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Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
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Name : |
PROGRESSIVE LEATHERS EXPORT LIMITED |
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Registered Office : |
C/o WHK 208-210 Avenue Road |
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Country : |
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Date of Incorporation : |
01.08.2007 |
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Com. Reg. No.: |
1964207 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributor and exporter of lamb pelts. |
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No. of Employees : |
10 employees |
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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 : |
No Complaints |
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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 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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New Zealand |
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 |
NEW ZEALAND - ECONOMIC OVERVIEW
Over the past 20 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
ten 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, helping fuel a large balance of payments deficit that posed a
challenge for economic managers. 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 2007-08; international capital inflows attracted to the high
rates further strengthened the currency and housing market, however,
aggravating the current account deficit. The economy fell into recession before
the start of the global financial crisis and contracted for five consecutive
quarters in 2008-09. In line with global peers, the central bank cut interest
rates aggressively and the government developed fiscal stimulus measures. The
economy posted a 2% decline in 2009, but pulled out of recession late in the
year, and achieved 1.7% growth in 2010 and 2% in 2011. Nevertheless, key trade
sectors remain vulnerable to weak external demand. The government plans to
raise productivity growth and develop infrastructure, while reining in
government spending.
Source : CIA
Verified Address
Subject name : PROGRESSIVE LEATHERS EXPORT LIMITED
Business address :
Whakatu Industrial Park
Johnston Way Road
Town : Hastings
Province : Hawke's Bay
Zip/postal code : 4010
Country : New Zealand
Tel : +64 6 9748080
Fax : +64 6 9748090
Registered address
: C/o WHK
208-210 Avenue Road East
Town : Hastings
Province : Hawke's Bay
Zip/postal code : 4122
Country : New Zealand
Postal address : P.O. Box 33
Town : Hastings
Province : Hawke's Bay
Zip/postal code : 4161
Country : New Zealand
Executive Summary
Date founded or
registered : 01/08/2007
Legal form : Private Limited
Company
Chief executive : Bruce Reay
Issued & paid
up capital : NZD 100
Line of business :
Distributor and exporter
of lamb pelts.
Staff employed : 10 employees (Subject)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
steady
Management
experience : Management is
reasonably experienced
Financial
performance : Financial
performance is undetermined
Organization
structure : Organizational
structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date
: 01/08/2007
Legal form : Private Limited
Company
Registration no 1964207
Registered
authority : New Zealand
Companies Office
Registry status : Live/Active
Previous name : None reported.
Change of legal
form : None reported.
Key Management
Name : Bruce Reay
Designation : Chief Executive Officer
Appointments
Name : Craig David Boyce
Designation : Director
Appointment date : 01/08/07
Address : 2 Seaspray Lane
Sumner, Christchurch 8081
New Zealand
Name : Craig Richard Noel
Hickson
Designation : Director
Appointment date :
01/08/07
Address : 119 Raymond Road, Rd 10
Hastings, Hawke's Bay 4180
New Zealand
Name : Willem Sandberg
Designation : Director
Appointment date :
01/08/07
Address : 106 Kopanga Road
Havelock North, Hawke's Bay 4130
New Zealand
Name : John Russell Signal
Designation : Director
Appointment date :
09/12/09
Address : Mangaone Road, Rd 9
Feilding, Manawatu-Wanganui 4779
New Zealand
Staff employed : 10 employees (Subject)
Composition
Authorized Capital
: NZD 100
No of shares : 100 Shares
Share par value : NZD 1
Issued capital : NZD 100
Paid up capital : NZD 100
How listed : Full
List
Composition
Shareholder name :
PROGRESSIVE LEATHERS LIMITED
Address : Whakatu Industrial Park
Johnston Way Road
Hastings, Hawke's Bay 4010
New Zealand
No. of shares : 100 Shares
% of shares : 100%
Structure
Name : HAWKES BAY MEAT COMPANY
LIMITED
Affiliation type :
Ultimate Holding Company
Address : 10 Cook Street
Waipukurau 4200
New Zealand
Name : OVATION NEW ZEALAND
LIMITED
Affiliation type :
Intermediate
Holding Company
Address : 10 Cook Street
Waipukurau 4200
New Zealand
Comments : Processors of lamb for the
domestic and export market.
Name : PROGRESSIVE LEATHERS
LIMITED
Affiliation type :
Parent Company
Address : Whakatu Industrial Park
Johnston Way Road
Hastings, Hawke's Bay 4010
New Zealand
Comments : Production of lamb pelts.
