MIRA
INFORM REPORT
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Report Date : |
11.03.2011 |
IDENTIFICATION DETAILS
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Name : |
PROGRESSIVE LEATHERS EXPORT LTD |
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Registered Office : |
WHK, 208-210 Avenue Road East, |
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Country : |
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Date of Incorporation : |
01.08.2007 |
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Legal Form : |
Limited Company |
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Line of Business : |
Marketing and distribution
of leather hides |
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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
PROGRESSIVE LEATHERS
EXPORT LTD
CORPORATE SEARCH
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Entity Type: |
NZ Limited Company |
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Incorporated: |
01 Aug 2007 |
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Current Status: |
Registered |
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Constitution Filed: |
No |
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Annual Return Filing Month: |
July |
Registered Office
WHK, 208-210 Avenue Road East,
Address for Service
208-210 Avenue Road East,
Directors
BOYCE, Craig David
HICKSON, Craig Richard Noel
Clive Grange,
SANDBERG, Willem
20c
SIGNAL, John Russell
Shareholdings
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Total Number of Shares: |
100 |
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Extensive Shareholdings: |
No |
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100 |
1219307 PROGRESSIVE LEATHERS LIMITED Whk Coffey Davidson, 208-210 Avenue Road
East, |
BUSINESS STRUCTURE
TRADING ADDRESS
POSTAL ADDRESS
TELEPHONE (646) 974 8080
FACSIMILE (646) 974 8090
HOLDING ENTITY PROGRESSIVE LEATHER LTD
BANK BANK OF
EMPLOYEES Up
to 100 (group)
BACKGROUND
The subject was incorporated in
The subject was formed to operate as the marketing and export arm of the
group.
Group operations commenced in mid April 2003.
OPERATIONS
The subject operates in the marketing and distribution of leather hides.
The holding entity operates in the processing of sheep skins to leather.
Activities are conducted from leased 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, Judi Smith she requested that all queries pertaining to the subject
be conducted in writing. An email was subsequently sent to judi.smith@pllnz.co.nz.
Upon chasing, Ms Smith declined to release any details pertaining to the
subject unless the source of the enquiry was disclosed.
Details pertaining to the subjects current trading and financial
position were subsequently unable to be obtained for the current enquiry.
Previous investigations revealed that for the financial year ended 31
December 2008 the group recorded consolidated revenue of $36,000,000 which
resulted in taxable income of $1,922,000.
TRADE SURVEY
During the current investigation, details pertaining to the subject’s suppliers were not provided.
A trade survey on the subject was subsequently unable to be conducted.
SUMMARY
The subject was incorporated in
The subject was formed to operate as the marketing and export arm of the
group.
Details pertaining to the subjects trading and financial position were
unable to be obtained for the current enquiry.
Previous investigations revealed that for the financial year ended 31
December 2008 the group recorded consolidated revenue of $36,000,000 which
resulted in taxable income of $1,922,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.11 |
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|
1 |
Rs.72.91 |
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Euro |
1 |
Rs.62.56 |
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 |
|
<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.