MIRA
INFORM REPORT
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Report Date : |
07.08.2007 |
IDENTIFICATION DETAILS
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Name : |
LOWE CORPORATION LIMITED |
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Registered Office : |
3rd Floor, Lowe House, |
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Country : |
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Date of Incorporation : |
28.10.1986 |
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Legal Form : |
Limited Liability |
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Line of Business : |
Company is engaged in animal by-product processing and marketing
company |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
LOWE CORPORATION LTD
CORPORATE SEARCH
Company Number 324807
Company LOWE CORPORATION LIMITED
Incorporated 28-OCT-1986
Current Status REGISTERED
Entity Type Company
Constitution Filed Yes
Annual Return Filing Month July
Previous Names
(Names changed prior to 1992 may not be
recorded)
Company
Name Date
Changed
GRAEME
LOWE NZ LIMITED 08-MAY-1998
LOWE
T H
LOWE
MEAT HOLDINGS LIMITED 24-DEC-1986
ADDRESS
Registered Office
3RD FLOOR
LOWE HOUSE
Address for Service
3rd Floor
Lowe House
Directors
(Where appointments are prior to February
1993 the date shown may relate to when the information was entered on this
database.)
Name Date
Appointed:
DEVINE,
Bernard Stuart 28-OCT-1986
LOWE,
Andrew Graeme 01-OCT-2003
LOWE,
Graeme Eric Selby 28-OCT-1986
The Gables,
SILVER,
Ian Richard 25-MAR-1997
39 Kaihuia Grove,
RD1, Levin
SMITH,
Keith Raymond 11-DEC-1995
Total Number of
shares 18,182,063
Number of Shares 8,109,224
Shareholder(s)
309940 - GRAEME
LOWE FINANCE & INVESTMENT LIMITED
3RD FLOOR, LOWE
HOUSE,
Number of Shares 3,137,142
Shareholder(s)
LOWE, Graeme Eric
Selby
Number of Shares 3,014,116
Shareholder(s)
309940 - GRAEME
LOWE FINANCE & INVESTMENT LIMITED
3RD FLOOR, LOWE
HOUSE,
Number of Shares 1,813,645
Shareholder(s)
LOWE, G E
LOWE, J E
DEVINE, B S
SILVER, I R
Number of Shares 1,326,038
Shareholder(s)
LOWE, G E
LOWE, J E
DEVINE, B S
SILVER, I R
Number of Shares 781,898
Shareholder(s)
LOWE, G E
LOWE, J E
DEVINE, B S
SILVER, I R
BUSINESS STRUCTURE
HEAD OFFICE 30
4Fitzroy Ave, HASTINGS, NZ
POSTAL ADDRESS
TELEPHONE (646)
878 3388
FACSIMILE (646)
878 1781
ASSOCIATED ENTITIES GRAEME
LOWE PROTEIN LTD
GRAEME
LOWE TANNERY LTD
GRAEME
LOWE OTAGO LTD
TE
AROHA SKIN PROCESSORS
TOMOANA
PELT PROCESSORS LTD ( 50%)
BANK WESTPAC
BANKING CORPORATION
EMPLOYEES over
500
BACKGROUND
The subject was incorporated in
The company name changed to Lowe Corporation Limited in 1998 after Lowe
Walker NZ Limited sold its meat processing assets to publicly listed Richmond
Limited.
Lowe Walker NZ Limited was founded by Mr. Graeme E.S. Lowe in 1964 and
the company grew to become the largest privately owned meat processing company
in
Graeme Lowe is the Founder President and Managing Direct
OPERATIONS
The subject operates as a
Activities are conducted from premises located at the above listed
trading address.
FINANCES
The subject is not required to lodge financial statements with the New
Zealand Companies Office.
During the current interview conducted with the subjects Financial
Controller, he confirmed the subjects search and operational details, however
declined to provide any financial information as a matter of strict company
policy.
Subsequently details in this regard were unable to be obtained during
the current investigation.
In regards to assets backing, the subject is noted to own three tannery
plants located in
Enquiries in trade quarters revealed satisfaction from suppliers
contacted in dealing with the subject on a credit basis.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
Purchases average $20,000 per month on 30 day terms. Payment is met in
30 days and the account is considered satisfactory, having been known over 5
years.
Purchases range up to $6,000 per month on 30 day terms. Payment is met
in 30 days and the account is considered satisfactory, having been known over 5
years.
SUMMARY
The subject was
incorporated in
The company has origins
that date back to its establishment in 1964.
Details pertaining to
the subject’s financial position were unable to be obtained for the current
enquiry.
Enquiries in trade
quarters revealed satisfaction from suppliers contacted in dealing with the
subject on a credit basis.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)