MIRA INFORM REPORT

Report No. :	309558
Report Date :	25.02.2015

IDENTIFICATION DETAILS

Name :	AFFCO NEW ZEALAND LIMITED
Registered Office :	Affco Head Office, S H 1, Waikato
Country :	New zealand
Year of Establishments :	1904
Com. Reg. No.:	70827
Legal Form :	Private Limited Liability Company
Line of Business :	· Engaged in manufacturing and distributing of meat cuts and by-products for customers worldwide. · Subject also offers allied products, such as hides and pelts, calf skins, protein meals, tallow, casings, slipe wool, pharmaceutical blood serums, offal, and rennet that are used in research projects, as well as in the manufacture of furnishings, car upholstery, footwear and other leather accessories, carpets, garments, soaps and cosmetics, therapeutics, vaccines, and diagnostics · Subject products ranges include chilled and frozen beef, lamb, mutton, goat, and pork cuts; and veal cuts.
No of Employees :	3,500 (Estimated)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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

IDENTIFICATION

Verified
Subject name:	AFFCO NEW ZEALAND LIMITED
Address:	Great South Road	Postal address:	Private Bag 3301
Town:	Horotiu	Town:	Hamilton
State/province:	Waikato	State/province:	Waikato
Country:	New Zealand
Telephone:	+64 (7) 8292888
Fax:	+64 (7) 8292889
Email:	sales@affco.co.nz
Website:	www.affco.co.nz
Remarks:	The Subject's registered address is: Affco Head Office, S H 1 Waikato New Zealand

EXECUTIVE SUMMARY

Date established:	1904
Legal form:	Private Limited Liability Company
Authorised capital:	269,185,611 shares
Main activities:	· Engaged in manufacturing and distributing of meat cuts and by-products for customers worldwide. · Subject also offers allied products, such as hides and pelts, calf skins, protein meals, tallow, casings, slipe wool, pharmaceutical blood serums, offal, and rennet that are used in research projects, as well as in the manufacture of furnishings, car upholstery, footwear and other leather accessories, carpets, garments, soaps and cosmetics, therapeutics, vaccines, and diagnostics
Employees:	3,500 - Estimated

