MIRA INFORM REPORT

Report No. :	353129
Report Date :	10.12.2015

IDENTIFICATION DETAILS

Name :	BLOCH & BEHRENS WOOL (NZ) LIMITED
Registered Office :	57 Waterloo Road Hornby Christchurch 8042
Country :	New Zealand
Financials (as on) :	30.06.2015
Date of Incorporation :	12.04.2000
Com. Reg. No.:	1027107
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in exporting and distributing wool and wool products.
No. of Employee :	10+

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
New Zealand	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

NEW ZEALAND ECONOMIC OVERVIEW

Over the past 30 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, fueling a large balance of payments deficit that posed a challenge for policymakers. 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. The higher rate attracted international capital inflows, which strengthened the currency and housing market while 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 in 2009, and achieved 2%-3% growth between 2011 to 2014. Nevertheless, key trade sectors remain vulnerable to weak external demand and lower commodity prices. In the aftermath of the Canterbury earthquakes, the government has continued programs to expand export markets, develop capital markets, invest in innovation, raise productivity growth, and develop infrastructure, while easing its fiscal austerity.

Source : CIA

IDENTIFICATION
Verified
Subject name:	BLOCH & BEHRENS WOOL (NZ) LIMITED
Address:	57 Waterloo Road Hornby		Postal address:		PO Box 9024 Tower Junction
Town:	Christchurch		Town:		Christchurch
Zip/postal code:	8042		Zip/postal code:		8149
Country:	New Zealand
Telephone:	+64 (3) 3439100
Fax:	+64 (3) 3439108
Email:	bbnz@blochwool.com
Website:	www.pggwrightson.co.nz (Group)
EXECUTIVE SUMMARY
Date registered:	12-04-2000
Legal form:	Private Limited Liability Company
Sales turnover:	NZD 1,202,835,000 (Group consolidated 12 months, 30-06-2015)
Main activities:	Export and distribution of wool.
Employees:	10+ (Subject) / 2,100 (PGG WRIGHTSON Group)
REGISTRY DATA
Key Facts
Date registered:	12-04-2000
Legal form:	Private Limited Liability Company
Registration no:	1027107
Registry auth.:	Registrar of Companies
Other reg.:	NZBN 9429037299682
Registry status:	Live/Active
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Cedric John Bayly
Job title:	Director
Name:	Julian Shane Daly
Job title:	Director
Name:	Mark Braden Neil Dewdney
Job title:	Director
Staff
No of employees	10+ (Subject) / 2,100 (PGG WRIGHTSON Group)
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Cedric John Bayly
Board function:	Director
Address:	634 Matapiro Road Hastings 4179 New Zealand
Name:	Julian Shane Daly
Board function:	Director
Address:	4 Benmore Gardens Harewood Christchurch 8051 New Zealand
Name:	Mark Braden Neil Dewdney
Board function:	Director
Address:	603a Tauwhare Road Hamilton 3287 New Zealand
SHARE CAPITAL
Composition
Number/type:	500,000 shares
Shareholders/Owners
How Listed	Full List
Composition
Name:	PGG WRIGHTSON LIMITED
% of shares:	100%
Address:	57 Waterloo Road Hornby Christchurch 8042 New Zealand
CORPORATE AFFILIATIONS
Structure
Name:	PGG WRIGHTSON LIMITED
Affiliation type:	Parent Company
Address:	57 Waterloo Road Hornby Christchurch 8042 New Zealand
Comments	A list of major affiliated companies is attached to this report.
BANKING & FINANCING
Bankers
Bank name:	ANZ BANK NEW ZEALAND LIMITED
Address:	New Zealand
Charges & Mortgages	Time Of Registration: 07-Oct-2008 15:37:56 Debtor: BLOCH & BEHRENS WOOL (NZ) LIMITED Financing Statement Registration No: FM2HB31N5946M023/C0013 Incorporation Number: 1027107 City: Christchurch Collateral Type: All present and after acquired personal property
Comments	It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.
FINANCIAL ACCOUNTS
Description
Required to file:	No
Source:	Group Consolidated Statements
Presentation:	Attached to this report / Summarised below
Date of accounts:	30-06-2015
Type of accounts:	Full audited
Currency:	New Zealand Dollar (NZD)
Exchange rate:	USD 1 = NZD 1.5 as of 01-12-2015
Summarised
	30-06-2015			30-06-2014
Consolidation:	Group consolidated			Group consolidated
Period:	12 months			12 months
Sales turnover:	1,202,835,000			1,219,383,000
Gross profit:	317,141,000			304,916,000
Operating profit:	59,563,000			57,758,000
Profit before tax:	48,783,000			49,832,000
Profit after tax:	32,753,000			42,258,000
Non-current assets:	157,582,000			143,689,000
Current assets:	495,371,000			490,813,000
Total assets:	652,953,000			634,502,000
Current liabilities:	297,353,000			279,658,000
Non-cur liabilities:	88,232,000			85,142,000
Total liabilities:	385,585,000			364,800,000
Shareholders' equity:	267,368,000			269,702,000
Comments	The above group consolidated figures relate to the Subject's Parent Company PGG WRIGHTSON LIMITED and its subsidiaries.
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in exporting and distributing wool and wool products.
Sales
Export:	Worldwide
Trade Bodies	International Wool Textile Organisation (IWTO) New Zealand Council of Wool Exporters Inc (NZCWE)
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of a warehouse and administrative offices.
PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Exports:	L/Cs Credits 30 days net
Debt Collections / Judgements	No negative information was found.
Payment Experience
Payment behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.
INVESTIGATIVE NOTES
Sources:		Interviews and material provided by the Subject Other official and local business sources
ATTACHMENTS
Attachments:		Group consolidated financial statements List of affiliated companies

List of affiliates

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.75
UK Pound	1	Rs.100.29
Euro	1	Rs.72.89
NZD	1	Rs.44.92

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	ANK

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
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
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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
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
--	NB	New Business	--

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.