MIRA INFORM REPORT

Report No. :	323012
Report Date :	19.05.2015

IDENTIFICATION DETAILS

Name :	ALLIED INDUSTRIAL ENGINEERING LIMITED
Registered Office :	7-8 Manukorihi Drive, Kawerau 3127
Country :	New Zealand
Date of Incorporation :	18.08.1994
Com. Reg. No.:	624453
Legal Form :	Private Limited Liability Company
Line of Business :	Provider of heavy industrial engineering services.
No of Employees :	70 (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

Maximum Credit Limit :	USD 25,000
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 Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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
Given
Subject name:	Allied Industrial Engineering Limited
Address:	7-8 Manukorihi Drrive, PO BOx 108
Town:	Kawerau
Zip/postal code:	3127
Country:	New Zealand
Verified
Subject name:	ALLIED INDUSTRIAL ENGINEERING LIMITED
Address:	7-8 Manukorihi Drive		Postal address:	PO Box 108
Town:	Kawerau		Town:	Kawerau
Zip/postal code:	3127		Zip/postal code:	3169
Country:	New Zealand
Telephone:	+64 (7) 3238877
Fax:	+64 (7) 3237826
Email:	info@aie.co.nz
Website:	www.aie.co.nz
Remarks:	The Subject's registered address is: 1268 Arawa Street Rotorua 3010 New Zealand
EXECUTIVE SUMMARY
Date registered:	18-08-1994
Legal form:	Private Limited Liability Company
Main activities:	Provider of heavy industrial engineering services.
Employees:	70 (estimated)
CREDIT RISK RATING
Credit Limit	Recommended limit:	USD 25,000
REGISTRY DATA
Key Facts
Date registered:	18-08-1994
Legal form:	Private Limited Liability Company
Registration no:	624453
Registry auth.:	Registrar of Companies
Tax number:	NZBN: 9429038710445
Registry status:	Live/Active
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Graeme Stuart Boyd
Job title:	Director
Name:	Paul Thomas Raethel
Job title:	Director
Staff
No of employees	70 (estimated)
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Graeme Stuart Boyd
Board function:	Director
Date appointed:	01-02-2011
Address:	6 Maxine Place Matua Tauranga, 3110 New Zealand
Name:	Paul Thomas Raethel
Board function:	Director
Date appointed:	18-08-1994
Address:	67 Tauranga Direct Road, Rd 6 Rotorua, 3096 New Zealand
SHARE CAPITAL
Composition
Authorised:	NZD 1,000
Number/type:	1,000 shares
Share value:	NZD 1
Issued:	NZD 1,000
Paid-up:	NZD 1,000
Shareholders/Owners
How Listed	Full List
Composition
Name:	RAETHEL HOLDINGS LIMITED
No. of shares:	1,000 shares
% of shares:	100%
Address:	1268 Arawa Street Rotorua, 3010 New Zealand
Comment:	Company Number: 1977874 NZBN: 9429033178219 Incorporation Date: 21/08/2007
CORPORATE AFFILIATIONS
Structure
Name:	RAETHEL HOLDINGS LIMITED
Affiliation type:	Parent Company
Address:	1268 Arawa Street Rotorua, 3010 New Zealand
Comment:	Company Number: 1977874 NZBN: 9429033178219 Incorporation Date: 21/08/2007
Name:	RAETHEL PROPERTIES LIMITED
Affiliation type:	Sister Company
Address:	1268 Arawa Street Rotorua, 3010 New Zealand
Comment:	Company Number: 1977852 NZBN: 9429033176925 Incorporation Date: 21/08/2007
Name:	ARCK HOLDINGS LIMITED
Affiliation type:	Associate (25% owned)
Address:	New Zealand
Comment:	Company Number: 1703688 NZBN: 9429034514955 Incorporation Date: 29/09/2005
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. Ms. Louise Mitchell (Administration Manager) who is also in charge for the Accounts; stated that they do not provide such information/document to third parties on grounds of confidentiality.
OPERATIONS & HISTORY
Activities
Full description:	The Subject is a mechanical engineering service company specialising in component manufacturing, maintenance and re-engineering services including machining, balancing, fabrication, fitting, design, draughting and project management.
Products/services:	- Turbine and generator rotor specialist welding - Shaft diameter weld repairs, including journals and packing areas - Diaphragm repairs, weld overlay and re-machining and manufacture of replacement diaphragms and nozzles - Journal refinishing - Rebabbitting of journal and thrust bearings - Rotor un-stack and re-stack - Coupling repair, modification and replacement manufacture - Buckets and covers re-blading - Turbine case repairs and full machining - Valve restoration, seats, spindles, discs and casings - Strainer manufacture - Heat exchangers/condensers refurbishment and manufacture - Generator rotor retaining rings (end bells) manufacture and fitting - Electrical rotative equipment machining, rewinding, re-wedging, insulation and all aspects of electrical repair - Computerised dynamic balancing, with two machines at 32T and ISO 1940 G1 or better - Power house site overhaul services - Manufacture of replacement turbine rotors and diaphragms
Sales
Export:	The Company does not export.
Trade Bodies	The New Zealand Cleantech & Environment Network (NZCEN) Pacific Power Association (PPA)
PROPERTY & ASSETS
Premises	The Subject's head office is located at the heading address.
PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.55
UK Pound	1	Rs. 99.86
Euro	1	Rs. 72.67

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	DPT

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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