MIRA INFORM REPORT

Report No. :	340378
Report Date :	15.09.2015

IDENTIFICATION DETAILS

Name :	CAVALIER BREMWORTH LIMITED
Registered Office :	7 Grayson Avenue Papatoetoe, P O Box 97-040 Manukau Auckland
Country :	New Zealand
Financials (as on) :	31.12.2014
Date of Incorporation :	07.10.1983
Com. Reg. No.:	202621
Legal Form :	Private Limited Liability Company
Line of Business :	The Subject provides broadloom carpets for residential and commercial applications. It offers carpets made from wool or solution-dyed nylon (SDN) for use in homes; and commercial installations, such as schools, showrooms, and hospitals. It also offers wool and SDN soft-touch carpet tiles.
No. of Employees :	721 (CAVALIER 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Given
Subject name:	Cavalier Bremworth Ltd
Address:	7, Grayson Avenue, P O Box 97-040
Town:	Auckland
Country:	New Zealand
Verified
Subject name:	CAVALIER BREMWORTH LIMITED
Address:	7 Grayson Avenue Papatoetoe			Postal address:		Po Box 97 040 Manukau
Town:	Auckland			Town:		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
EXECUTIVE SUMMARY
Date registered:	07-10-1983
Legal form:	Private Limited Liability Company
Sales turnover:	NZD 200,642,000 (Group consolidated 12 months, 30-06-2014)
Main activities:	Provides broadloom carpets for residential and commercial applications.
Employees:	721 (CAVALIER Group)
REGISTRY DATA
Key Facts
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
Staff
No of employees	721 (CAVALIER Group)
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Colin Angus McKenzie
Board function:	Director
Address:	316 Monument Road, Rd 2 Papakura, 2582 New Zealand
Name:	Paul John Alston
Board function:	Director
Address:	8 Kawaka Street Mount Eden Auckland, 1024 New Zealand
SHARE CAPITAL
Composition
No. of shares:	2,000 shares
Shareholders/Owners
How Listed	Full List
Composition
Name:	CAVALIER CORPORATION LIMITED
No. of shares:	2,000 shares
% 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
Name:	CAVALIER BREMWORTH (AUSTRALIA) LIMITED
Affiliation type:	Sister Company
Address:	New Zealand
Name:	CAVALIER BREMWORTH PTY LIMITED
Affiliation type:	Sister Company
Address:	Australia
Name:	CAVALIER SPINNERS LIMITED
Affiliation type:	Sister Company
Address:	New Zealand
Name:	ELCO DIRECT LIMITED
Affiliation type:	Sister Company
Address:	New Zealand
Name:	KIMBERLEY CARPETS PTY LIMITED
Affiliation type:	Sister Company
Address:	Australia
Name:	KNIGHTSBRIDGE CARPETS LIMITED
Affiliation type:	Sister Company
Address:	New Zealand
Name:	NORMAN ELLISON CARPETS LIMITED
Affiliation type:	Sister Company
Address:	New Zealand
Name:	NORMAN ELLISON CARPETS PTY LIMITED
Affiliation type:	Sister Company
Address:	Australia
Name:	ONTERA MODULAR CARPETS LIMITED
Affiliation type:	Sister Company
Address:	New Zealand
Name:	ONTERA MODULAR CARPETS PTY LIMITED
Affiliation type:	Sister Company
Address:	Australia
Name:	RADFORD YARN TECHNOLOGIES LIMITED
Affiliation type:	Sister Company
Address:	New Zealand
BANKING & FINANCING
Bankers
Bank name:	BANK OF NEW ZEALAND
Address:	New Zealand
Charges & Mortgages	Charge number: 1 Time of Registration: 16-Nov-2002 12:33 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: FZ43X5F023T2H896/C0005 Debtor Reference: - Incorporation No: 202621 City/Town: Auckland Collateral Type: Goods - Other Charge number: 2 Time of Registration: 19-Jan-2005 14:36 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: F23WV0M93D8X3442/C0099 Debtor Reference: CAV100/102166 Incorporation No: 202621 City/Town: Auckland Collateral Type: Goods - Motor Vehicles; Goods - Other; Intangibles Charge number: 3 Time of Registration: 19-Jan-2006 09:48 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: FX3J9E1BR3252321/C0005 Debtor Reference: - Incorporation No: 202621 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property; Goods - Motor Vehicles Charge number: 4 Time of Registration: 23-Jan-2007 10:09 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: FN09ND0256V63Z28/C0003 Debtor Reference: 100446 Incorporation No: 202621 City/Town: South Auckland Collateral Type: Goods - Other Charge number: 5 Time of Registration: 15-Jun-2007 15:29 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: FN68P475C619TF23/C0001 Debtor Reference: Incorporation No: 202621 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property; Goods - Other Charge number: 6 Time of Registration: 13-Sep-2008 03:19 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: FC379T2Z60X47X15/C0003 Debtor Reference: 100333 Incorporation No: 202621 City/Town: Manukau Collateral Type: All Present And After Acquired Personal Property; Goods - Other Charge number: 7 Time of Registration: 27-Nov-2008 12:46 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: FA8JT0267485NJ66/C0002 Debtor Reference: 1000883 Incorporation No: 202621 City/Town: Auckland Collateral Type: Goods - Other Charge number: 