MIRA INFORM REPORT

Report No. :	491627
Report Date :	16.02.2018

IDENTIFICATION DETAILS

Name :	SEGARD MASUREL (NZ) LIMITED
Formerly Known As :	MASUREL FILS NZ LIMITED
Registered Office :	9th Floor, 20-26 Ballance Street, Wellington
Country :	New Zealand
Financials (as on) :	30.06.2017 [Consolidated]
Date of Incorporation :	30.11.1965
Com. Reg. No.:	18188
Legal Form :	Private Limited Liability Company
Line of Business :	The Subject is engaged in exporting wool mainly to the clients in the textile industry worldwide.
No. of Employees :	Not available

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
New Zealand	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

NEW ZEALAND - ECONOMIC OVERVIEW

Over the past 40 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 10 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 and 2008. The higher rate attracted international capital inflows, which strengthened the currency and housing market while aggravating the current account deficit. Rising house prices, especially in Auckland, have become a political issue in recent years, as well as a policy challenge in 2016 and 2017, as the ability to afford housing has declined for many.

The economy fell into recession before the start of the global financial crisis and contracted for five consecutive quarters in 2008 and 2009. 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 3% growth from 2011 to 2017. Nevertheless, key trade sectors remain vulnerable to weak external demand and lower commodity prices. In the aftermath of the 2010 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. Expanding New Zealand’s network of free trade agreements remains a top foreign policy priority.

Source : CIA

IDENTIFICATION
Verified
Subject name:	SEGARD MASUREL (NZ) LIMITED
Address:	9th Floor, 20-26 Ballance Street		Postal address:		PO Box 3473
Town:	Wellington		Town:		Wellington
Country:	New Zealand
Telephone:	+64 (4) 4723596
Fax:	+64 (4) 4739727
Email:	wool@segardmasurel.co.nz
Website:	www.segardmasurel.com (Group)
EXECUTIVE SUMMARY
Date registered:	30-11-1965
Legal form:	Private Limited Liability Company
Sales turnover:	NZD 164,363,000 (Consolidated 12 months, 30-06-2017)
Main activities:	Trading of wool.
Employees:	Undetermined
REGISTRY DATA
Key Facts
Date registered:	30-11-1965
Legal form:	Private Limited Liability Company
Registration no:	18188
Registry auth.:	Registrar of Companies
Tax number:	NZBN: 9429040907802
Registry status:	Live/Active
Previous names:	MASUREL FILS NZ LIMITED Present style adopted since 31-10-2005
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Cameron Nigel Rodney Thayer
Job title:	Director
Name:	Peter John Whiteman
Job title:	Director
Staff
No of employees	Undetermined
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Cameron Nigel Rodney Thayer
Board function:	Director
Date appointed:	01-02-2017
Address:	52 Akatarawa Road, Brown Owl Upper Hutt, 5018 New Zealand
Name:	Peter John Whiteman
Board function:	Director
Date appointed:	28-02-1997
Address:	6D/42 Cable Street, Te Aro Wellington, 6011 New Zealand
SHARE CAPITAL
Composition
Number/type:	1,805,500 shares
Shareholders/Owners
How Listed	Full List
Composition
Name:	SEGARD MASUREL S.A.S
% of shares:	100%
Address:	252 Rue Du Flocon Tourcoing, 59203 France
CORPORATE AFFILIATIONS
Structure
Name:	SEGARD MASUREL S.A.S
Affiliation type:	Parent Company
Address:	252 Rue Du Flocon Tourcoing, 59203 France
Name:	GRAMPIAN PROPERTIES PTY LIMITED
Affiliation type:	Wholly-owned Subsidiary
Address:	New Zealand
Name:	GRAMPIAN WOOLS (AUSTRALIA) PTY LTD
Affiliation type:	Wholly-owned Subsidiary
Address:	Australia
Name:	SEGARD MASUREL (AUSTRALIA) PTY LTD
Affiliation type:	Wholly-owned Subsidiary
Address:	Australia
Name:	SEGARD MASUREL SOUTH AFRICA (PTY) LTD
Affiliation type:	Associate
Address:	South Africa
Comments	Subject is a member of SEGARD MASUREL Group of companies. Companies under the group will be considered as affiliates.
BANKING & FINANCING
Charges & Mortgages	Time of Registration: 05-Feb-2009 09:57 Debtor Name: SEGARD MASUREL (NZ) LIMITED Financing Statement Registration No: FC04E869M408AM89/C0002 Incorporation No: 18188 City/Town: Wellington Collateral Type: Goods - Other Time of Registration: 07-Feb-2013 15:24 Debtor Name: SEGARD MASUREL (NZ) LIMITED Financing Statement Registration No: F97975CY0PP9273G/C0003 Incorporation No: 18188 City/Town: Wellington Collateral Type: All Present And After Acquired Personal Property; Goods - Motor Vehicles; Goods - Other Time of Registration: 01-Jul-2014 16:44 Debtor Name: SEGARD MASUREL (NZ) LIMITED Financing Statement Registration No: FK0C28J9517722JM/C0001 Incorporation No: 18188 City/Town: Clive Collateral Type: Goods - Motor Vehicles
FINANCIAL ACCOUNTS
Description
Required to file:	Yes
Source:	Commercial Registry Filings
Presentation:	Attached to this report / Summarised below
Date of accounts:	30-06-2017
Type of accounts:	Full audited
Currency:	New Zealand Dollar (NZD)
Exchange rate:	USD 1 = NZD 1.38 as of 12-02-2018
Summarised
	30-06-2017			30-06-2016
Consolidation:	Consolidated			Consolidated
Period:	12 months			12 months
Sales turnover:	164,363,000			217,311,000
Gross profit:	8,292,000			11,547,000
Profit before tax:	861,000			4,433,000
Profit after tax:	594,000			3,153,000
Non-current assets:	2,065,000			2,134,000
Current assets:	48,368,000			55,974,000
Total assets:	50,433,000			58,108,000
Current liabilities:	23,796,000			29,928,000
Non-curr. liabilities:	3,236,000			3,685,000
Total liabilities:	27,032,000			33,613,000
Shareholders' equity:	23,401,000			24,495,000
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in exporting wool mainly to the clients in the textile industry worldwide.
Sales
Export:	Exports to over 35 countries including China, Europe and Australia
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.
Branches	PO Box 66 540 State Highway 2 Clive 4148 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
Payment behaviour:	No complaints
INVESTIGATIVE NOTES
Sources:		Interviews and material provided by the Subject Other official and local business sources
ATTACHMENTS
Attachments:		Financial statements Financial ratios

