Although some segments of the economy are beginning to show gradual signs of recovery, the New Year will continue to pose challenges for some businesses, especially small enterprises, an importer said.
According to Global Marketing & Distributors (NZ) Limited Directors Surya Sharma and Dhirendra Nath, the New Zealand marketed is competitive and highly saturated with an increasing number of players.
“Business has not only been slow but declined by about 15% over the past year. However, quality products and regular supply helped us to wade through difficult times. We are confident that the market will pick up soon,” they said.
Established in 2005, Global Marketing & Distributors is a Mt Roskill based Company in Auckland, which has grown from a modest beginning to claim an impressive market share.
“We are still growing,” Mr Nath said.
Mr Sharma said the company is an importer and wholesaler of a wide range of products including Spices, Sugar and Noodles and popular brands such as ‘Twisties’, ‘Bongos’, ‘Kraft’ (Cheese).
“These products are imported from India and Fiji and are distributed to major Indian retail outlets and more and the products are sold in major Indian retail outlets including supermarkets and dairies,” he said.
Tight money market conditions have created cash flow problems, with some customers slow in meeting their financial obligations.
“This means we have to arrange additional finances to be up-to-date with our suppliers. Banks have tightened their credit policies, and the exchange rate is volatile, both of which pose greater challenges,” Mr Sharma said.
Apart from being a successful businessman, Mr Nath is a religious Pundit, conducting a number of marriages, the most recent of which was the Vikram-Pooja wedding held at the Formosa Club on January 7 (see Indian Newslink, January 15, 2010)