAMEL INTERNATIONAL LIMITED
Affiliation type:	Associate
Address:	Hong Kong
Name:	DGL CAMEL POWDER COATINGS (DONGGUAN) LIMITED
Affiliation type:	Associate
Address:	China
Name:	DGL CAMEL POWDER COATINGS LIMITED
Affiliation type:	Associate
Address:	Hong Kong
Name:	DGL INTERNATIONAL (HONG KONG) LTD
Affiliation type:	Associate
Address:	Hong Kong
Name:	DGL INTERNATIONAL (MALAYSIA) SDN BHD
Affiliation type:	Associate
Address:	Malaysia
Name:	DGL INTERNATIONAL (SHENZHEN) CO LTD
Affiliation type:	Associate
Address:	China
Name:	DGL INTERNATIONAL (SINGAPORE) PTE LTD
Affiliation type:	Associate
Address:	Singapore
Name:	DGL INTERNATIONAL (VIETNAM) LIMITED COMPANY
Affiliation type:	Associate
Address:	Vietnam
Name:	DULUX HOLDINGS (PNG) LTD
Affiliation type:	Associate
Address:	Papua New Guinea
Name:	DULUX HOLDINGS PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	DULUXGROUP (AUSTRALIA) PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	DULUXGROUP (EMPLOYEE SHARE PLANS) PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	DULUXGROUP (FINANCE) PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	DULUXGROUP (INVESTMENTS) PTY LTD(
Affiliation type:	Associate
Address:	Australia
Name:	DULUXGROUP (NOMINEES) PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	DULUXGROUP (PNG) PTE LTD
Affiliation type:	Associate
Address:	Singapore
Name:	DULUXGROUP EMPLOYEE SHARE PLAN TRUST
Affiliation type:	Associate
Address:	Australia
Name:	EASY IRON LIMITED
Affiliation type:	Associate
Address:	New Zealand
Name:	JOINERY PRODUCTS HARDWARE SUPPLIES PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	LINCOLN SENTRY GROUP PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	LINCOLN SENTRY LIMITED
Affiliation type:	Associate
Address:	New Zealand
Name:	PARCHEM CONSTRUCTION SUPPLIES PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	PARGONE PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	ROBINHOOD AUSTRALIA PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	ROBINHOOD LIMITED
Affiliation type:	Associate
Address:	New Zealand
Name:	SUPERTUB LIMITED
Affiliation type:	Associate
Address:	New Zealand
Comments	Subject is a member of DULUXGROUP of companies. Companies under the group will be considered as affiliates. A list of major affiliated companies is attached to this report.
FINANCIAL ACCOUNTS
Description
Required to file:	Yes
Source:	Commercial Registry Filings
Presentation:	Attached to this report / Summarised below
Date of accounts:	30-09-2013
Type of accounts:	Full audited
Currency:	New Zealand Dollar (NZD) Australian Dollar (AUD)
Exchange rate:	USD 1 = NZD 1.36 as of 12-02-2015 USD 1 = AUD 1.3 as of 12-02-2015
Summarised
	30-09-2013		30-09-2012		30-09-2013
Currency:	New Zealand Dollar (NZD)		New Zealand Dollar (NZD)		Australian Dollar (AUD)
Consolidation:	Non-consolidated		Non-consolidated		Founding company
Period:	12 months		12 months		12 months
Sales turnover:	163,434,000		149,400,000		134,590,000
Operating profit:	13,967,000		9,699,000		70,992,000
Profit before tax:	14,176,000		9,041,000		60,803,000
Profit after tax:	12,167,000		8,379,000		61,157,000
Non-current assets:	116,183,000		120,412,000		207,961,000
Current assets:	53,306,000		49,227,000		69,971,000
Inventories:	22,836,000		22,243,000		20,333,000
Total assets:	169,489,000		169,639,000		277,932,000
Current liabilities:	24,480,000		26,638,000		24,374,000
Non-cur. liabilities:	330,000		336,000		97,603,000
Total liabilities:	24,810,000		26,974,000		121,977,000
Shareholders' equity:	144,679,000		142,665,000		155,955,000
Comments	The above group consolidated figures relate to the Subject's Founding Company, DULUXGROUP (NEW ZEALAND) PTY LTD.
OPERATIONS & HISTORY
Activities
Full description:	engaged in manufacturing and distributing of Paints, Sealants and Car Care as well as Garden Care Products
Product and services:	Dulux Interior Products - Preparation - Walls - Ceiling - Trim - Specialist - Effects - Dulux Waste Paint Hardener Dulux Exterior Products - Preparation - Walls - Specialist - Trim - Effects - Roof & Trim - Dulux Weathershield X10 Guarantee - Dulux Waste Paint Hardener Woodcare Products - Cabot's - Intergrain
Brands:	DULUX
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.
PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Exports:	L/Cs 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:		Financial statements Financial ratios Founding company financial statements List of affiliated companies

Financial statements

Financial ratios

	30-09-2013	30-09-2012	Trend
PROFITABILITY [%]
Gross Margin	N/A	N/A	N/A
Gross Profit / Sales Turnover * 100
Operating Margin	8.55%	6.49%	31.74%
Operating Profit / Sales Turnover * 100
Net Profit Margin	7.44%	5.61%	32.62%
Profit After Tax / Sales Turnover * 100
Return On Equity (ROE)	8.41%	5.87%	43.27%
Profit After Tax / Equity * 100
Return On Assets (ROA)	7.18%	4.94%	45.34%
Profit After Tax / Total Assets * 100
Return On Investment (ROI)	9.8%	6.34%	54.57%
Profit Before Tax / Equity * 100
EFFICIENCY [%]
Asset Turnover	96.43%	88.07%	9.49%
Sales Turnover / Total Assets * 100
Inventory Turnover	715.69%	671.67%	6.55%
Sales Turnover / Inventory * 100
LIQUIDITY [%]
Current Ratio (CR)	217.75%	184.8%	17.83%
Current Assets / Current Liabilities * 100
Quick Ratio (QR)	124.47%	101.3%	22.87%
(Current Assets – Inventory) / Current Liabilities * 100
DEBT [%]
Debt Ratio	14.64%	15.9%	-7.92%
Total Liabilities / Total Assets * 100
Long-Term Debt Ratio	0.23%	0.24%	-4.17%
Long-Term Liabilities / Equity * 100

Founding company - financial statements

List of affiliated companies

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.25
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	MNL

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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