MIRA INFORM REPORT

Report No. :	305743
Report Date :	04.02.2015

IDENTIFICATION DETAILS

Name :	BLOCH & BEHRENS WOOL (NZ) LIMITED
Registered Office :	PO Box 9024 Tower Junction Christchurch 8149
Country :	New Zealand
Financials (as on) :	30.06.2014
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+ (Subject) / 2,100 (PGG WRIGHTSON Group)

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 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.

Source : CIA

company name and address

Verified
Subject name:	BLOCH & BEHRENS WOOL (NZ) LIMITED
Address:	PO Box 9024 Tower Junction
Town:	Christchurch
Zip/postal code:	8149
Country:	New Zealand
Telephone:	+64 (3) 3439100
Email:	bbnz@blochwool.com
Website:	www.pggwrightson.co.nz (Group)
Remarks:	The Subject's registered address is: 57 Waterloo Road, Hornby Christchurch 8042 New Zealand
EXECUTIVE SUMMARY
Date registered:	12-04-2000
Legal form:	Private Limited Liability Company
Sales turnover:	NZD 1,219,383,000 (Group consolidated 12 months, 30-06-2014)
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.:	NZ Business Number: 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
Name:	Palle Petersen
Job title:	General Manager
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, Rd 9 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:	73 Poplar Lane, Rd4 Hamilton 3284 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	Other companies of the PGG WRIGHTSON Group should also be considered as affiliates of the Subject. 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:	30-06-2014
Type of accounts:	Full audited
Currency:	New Zealand Dollar (NZD)
Exchange rate:	USD 1 = NZD 1.34 as of 28-01-2015
Summarised
	30-06-2014		30-06-2013
Consolidation:	Group consolidated		Group consolidated
Period:	12 months		12 months
Sales turnover:	1,219,383,000		1,131,847,000
Gross profit:	304,916,000		285,972,000
Operating profit:	57,758,000		-290,518,000
Profit before tax:	49,832,000		-299,892,000
Profit after tax:	42,258,000		-306,505,000
Non-current assets:	143,689,000		130,927,000
Current assets:	490,813,000		488,581,000
Inventories:	229,458,000		243,650,000
Total assets:	634,502,000		619,508,000
Current liabilities:	279,658,000		272,876,000
Non-cur liabilities:	85,142,000		90,526,000
Total liabilities:	364,800,000		363,402,000
Shareholders' equity:	269,702,000		256,106,000
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.61.74
UK Pound	1	Rs.92.71
Euro	1	Rs.69.94

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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