Financial Ratios
	30-06-2017	30-06-2016	Trend
PROFITABILITY [%]
Gross Margin	5.04%	5.31%	-5.08%
Gross Profit / Sales Turnover * 100
Operating Margin	N/A	N/A	N/A
Operating Profit / Sales Turnover * 100
Net Profit Margin	0.36%	1.45%	-75.17%
Profit After Tax / Sales Turnover * 100
Return On Equity (ROE)	2.54%	12.87%	-80.26%
Profit After Tax / Equity * 100
Return On Assets (ROA)	1.18%	5.43%	-78.27%
Profit After Tax / Total Assets * 100
Return On Investment (ROI)	3.68%	18.1%	-79.67%
Profit Before Tax / Equity * 100
EFFICIENCY [%]
Asset Turnover	325.9%	373.98%	-12.86%
Sales Turnover / Total Assets * 100
Inventory Turnover	N/A	N/A	N/A
Sales Turnover / Inventory * 100
LIQUIDITY [%]
Current Ratio (CR)	203.26%	187.03%	8.68%
Current Assets / Current Liabilities * 100
Quick Ratio (QR)	N/A	N/A	N/A
(Current Assets – Inventory) / Current Liabilities * 100
DEBT [%]
Debt Ratio	53.6%	57.85%	-7.35%
Total Liabilities / Total Assets * 100
Long-Term Debt Ratio	13.83%	15.04%	-8.05%
Long-Term Liabilities / Equity * 100

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.92
UK Pound	1	INR 89.55
Euro	1	INR 79.68
NZD	1	INR 47.45

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.