Name : ADVANCED FOODS OF NEW
ZEALAND LIMITED
Affiliation type :
Sister Company
Address : 10 Cook Street
Waipukurau 4200
New Zealand
Name : PROGRESSIVE GISBORNE
LIMITED
Affiliation type :
Sister Company
Address : 10 Cook Street
Waipukurau 4200
New Zealand
Related companies
and corporate
affiliations
comments: Other companies of the
Hawkes Bay Meat Group should be considered affiliates
of the Subject.
Bank Details
Name of bank : Bank of New Zealand
Address : New Zealand
Account details : Current Account
Comments : It is generally not the
policy of local banks to provide credit status information to
non related parties, however interested parties would be advised to
consult first
with the Subject if banker's references are required.
Mortgages : None reported.
Legal Fillings
Bankruptcy
fillings : None reported.
Court judgements :
None reported.
Tax liens : None reported.
Others : None reported.
Description
Comments : Private Companies in New
Zealand are not required to file accounts unless
classified as "Large", which at the moment means that two out
of the following
three conditions are met:
- The company has a sales turnover of over NZD 20,000,000;
- The company has total assets of over NZD 10,000,000;
- The company employs 50 people or more.
Main activities : The Subject engages as distributor
and exporter of lamb pelts.
The production of this lamb pelts is conducted by the Subject's Parent
Company PROGRESSIVE LEATHERS LIMITED.
Purchases
Local : Yes
International :
None reported.
Sales
Local : Yes
International :
India, China, Italy, South Korea.
Property & Assets
Premises : The Subject
operates from premises located at the verified heading address consisting of a
production facilities, warehouse and an administrative office.
Branches : None reported.
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Reserve
Bank of New Zealand
Reserve of foreign
exchange & gold : US$ 20.562
billion
Gross domestic
product - GDP : US$ 180.548
billion
GPP (Purchasing
power parity) : 126.628
billion of International dollars
GDP per capita -
current prices : US$ 40,454
GDP - composition
by sector : agriculture:
4.7%
industry: 24%
services: 71.3%
Inflation : 2009:
2.1%
2010: 2.3%
2011: 4%
Unemployment rate
: 2009: 6.1%
2010: 6.5%
2011: 6.5%
Public debt
(General Government
gross debt as
a % GDP): 2009:
26.1%
2010: 32.3%
2011: 37%
Government bond
ratings : Standard
& Poor's: AA+/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of
publicly traded
shares: US$67.061
billion
Largest companies in the country : Westpac
Limited, Transpower, Fletcher Building Limited, National Bank of New Zealand,
Fonterra Co-Operative Group Ltd, Air New Zealand Limited, The Warehouse Group
Limited, Progressive Enterprises Ltd
Trade & Competitiveness Overview
Total exports : US$33.24 billion
Exports
commodities : Dairy products, meat, wood
and wood products, fish, machinery
Total imports : US$31.11 billion
Imports
commodities : Machinery and equipment, vehicles and aircraft, petroleum,
electronics,
textiles, plastics
Export - major
partners : Australia 22%, US 11.5%, Japan 9.2%, China 5.3%, UK 4.6%
Import - major
partners : Australia 20.7%, China 13.4%, US 9.7%, Japan 9.5%, Singapore 4.9%,
Germany 4.7%
FDI Inflows : 2008: US$4,598 million
2009: US$-1,293 million
2010: US$561 million
FDI Outflows : 2008: US$462 million
2009: US$-308 million
2010: US$589 million
Best countries for
doing business : 3 out of 183 countries
Global
competitiveness ranking : 25 (ranking by country on a basis of 142, the first
is the best)
Country and Population Overview
Total population :
4.37 million
Total area : 270,467 km2
Capital : Wellington
Currency : New Zealand
dollars (NZD)
Internet users as
% of total
population: 83%
Purchase Term
Local :
Prepayment, Bank transfer, Credit 30-90 days
Sales Term
Local :
Prepayment, D/P, Bank transfer, Credit 30-90 days
International :
L/C, D/P, Telegraphic transfer, Credit 30-90 days
Trade Reference/ Payment
Behaviour
Comments : As local
and international trade references were not supplied, the Subject's payment
track record history cannot be appropriately determined but based on our
research, payments are believed to be met without delay.
Investigation Note
Sources : Interviews and material provided
by the Subject
: Other official and local business sources
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.63 |
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1 |
Rs.86.17 |
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Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.