MIRA INFORM REPORT

Report No. :	325077
Report Date :	03.06.2015

IDENTIFICATION DETAILS

Name :	THE DEREK CORPORATION LIMITED
Registered Office :	637 Rosebank Road, Avondale, Avondale Auckland 1026
Country :	New Zealand
Date of Incorporation :	17.01.1964
Com. Reg. No.:	65824
Legal Form :	Private Limited Liability Company
Line of Business :	Creative Design Textile Company.
No. of Employees :	10 (Estimated)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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 30 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, fueling a large balance of payments deficit that posed a challenge for policymakers. 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. The higher rate attracted international capital inflows, which strengthened the currency and housing market while 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 in 2009, and achieved 2-3% growth between 2011 to 2014. Nevertheless, key trade sectors remain vulnerable to weak external demand and lower commodity prices. In the aftermath of the Canterbury earthquakes, the government has continued programs to expand export markets, develop capital markets, invest in innovation, raise productivity growth, and develop infrastructure, while easing its fiscal austerity.

Source : CIA

IDENTIFICATION

Verified
Subject name:	THE DEREK CORPORATION LIMITED
Address:	637 Rosebank Road Avondale	Postal address:	Po Box 19042 Avondale
Town:	Auckland	Town:	Auckland
Zip/postal code:	1026	Zip/postal code:	1746
Country:	New Zealand
Telephone:	+64 (9) 8205800
Fax:	+64 (9) 8205951
Email:	sales@derekcorp.co.nz
Website:	www.derekcorp.co.nz

EXECUTIVE SUMMARY

Date registered:	17-01-1964
Legal form:	Private Limited Liability Company
Main activities:	Creative design textile company.
Employees:	10 (Estimated)

REGISTRY DATA

Key Facts
Date registered:	17-01-1964
Legal form:	Private Limited Liability Company
Registration no:	65824
Registry auth.:	Registrar of Companies
Other reg.:	NZBN: 9429040665016
Registry status:	Live/Active

LEGAL FILINGS

Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None

MANAGEMENT & STAFF

Key Managers
Name:	Denham Derek Batts
Job title:	Director
Name:	Derek Cecil Batts
Job title:	Director
Staff
No of employees	10 (Estimated)

BOARD OF DIRECTORS / OTHER APPOINTMENTS

Appointments
Name:	Denham Derek Batts
Board function:	Director
Address:	58A Rawhitiroa Road Kohimarama Auckland, 1071 New Zealand
Name:	Derek Cecil Batts
Board function:	Director
Address:	42 Kohimarama Road Kohimarama Auckland, 1071 New Zealand

SHARE CAPITAL

Composition
Number/type:	601,840 Shares
Shareholders/Owners
How Listed	Full List
Composition
Name:	Campbell Derek Batts Derek Cecil Batts (joint shareholding)
No. of shares:	300,922 shares
Address:	Campbell Derek Batts 20A Golf Road Epsom Auckland New Zealand Derek Cecil Batts 42 Kohimarama Road Kohimaram Auckland, 1071 New Zealand
Name:	Campbell Derek Batts Denham Derek Batts Lisa A Batts (joint shareholding)
No. of shares:	300,917 shares
Address:	Campbell Derek Batts 20A Golf Road Epsom Auckland New Zealand Denham Derek Batts Lisa A Batts 58A Rawhitiroa Road Kohimarama Auckland 1071 New Zealand
Name:	Denham Derek Batts
No. of shares:	1 share
Address:	58A Rawhitiroa Road Kohimarama Auckland, 1071 New Zealand

CORPORATE AFFILIATIONS

Comments

None reported.

BANKING & FINANCING

Charges & Mortgages

Charge number: 1 Time of Registration: 18-Oct-2002 08:07 Debtor Name: THE DEREK CORPORATION LIMITED Financing Statement Registration No: F24HS1F44X94202T/C0029 Debtor Reference: 0004349928 Incorporation No: 65824 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property Charge number: 2 Time of Registration: 16-Oct-2006 11:13 Debtor Name: THE DEREK CORPORATION LIMITED Financing Statement Registration No: FV1D92V092627F2H/C0001 Debtor Reference: 1011058 Incorporation No: 65824 City/Town: Auckland Collateral Type: Goods - Other Charge number: 3 Time of Registration: 22-Mar-2007 11:31 Debtor Name: THE DEREK CORPORATION LIMITED Financing Statement Registration No: F24794FJ1F9B251Z/C0001 Debtor Reference: A/C 5901 Incorporation No: 65824 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property; Goods - Other Charge number: 4 Time of Registration: 08-Apr-2010 16:06 Debtor Name: THE DEREK CORPORATION LIMITED Financing Statement Registration No: F25229RJ7UY7991W/C0004 Debtor Reference: 7431 Incorporation No: 65824 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property; Goods - Other Charge number: 5 Time of Registration: 08-Aug-2011 15:55 Debtor Name: THE DEREK CORPORATION LIMITED Financing Statement Registration No: FM32PB7375J3V813 Debtor Reference: 221673 Incorporation No: 65824 City/Town: Auckland Collateral Type: Goods - Other Charge number: 6 Time of Registration: 28-Feb-2012 23:57 Debtor Name: THE DEREK CORPORATION LIMITED Financing Statement Registration No: FE02J38P7167MS16 Debtor Reference: 6033872,CNR0044055,CPC Incorporation No: 65824 City/Town: Auckland Collateral Type: Goods - Other Charge number: 7 Time of Registration: 02-Mar-2012 02:04 Debtor Name: THE DEREK CORPORATION LIMITED Financing Statement Registration No: FJ09DX902599NB99 Debtor Reference: 6033872,CNR0045431,Operating Lease Incorporation No: 65824 City/Town: Auckland Collateral Type: Goods - Other Charge number: 8 Time of Registration: 24-Feb-2014 15:59 Debtor Name: THE DEREK CORPORATION LIMITED Financing Statement Registration No: FN2N3M0D6J394942 Debtor Reference: - Incorporation No: 65824 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property; Goods - Other Charge number: 9 Time of Registration: 16-Oct-2014 16:33 Debtor Name: THE DEREK CORPORATION LIMITED Financing Statement Registration No: F7276JR220V3R216 Debtor Reference: C36335 Incorporation No: 65824 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property; Goods - Other Charge number: 10 Time of Registration: 04-Mar-2015 19:02 Debtor Name: THE DEREK CORPORATION LIMITED Financing Statement Registration No: FA05FV41H347V432 Debtor Reference: NWB8485 Incorporation No: 65824 City/Town: Auckland Collateral Type: Goods - Other Charge number: 11 Time of Registration: 29-Mar-2015 01:40 Debtor Name: THE DEREK CORPORATION LIMITED Financing Statement Registration No: FN3HV0ZM49244879 Debtor Reference: 6033872,CNR0066408,Outright Sale Incorporation No: 65824 City/Town: Auckland Collateral Type: Goods - Other

FINANCIAL ACCOUNTS

Description
Required to file:	No
Source:	N/A
Comments	The Subject's financial statements were not available in the course of our investigation.

OPERATIONS & HISTORY

Activities
Full description:	The Subject is engaged in importing, exporting and wholesaling apparel, souvenirs/giftware, and textiles supplying a comprehensive range of tourist apparel, souvenirs, home textiles and gifts, in innovative designs to trade customers - both locally and internationally.
Brands:	DEREK SOUVENIRS LOCAL APPAREL MARLBOROUGH TEXTILES KIRI® SKINCARE MINT
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.

INVESTIGATIVE NOTES

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.63.83
UK Pound	1	Rs.97.10
Euro	1	Rs.69.74

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

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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