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Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
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Name : |
LOWE CORPORATION
LIMITED |
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Formerly Known as : |
GRAEME LOWE NZ LIMITED |
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Registered Office : |
499 Coventry Road, Tomoana, Hastings, Zip code 4172 |
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Country : |
New Zealand |
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Date of Incorporation : |
28.10.1986 |
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Com. Reg. No.: |
324807 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
engaged as a holding company for its subsidiaries involved as animal by-product processor and exporter with interests in other agri-businesses and property |
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No of Employees : |
400 employees (Group) |
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 : |
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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 pulled out of recession late in 2009, and
achieved 2-3% per year growth in 2010-13. 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.
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Source
: CIA |
Verified Address
Subject name : LOWE
CORPORATION LIMITED
Business address : 499
Coventry Road
Town : Tomoana
Province : Hastings
Zip/postal code : 4172
Country : New
Zealand
Tel : +64
6 8727700
Fax : +64
6 8727781
Website : www.lowecorp.co.nz
Registered address : 499
Coventry Road
Town : Tomoana
Province : Hastings
Zip/postal code : 4172
Country : New
Zealand
Postal address : P.O.
Box 444
Town : Tomoana
Province : Hastings
Zip/postal code : 4156
Country : New
Zealand
Executive Summary
Date founded or registered : 28/10/1986
Legal form Private
Limited Company
Chief executive : Andrew
Graeme Lowe
Issued & paid up capital : NZD
18,182,063
Sales turnover : NZD
300,000,000 (Estimated Consolidated 12 months, 31/03/2013)
Line of business : Holding
company for its subsidiaries involved as animal by-product processor
and exporter with
interests in other agri-businesses and property.
Staff employed : 400
employees (Group)
Credit Risk
Interpretation
Credit risk theory : Reasonable
financial and operational base for the group. Small credits may be
considered with some confidence
that commitments will be sustained under normal circumstances. This is based on
criterions such as years of establishment, number of employees, sales turnover and
others. A cautious credit control policy applies.
Company Analysis
Country risk : Country
risk is minimal
Operation trend : Operational
trend is steady
Management experience : Management
is adequately experienced
Financial performance : Financial
performance is good
Organization structure : Organizational
structure is stable
Detrimental : No
detrimental found
Payment history : No
payment delays noted
Comments : Larger
credit can still be considered.
Registry Data
Registration date : 28/10/1986
Legal form : Private
Limited Company
Registration no 324807
Registered authority : New
Zealand Companies Office
Fiscal/ Tax no : 9429039671325
Registry status : Live/Active
Previous name : GRAEME
LOWE NZ LIMITED (until 08-05-1998)
LOWE WALKER NZ LIMITED (until 01-04-1998)
T H WALKER N Z LIMITED (until 20-05-1988)
LOWE MEAT HOLDINGS LIMITED (until
24-12-1986)
Change of legal form : None
reported.
Key Management
Name : Andrew
Graeme Lowe
Designation : Chief
Executive Officer
Name : Andrew
Duncan James Ritchie
Designation : Chief
Operating Officer
Appointments
Name : Philip
William Hocquard
Designation : Director
Appointment date : 23/07/12
Address : 19
Simla Avenue
Havelock North, Hastings 4130
New Zealand
Name : Andrew
Graeme Lowe
Designation : Director
Appointment date : 01/10/03
Address : 132
Iona Road
Havelock North, Hastings 4130
New Zealand
Name : Francis
Neville Newton
Designation : Director
Appointment date : 07/12/07
Address : 46
Rossiville Road
Goulburn, NSW 2580
Australia
Name : Andrew
Duncan James Ritchie
Designation : Director
Appointment date : 23/07/12
Address : 14
Endsleigh Road, RD2
Havelock North, Hastings 4172
New Zealand
Name : Ian
Richard Silver
Designation : Director
Appointment date : 25/03/97
Address : 39
Kaihuia Grove, RD1
Levin, Manawatu-Wanganui 5571
New Zealand
Staff employed : 400
employees (Group)
Composition
Authorized Capital : NZD
18,182,063
No of shares : 18,182,063
Shares
Share par value : NZD 1
Issued capital : NZD
18,182,063
Paid up capital : NZD
18,182,063
How listed : Full
List
Composition
Shareholder name : Jointly
held by Sarah Mary Whyte, Ian Richard Silver & Stace Kathrin Joan
Address : Sarah
Mary Whyte
130 Iona Road
Havelock North, Hastings 4130
New Zealand
Ian Richard Silver
39 Kaihuia Grove, RD1
Levin, Manawatu-Wanganui 5571
New Zealand
Stace Kathrin Joan
643 Grey Street
Hamilton East, Hamilton 3216
New Zealand
No. of shares : 5,558,410
Shares
Shareholder name : Jointly
held by Sarah Mary Whyte & SLOW TRUSTEE COMPANY LIMITED
Address : Sarah
Mary Whyte & SLOW TRUSTEE COMPANY LIMITED
130 Iona Road
