MIRA INFORM REPORT

Report No. :	309225
Report Date :	28.02.2015

IDENTIFICATION DETAILS

Name :	PROGRESSIVE LEATHERS EXPORT LIMITED
Registered Office :	PO Box 33, Whakatu 4161, Hawke's Bay
Country :	New Zealand
Date of Incorporation :	01.08.2007
Com. Reg. No.:	1964207
Legal Form :	Private Limited Liability Company
Line of Business :	Fellmongery Company.
No. of Employees :	90 [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 :	Unknown
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
Given
Subject name:	PROGRESSIVE LEATHERS EXPORT LIMITED
Address:	PO Box 33, Whakatu 4161, Hawke's Bay
Country:	New Zealand
Verified
Subject name:	PROGRESSIVE LEATHERS EXPORT LIMITED
Address:	Johnston Way Hawkes Bay	Postal address:	PO Box 33
Town:	Whakatu	Town:	Whakatu
Zip/postal code:	4161	Zip/postal code:	4161
Country:	New Zealand
Telephone:	+64 (6) 9748080
Fax:	+64 (6) 9748090
Website:	www.pllnz.co.nz (Parent) www.progressivemeats.co.nz
Remarks:	The Subject's registered address is: CROWE HORWATH (NZ) LIMITED 208-210 Avenue Road East 4122 Hastings New Zealand
EXECUTIVE SUMMARY
Date registered:	01-08-2007
Legal form:	Private Limited Liability Company
Main activities:	Fellmongery company.
Employees:	90 (Estimated)
REGISTRY DATA
Key Facts
Date registered:	01-08-2007
Legal form:	Private Limited Liability Company
Registration no:	1964207
Registry auth.	New Zealand Companies Office
Other reg.:	NZBN: 9429033256153
Registry status:	Live/Active
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Craig David Boyce
Job title:	Director
Name:	Craig Richard Noel Hickson
Job title:	Director
Name:	John Russell Signal
Job title:	Director
Name:	Willem Sandberg
Job title:	Director
Staff
No of employees	90 (Estimated)
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Craig David Boyce
Board function:	Director
Date appointed:	01-08-2007
Address:	2 Seaspray Lane, Sumner 8081 Christchurch New Zealand
Name:	Craig Richard Noel Hickson
Board function:	Director
Date appointed:	01-08-2007
Address:	119 Raymond Road, Rd 10 4180 Hastings New Zealand
Name:	John Russell Signal
Board function:	Director
Date appointed:	09-12-2009
Address:	Mangaone Road Rd 9, Feilding New Zealand
Name:	Willem Sandberg
Board function:	Director
Date appointed:	01-08-2007
Address:	106 Kopanga Road 4130 Havelock North New Zealand
SHARE CAPITAL
Composition
Number/type:	100 shares
Shareholders/Owners
How Listed	Full List
Composition
Name:	PROGRESSIVE LEATHERS LIMITED
No. of shares:	100 shares
% of shares:	100%
Address:	PO Box 33 4161 Whakatu New Zealand
Comment:	Registration number: 1219307 NZ Business Number: 9429036446216 Incorporation Date: 24 Jul 2002
CORPORATE AFFILIATIONS
Structure
Name:	HAWKES BAY MEAT COMPANY LIMITED
Affiliation type:	Ultimate Holding Company
Address:	10 Cook Street Waipukurau New Zealand
Name:	OVATION NEW ZEALAND LIMITED
Affiliation type:	Holding Company
Address:	First Floor, 210 Maraekakaho Road 4120 Hastings, New Zealand
Comment:	Registration number: 252512 NZ Business Number: 9429039911070 Incorporation Date: 28 Sep 1984
Name:	PROGRESSIVE LEATHERS LIMITED
Affiliation type:	Parent Company
Address:	PO Box 33 4161 Whakatu New Zealand
Comment:	Registration number: 1219307 NZ Business Number: 9429036446216 Incorporation Date: 24 Jul 2002
BANKING & FINANCING
Bankers
Bank name:	BANK OF NEW ZEALAND
Address:	New Zealand
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:	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.
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in supplying of pickled lamb pelts, wool-on skins, wool, calves, goats and deerskins.
Sales
Export:	Europe, Asia, China, Oceania, Latin and South America, Caribbean
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of production facilities, 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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.79
UK Pound	1	Rs.95.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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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