8 Time of Registration: 14-Dec-2010 23:20 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: FJ1P82N622T6J281 Debtor Reference: 845968,RPC2075706,Rental & Service Agreemt Incorporation No: 202621 City/Town: Manukau Collateral Type: Goods - Other Charge number: 9 Time of Registration: 07-Jan-2011 11:06 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: FC322U392H1PP132 Debtor Reference: CAVBRE Incorporation No: 202621 City/Town: Auckland Collateral Type: Goods - Other Charge number: 10 Time of Registration: 22-Jun-2011 15:23 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: FJ1RR0282X232B95 Debtor Reference: CAVABREM Incorporation No: 202621 City/Town: Auckland Collateral Type: Goods - Other Charge number: 11 Time of Registration: 16-Sep-2011 12:50 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: FD82F52927Z2CM69/C0001 Debtor Reference: - Incorporation No: 202621 City/Town: Auckland Collateral Type: Goods - Other Charge number: 12 Time of Registration: 22-Dec-2011 23:06 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: FR2534G2G16D299S/C0003 Debtor Reference: - Incorporation No: 202621 City/Town: Manukau Collateral Type: Goods - Motor Vehicles Charge number: 13 Time of Registration: 04-Apr-2012 23:07 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: FP276F553U13GH93/C0002 Debtor Reference: Incorporation No: 202621 City/Town: Manukau Collateral Type: Goods - Motor Vehicles Charge number: 14 Time of Registration: 24-May-2012 20:08 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: FA1H57R7828VJ364/C0001 Debtor Reference: 10900 Incorporation No: 202621 City/Town: Auckland Collateral Type: Goods - Motor Vehicles; Intangibles Charge number: 15 Time of Registration: 11-Jun-2012 20:58 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: F62VD1443JH50859/C0001 Debtor Reference: 10900 Incorporation No: 202621 City/Town: Auckland Collateral Type: Goods - Motor Vehicles; Intangibles Charge number: 16 Time of Registration: 26-Jun-2012 15:55 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: F90M28P1P3V29270 Debtor Reference: - Incorporation No: 202621 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property Charge number: 17 Time of Registration: 04-Jul-2012 17:18 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: F9133RC0J76D0396/C0001 Debtor Reference: 10900 Incorporation No: 202621 City/Town: Auckland Collateral Type: Goods - Motor Vehicles; Intangibles Charge number: 18 Time of Registration: 10-Jul-2012 17:33 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: FZ736SJ029E3K986/C0001 Debtor Reference: 10900 Incorporation No: 202621 City/Town: Auckland Collateral Type: Goods - Motor Vehicles; Intangibles Charge number: 19 Time of Registration: 27-Jul-2012 03:11 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: F42HV45919NX0235 Debtor Reference: - Incorporation No: 202621 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property; Goods - Other Charge number: 20 Time of Registration: 01-May-2013 17:11 Debtor Name: CAVALIER BREMWORTH LIMITED Financing Statement Registration No: FN3248RW252JU134/C0003 Debtor Reference: 105611 Incorporation No: 202621 City/Town: Auckland Collateral Type: Goods - Motor Vehicles
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 (Unaudited - 6 months Group Consolidated)
Currency:	New Zealand Dollar (NZD)
Exchange rate:	USD 1 = NZD 1.6 as of 08-09-2015
Summarised
	31-12-2014		30-06-2014		30-06-2013
Consolidation:	Group consolidated		Group consolidated		Group consolidated
Period:	6 months		12 months		12 months
Sales turnover:	103,722,000		200,642,000		201,739,000
Gross profit:	24,734,000		53,230,000		51,631,000
Operating profit:	2,181,000		8,760,000		823,000
Profit before tax:	105,000		7,320,000		2,096,000
Profit after tax:	32,000		5,790,000		3,030,000
Non-current assets:	98,457,000		100,701,000		103,379,000
Current assets:	96,695,000		97,359,000		93,258,000
Total assets:	195,152,000		198,060,000		196,637,000
Current liabilities:	35,864,000		37,518,000		36,862,000
Non-cur liabilities:	67,414,000		67,583,000		65,857,000
Total liabilities:	103,278,000		105,101,000		102,719,000
Shareholders' equity:	91,874,000		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 provides broadloom carpets for residential and commercial applications. It offers carpets made from wool or solution-dyed nylon (SDN) for use in homes; and commercial installations, such as schools, showrooms, and hospitals. It also offers wool and SDN soft-touch carpet tiles.
Sales
Local:	Yes
Export:	Australia, Asia, Europe, USA
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:		Group consolidated financial statements

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.37
UK Pound	1	Rs.102.54
Euro	1	Rs.75.32

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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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