REGISTRY DATA
Key Facts
Date established:	1904
Date registered:	24-06-1966
Legal form:	Private Limited Liability Company
Registration no:	70827
Registry auth.	Registrar of Companies
Other reg.:	NZBN 9429040639284
Registry status:	Live/Active
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Andrew Ivan Talley
Job title:	Director
Name:	Michael Anthony Talley
Job title:	Director
Name:	Milan Daniel Talley
Job title:	Director
Name:	Peter Ivan Talley
Job title:	Director
Name:	Samuel Lewis
Job title:	Director
Staff
No of employees	3,500 - Estimated
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Andrew Ivan Talley
Board function:	Director
Address:	108 Horton Road, Tasman Upper Moutere, 7173 New Zealand
Name:	Michael Anthony Talley
Board function:	Director
Address:	Cliff Road Tasman, 7150 New Zealand
Name:	Milan Daniel Talley
Board function:	Director
Address:	Kina Peninsula Tasman, 7173 New Zealand
Name:	Peter Ivan Talley
Board function:	Director
Address:	69 Motueka Quay Motueka, 7120 New Zealand
Name:	Samuel Lewis
Board function:	Director
Address:	72 Mangapiko School Road, Rd 6 Te Awamutu, 3876 New Zealand
SHARE CAPITAL
Composition
Authorised:	269,185,611 shares
Shareholders/Owners
How Listed	Full List
Composition
Name:	AFFCO HOLDINGS LIMITED
No. of shares:	269,185,611 shares
% of shares:	100%
Address:	S H 1, Horotiu Waikato New Zealand
CORPORATE AFFILIATIONS
Structure
Name:	TALLEY'S GROUP LIMITED
Affiliation type:	Ultimate Holding Company
Address:	Ward St Motueka 7120 New Zealand
Name:	AFFCO HOLDINGS LIMITED
Affiliation type:	Parent Company
Address:	S H 1, Horotiu Waikato New Zealand
Name:	AFFCO EUROPE LTD
Affiliation type:	Associate
Address:	3rd Floor, International House Dover Place, Ashford Kent, TN23 1HU United Kingdom
Name:	AFFCO USA, INC.
Affiliation type:	Associate
Address:	8160 Baymeadows Way West Suite 150, Jacksonville Florida 32256 USA
Comments	Other companies of the TALLEY'S Group should also be considered as affiliates of the Subject.
BANKING & FINANCING
Charges & Mortgages	Time of Registration: 22-Aug-2002 10:46 Debtor Name: AFFCO NEW ZEALAND LIMITED Financing Statement Registration No: FHT5Z7F5P2959J5M/C0005 Incorporation No: 70827 City/Town: Horotiu Collateral Type: All Present And After Acquired Personal Property Time of Registration: 22-Aug-2002 10:46 Debtor Name: AFFCO NEW ZEALAND LIMITED Financing Statement Registration No: FHT5Z7F5P2959J5M/C0005 Incorporation No: 70827 City/Town: Horotiu Collateral Type: All Present And After Acquired Personal Property Time of Registration: 22-Aug-2002 10:55 Debtor Name: AFFCO NEW ZEALAND LIMITED Financing Statement Registration No: F24PDU54CM9P865F/C0005 Incorporation No: 70827 City/Town: Horotiu Collateral Type: All Present And After Acquired Personal Property Time of Registration: 22-Aug-2002 11:24 Debtor Name: AFFCO NEW ZEALAND LIMITED Financing Statement Registration No: F25UJE4238JE3RC7/C0005 Incorporation No: 70827 City/Town: Horotiu Collateral Type: All Present And After Acquired Personal Property Time of Registration: 22-Aug-2002 11:31 Debtor Name: AFFCO NEW ZEALAND LIMITED Financing Statement Registration No: F263XTFGP7637B4R/C0005 Incorporation No: 70827 City/Town: Horotiu Collateral Type: All Present And After Acquired Personal Property Time of Registration: 22-Aug-2002 11:39 Debtor Name: AFFCO NEW ZEALAND LIMITED Financing Statement Registration No: F2699FFNJP9Z8D22/C0005 Incorporation No: 70827 City/Town: Horotiu Collateral Type: All Present And After Acquired Personal Property Time of Registration: 22-Aug-2002 12:35 Debtor Name: AFFCO NEW ZEALAND LIMITED Financing Statement Registration No: FMJRJ5F6V97229N2/C0005 Incorporation No: 70827 City/Town: Horotiu Collateral Type: All Present And After Acquired Personal Property Time of Registration: 22-Aug-2002 13:08 Debtor Name: AFFCO NEW ZEALAND LIMITED Financing Statement Registration No: FA28PW5FK3722TJ4/C0005 Incorporation No: 70827 City/Town: Horotiu Collateral Type: All Present And After Acquired Personal Property Time of Registration: 22-Aug-2002 13:16 Debtor Name: AFFCO NEW ZEALAND LIMITED Financing Statement Registration No: F29D972289JKMTMX/C0005 Incorporation No: 70827 City/Town: Horotiu Collateral Type: All Present And After Acquired Personal Property Time of Registration: 22-Aug-2002 13:28 Debtor Name: AFFCO NEW ZEALAND LIMITED Financing Statement Registration No: FH6R99F65MT5UJ63/C0005 Incorporation No: 70827 City/Town: Horotiu Collateral Type: All Present And After Acquired Personal Property Time of Registration: 22-Aug-2002 13:53 Debtor Name: AFFCO NEW ZEALAND LIMITED Financing Statement Registration No: F24HDDTJ7XM32989/C0005 Incorporation No: 70827 City/Town: Horotiu Collateral Type: All Present And After Acquired Personal Property
FINANCIAL ACCOUNTS
Description
Required to file:	No
Source:	N/A
Comments	The Subject's financial statements were not available in the course of our investigation and respondents contacted at the Company were not prepared to release such documents. AFFCO GROUP annual sales for fiscal year ending on 30-09-2010 (latest available data) exceeded NZD 1 billion and shareholders equity amounted to NZD 315 million.
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in the manufacturing and distributing of meat cuts and by-products for customers worldwide. Its products include chilled and frozen beef, lamb, mutton, goat, and pork cuts; and veal cuts. The company also offers allied products, such as hides and pelts, calf skins, protein meals, tallow, casings, slipe wool, pharmaceutical blood serums, offal, and rennet that are used in research projects, as well as in the manufacture of furnishings, car upholstery, footwear and other leather accessories, carpets, garments, soaps and cosmetics, therapeutics, vaccines, and diagnostics. It sells products through fashion houses in Europe and the United States. AFFCO New Zealand serves food merchandisers, restaurants, supermarkets, food manufacturers, and food grinding and small goods businesses.
Purchases
Local:	Yes
Import:	The Company does not import.
Sales
Local:	Yes
Export:	World-wide
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.
Branches	The Company also operates 10 production plants in New Zealand.
PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.27
UK Pound	1	Rs.96.21
Euro	1	Rs.70.60

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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