Havelock North, Hastings 4130
New Zealand
No. of shares : 3,236,198
Shares
Shareholder name : KJL
TRUSTEE LIMITED
Address : 643
Grey Street
Hamilton East, Hamilton 3216
New Zealand
No. of shares : 3,236,197
Shares
Shareholder name : Jointly
held by Sarah Mary Whyte, Stace Kathrin Joan, Andrew Graeme Lowe &
Ian Richard Silver
Address : Sarah
Mary Whyte
130 Iona Road
Havelock North, Hastings 4130
New Zealand
Stace Kathrin Joan
643 Grey Street
Hamilton East, Hamilton 3216
New Zealand
Andrew Graeme Lowe
132 Iona Road
Havelock North, Hastings 4130
New Zealand
Ian Richard Silver
39 Kaihuia Grove, RD1
Levin, Manawatu-Wanganui 5571
New Zealand
No. of shares : 3,137,142
Shares
Shareholder name : Andrew
Graeme Lowe
Address : 132
Iona Road
Havelock North, Hastings 4130
New Zealand
No. of shares : 3,014,116
Shares
Structure
Name : GRAEME
LOWE EXPORTS LIMITED
Affiliation type : Wholly-owned
Subsidiary
Address : 499
Coventry Road
Tomoana, Hastings 4172
New Zealand
Name : GRAEME
LOWE PELTS LIMITED
Affiliation type : Wholly-owned
Subsidiary
Address : 499
Coventry Road
Tomoana, Hastings 4172
New Zealand
Name : GRAEME
LOWE PROTEIN LIMITED
Affiliation type : Wholly-owned
Subsidiary
Address : 499
Coventry Road
Tomoana, Hastings 4172
New Zealand
Name : GRAEME
LOWE TANNERY LIMITED
Affiliation type : Wholly-owned
Subsidiary
Address : 499
Coventry Road
Tomoana, Hastings 4172
New Zealand
Name : GRAEME
LOWE TRADING LIMITED
Affiliation type : Wholly-owned
Subsidiary
Address : 499
Coventry Road
Tomoana, Hastings 4172
New Zealand
Related companies
and corporate affiliations
comments
Other companies of the Lowe Corporation 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
bankers references are required.
Mortgages : None
reported.
Legal Fillings
Bankruptcy fillings : None
reported.
Court judgements : None
reported.
Tax liens : None
reported.
Others : None
reported.
Description
Source of financial statement : External
Sources
Financial statement date : 31/03/13
Type of accounts : Estimated
key figures
Currency : New
Zealand, Dollar (NZD)
Exchange rate : 1
USD = NZD 1.16 as of 19-05-2014
Summarized
Financial Information
Consolidation type : Consolidated
Currency : New
Zealand, Dollar (NZD)
Denomination : (x1)
One
Date of financial year end : 31/03/13
Length of accounts : 12
months
Sale turnover / Income : 300,000,000
Comments : The
estimated consolidated financial figure above relates to the Subject’s and all
its subsidiaries.
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.
The Subject meets the criteria of being a large Private Company however
is exempted from filling their financial information.
Main activities : The
Subject engages as an holding company for its subsidiaries involved as animal
by-
product processor and exporter with interests in other agri-businesses
and property.
The Group processes and produces animal meat and by-products. The Group
processes multi species and products, including bovine meat and bone meal,
mixed species meat and bone meal, ovine meal, blood meal, edible bovine tallow,
inedible tallow, poultry meal, poultry oil, feather meal, and fish meal; and
various hides, skins, and pelts, such as wet blue cattle hides, salted calf
skins, pickled sheep pelts, pickled lamb pelts, salted sheep skins and lamb
skins, pickled deer skins, and salted goat skins. It also provides meat waste
material collection services, including collection of various species, such as
bovine, ovine, equine, porcine, avian, piscine, and caprine from butchers,
supermarkets, fish merchants, licensed home kills, pork and poultry producers,
and further food processors; farm calf collection through a network of
contracted collectors; and hide and skin collection services.
Product &
services :
Rendering: Tallow, Meat and Bone Meal and Dried Blood
Tanneries & fellmongery:
Cattle, Sheep, Deer – take to
Wet Blue, Pickle and Salted stage
Shop collection service
Farming Operations in Hawkes Bay
Property Development and Investments
Purchases
Local : None
reported.
International : None
reported.
Sales
Local : None
reported.
International : None
reported.
Property &
Assets
Premises : The
Subject operates from premises at the verified heading address
consisting of an
administrative office.
Branches : In addition,
the Group has 9 plants consisting of tannery, rendering, skin processor,
protein, pelt
processor, hide & skin plants located in New Zealand.
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 2009:
26.1%
(General Government gross debt as 2010:
32.3%
a % GDP) 2011:
37%
Government bond ratings : Standard
& Poors: AA+/Stable/A-1+
Moodys rating: Aaa
Moodys 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 : None
International : None
Sales Term
Local : None
International : None
Trade Reference/
Payment Behaviour
Comments : As
local and international trade references were not supplied, the Subjects
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.58.75 |
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UK Pound |
1 |
Rs.98.77 |
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Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
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.