MIRA INFORM REPORT
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Report Date : |
25.02.2011 |
IDENTIFICATION DETAILS
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Name : |
THE FARMERS TRADING COMPANY LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
07.07.1916 |
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Legal Form : |
Limited Company |
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Line of Business : |
department home
and fashion stores |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
REGISTERED NAME
THE FARMERS TRADING COMPANY LTD
CORPORATE SEARCH
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Entity Type: |
NZ Limited Company |
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Incorporated: |
07 Jul 1916 |
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Current Status: |
Registered |
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Constitution Filed: |
Yes |
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Annual Return Filing Month: |
May |
Registered Office
Address for Service
Directors
MCDERMOTT, Rodney
NORMAN, Anne
NORMAN, David
POWER, Michael David
SHALE, James Denham
Oakridge Apartments,
TURNER, Kevin Brian
Shareholdings
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Total Number of Shares: |
140,443,424 |
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Extensive Shareholdings: |
No |
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140,443,424 |
484822 FTC HOLDINGS LIMITED |
BUSINESS STRUCTURE
TRADING ADDRESS
EAST
TAMAKI,
POSTAL ADDRESS PRIVATE BAG 94060
MANUKAU, NZ 2241
TELEPHONE (649) 272 6996
BRANCHES The
subject maintains 55 department stores across
HOLDING ENTITY FTC HOLDINGS LTD
ULTIMATE HOLDING
ENTITY HECTOR PAKEL LTD
BANK Not determined
EMPLOYEES Not determined
BACKGROUND
The subject was incorporated in
The company was
founded by Robert Laidlaw in 1909 as 'Laidlaw Leeds' and sold agricultural
related goods through mail order catalogues, following a successful American
model.
In 1918 Laidlaw
The company grew
from one store during the 1910s to 56 by 1990 through opportunism and
take-overs.
Farmers and the
DEKA discount merchandise chain were joined as Farmers Deka Ltd from 1992. The
DEKA chain closed in July 2001 after financial difficulty
OPERATIONS
The subject
operates as a chain of leading department home and fashion stores across
Activities are conducted from premises located at the above listed trading address.
FINANCES
The subject is not required to lodge financial statements
with the
During the current investigation contact with the subjects financial controller was unable to be established. Despite messages being left, a reply is yet to be received.
As a result details pertaining to the subjects trading and financial position were unable to be obtained for the current enquiry.
The subject is
privately owned by James Pascoe Ltd, which along with Fisher & Paykel
Finance bought Farmers on 6 November 2003 from Foodlands Associates for
NZ$311m.
The business was
split into the retail and finance arms with James Pascoe holding the retail arm
and Fisher & Paykel Finance the finance arm which includes the Farmers
card.
TRADE SURVEY
During the current investigation, contact with the subject’s principals was unable to be established.
Subsequently
details pertaining to the company’s suppliers were unable to be obtained and a
trade survey could not be conducted.
SUMMARY
The subject was incorporated in
The company was
founded by Robert Laidlaw in 1909 as 'Laidlaw Leeds' and sold agricultural
related goods through mail order catalogues, following a successful American
model.
Details pertaining to the subjects trading and financial position were unable to be obtained for the current enquiry.
The subject is
privately owned by James Pascoe Ltd, which along with Fisher & Paykel
Finance bought Farmers on 6 November 2003 from Foodlands Associates for
NZ$311m.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.37 |
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1 |
Rs.73.54 |
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Euro |
1 |
Rs.62.39 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.