MIRA INFORM REPORT

Report No. :	340898
Report Date :	21.09.2015

IDENTIFICATION DETAILS

Name :	AXIEO OPERATIONS (NEW ZEALAND) LIMITED
Registered Office :	C/ - Anderson Lloyd Level 7, 5 High Street Auckland 1010
Country :	New Zealand
Date of Incorporation :	25.02.1982
Com. Reg. No.:	113517
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacture and distribution of high compliance ingredients, raw materials, specialty chemicals, colorants and functional additives.
No. of Employee :	50 – 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 – 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:	AXIEO OPERATIONS (NZ) LTD
Address:	Masterbatch 119 Carbine Rd Mount Wellington Auckland
State/province:	New Zealand
Country:	New Zealand
Verified
Subject name:	AXIEO OPERATIONS (NEW ZEALAND) LIMITED
Address:	119 Carbine Road Mt Wellington		Postal address:	PO Box 62005 Sylvia Park
Town:	Auckland		Town:	Auckland
Zip/postal code:	1644		Zip/postal code:	1644
Country:	New Zealand
Telephone:	+64 (9) 2593760
Email:	enquiry.nz@axieo.com
Website:	www.axieo.com (Group)
Remarks:	The Subject's registered address is: C/ - Anderson Lloyd Level 7, 5 High Street Auckland 1010 New Zealand
EXECUTIVE SUMMARY
Date registered:	25-02-1982
Legal form:	Private Limited Liability Company
Sales turnover:	NZD 1,600,000,000 (estimated, 12 months, 30-06-2012)
Main activities:	Supplier of colorants and functional additives.
Employees:	50 – Estimated
REGISTRY DATA
Key Facts
Date registered:	25-02-1982
Legal form:	Private Limited Liability Company
Registration no:	113517
Registry auth.:	Registrar of Companies
Other reg.:	NZBN: 9429032103656
Registry status:	Live/Active
Previous names:	NUPLEX SPECIALTIES NZ LIMITED POLYCHEM MARKETING LIMITED Present style adopted on 03-12-2014.
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Jade Weiss
Job title:	Director
Name:	Sam Sotirios Bastounas
Job title:	Director
Name:	Sandra Pienaar
Job title:	Director
Staff
No of employees	50 – Estimated
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Jade Weiss
Board function:	Director
Address:	7 Keraboite Court Mount Eliza, VIC 3930 Australia
Name:	Sam Sotirios Bastounas
Board function:	Director
Address:	44 Ramsay Avenue Kew East, VIC 3102 Australia
Name:	Sandra Pienaar
Board function:	Director
Address:	60 Park Avenue Kew, VIC 3101 Australia
SHARE CAPITAL
Composition
Number/type:	14,611,000 shares
Shareholders/Owners
How Listed	Full List
Composition
Name:	AXIEO (NEW ZEALAND) LIMITED
No. of shares:	14,611,000 shares
% of shares:	100%
Address:	5 High Street Auckland 1010 New Zealand
Comment:	On 28 November 2014, NUPLEX INDUSTRIES LIMITED completed the sale of NUPLEX SPECIALTIES and the plastics additives manufacturer, NUPLEX MASTERBATCH, to AXIEO PTY LIMITED.
CORPORATE AFFILIATIONS
Structure
Name:	AXIEO PTY LIMITED
Affiliation type:	Ultimate Holding Company
Address:	Level 3, 35 Cotham Road Kew, VIC 3101 Australia
Comment:	On 28 November 2014, NUPLEX INDUSTRIES LIMITED completed the sale of NUPLEX SPECIALTIES and the plastics additives manufacturer, NUPLEX MASTERBATCH, to AXIEO PTY LIMITED.
Name:	AXIEO (NEW ZEALAND) LIMITED
Affiliation type:	Parent Company
Address:	5 High Street Auckland 1010 New Zealand
Name:	AXIEO OPERATIONS (AUSTRALIA) PTY LIMITED
Affiliation type:	Associate
Address:	Australia
BANKING & FINANCING
Charges & Mortgages	Time of Registration: 25-May-2015 16:14 Debtor Name: AXIEO OPERATIONS (NEW ZEALAND) LIMITED Financing Statement Registration No: F77KM1G8Y60U9995 Incorporation No: 113517 City/Town: Auckland Collateral Type: Goods - Other Time of Registration: 25-May-2015 13:34 Debtor Name: AXIEO OPERATIONS (NEW ZEALAND) LIMITED Financing Statement Registration No: F40ME0PM39247412/C0001 Incorporation No: 113517 City/Town: Auckland Collateral Type: Goods - Other Time of Registration: 12-May-2015 11:55 Debtor Name: AXIEO OPERATIONS (NEW ZEALAND) LIMITED Financing Statement Registration No: F62N2U0XV6431225 Incorporation No: 113517 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property; Goods - Other Time of Registration: 07-May-2015 10:02 Debtor Name: AXIEO OPERATIONS (NEW ZEALAND) LIMITED Financing Statement Registration No: FP6DT0V789398R60/C0001 Incorporation No: 113517 City/Town: Auckland Collateral Type: Goods - Other Time of Registration: 13-Apr-2015 10:26 Debtor Name: AXIEO OPERATIONS (NEW ZEALAND) LIMITED Financing Statement Registration No: FJ8B762H12227BM2 Incorporation No: 113517 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property; Goods - Other Time of Registration: 13-Apr-2015 10:26 Debtor Name: AXIEO OPERATIONS (NEW ZEALAND) LIMITED Financing Statement Registration No: FJ8B762H12227BM2 Incorporation No: 113517 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property; Goods - Other Time of Registration: 12-Feb-2015 17:11 Debtor Name: AXIEO OPERATIONS (NEW ZEALAND) LIMITED Financing Statement Registration No: F73D9J69484ZV30X Incorporation No: 113517 City/Town: Sylvia Park Collateral Type: Goods - Other Time of Registration: 28-Jan-2015 15:20 Debtor Name: AXIEO OPERATIONS (NEW ZEALAND) LIMITED Financing Statement Registration No: FC1S999998N7WS43 Incorporation No: 113517 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property; Goods - Other Time of Registration: 06-Jan-2015 13:52 Debtor Name: AXIEO OPERATIONS (NEW ZEALAND) LIMITED Financing Statement Registration No: FA8JP0N9T3685697/C0002 Incorporation No: 113517 City/Town: Ellerslie Collateral Type: All Present And After Acquired Personal Property; Goods - Other
FINANCIAL ACCOUNTS
Description
Required to file:	No
Source:	Industry Sources
Presentation:	Key figures provided below
Date of accounts:	30-06-2012
Type of accounts:	Approximate key figures
Currency:	New Zealand Dollar (NZD)
Exchange rate:	USD 1 = NZD 1.59 as of 10-09-2015
Summarised
	30-06-2012
Period:	12 months
Sales turnover:	1,600,000,000
Profit after tax:	60,000,000
Shareholders' equity:	350,000,000
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in the manufacture and distribution of high compliance ingredients, raw materials, specialty chemicals, colorants and functional additives.
Purchases
Import:	Australia
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.
Branches	9 Te Apunga Place Mt Wellington Auckland 1644 New Zealand
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
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.65.92
UK Pound	1	Rs.102.75
Euro	1	Rs.75.13

INFORMATION DETAILS

Analysis Done by :	KIN
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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