MIRA INFORM REPORT

Report No. :	309559
Report Date :	09.03.2015

IDENTIFICATION DETAILS

Name :	ALLIANCE GROUP LIMITED
Registered Office :	51 Don Street, PO Box 845, Invercargill
Country :	New Zealand
Financials (as on) :	30.09.2014
Date of Incorporation :	02.03.1948
Com. Reg. No.:	154786
Legal Form :	Private Limited Liability Company
Line of Business :	The Subject is engaged in processing, production, and export of meat and meat-related products.
No. of Employees :	5,000 [Estimated]

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

IDENTIFICATION
Verified
Subject name:	ALLIANCE GROUP LIMITED
Address:	51 Don Street		Postal address:		PO Box 845
Town:	Invercargill		Town:		Invercargill
Country:	New Zealand
Telephone:	+64 (3) 2142700
Fax:	+64 (3) 2142708
Email:	executive@alliance.co.nz
Website:	www.alliance.co.nz
Remarks:	The Subject's registered address is: Level 2 51 Don Street Invercargill New Zealand
EXECUTIVE SUMMARY
Date registered:	02-03-1948
Legal form:	Private Limited Liability Company
Authorised capital:	69,476,319 shares
Sales turnover:	NZD 1,461,495,000 (12 months, 30-09-2014)
Main activities:	Processing, production, and export of meat and meat-related products.
Employees:	5,000 - Estimated
REGISTRY DATA
Key Facts
Date registered:	02-03-1948
Legal form:	Private Limited Liability Company
Registration no:	154786
Registry auth.	Registrar of Companies
Other reg.:	NZ Business Number 9429040268064
Registry status:	Live/Active
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Donald George Morrison
Job title:	Director
Name:	Douglas Alexander Brown
Job title:	Director
Name:	Graeme Roderick Milne
Job title:	Director
Name:	Hilary Dawn Sangster
Job title:	Director
Name:	James Harold Ogden
Job title:	Director
Name:	Murray James Taggart
Job title:	Director
Name:	Murray Wilson Arthur Donald
Job title:	Director
Name:	Russell Graham Drummond
Job title:	Director
Name:	Vanessa Cynthia May Stoddart
Job title:	Director
Key Advisors
Auditor:	KPMG Christchurch New Zealand
Staff
No of employees	5,000 - Estimated
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Donald George Morrison
Board function:	Director
Address:	Gore New Zealand
Name:	Douglas Alexander Brown
Board function:	Director
Address:	Oamaru New Zealand
Name:	Graeme Roderick Milne
Board function:	Director
Address:	Cambridge New Zealand
Name:	Hilary Dawn Sangster
Board function:	Director
Address:	Ranfurly New Zealand
Name:	James Harold Ogden
Board function:	Director
Address:	Porirua New Zealand
Name:	Murray James Taggart
Board function:	Director
Address:	Oxford New Zealand
Name:	Murray Wilson Arthur Donald
Board function:	Director
Address:	Invercargill New Zealand
Name:	Russell Graham Drummond
Board function:	Director
Address:	Winton New Zealand
Name:	Vanessa Cynthia May Stoddart
Board function:	Director
Address:	Auckland New Zealand
SHARE CAPITAL
Composition
Authorised:	69,476,319 shares
Shareholders/Owners
How Listed	Full List / Major Shareholders only
Composition
Name:	WILKINS FARMING COMPANY LIMITED
No. of shares:	145,000 shares
Address:	15a Hokonui Drive Gore New Zealand
Name:	W PINCKNEY LIMITED
No. of shares:	145,000 shares
Address:	JACKSON VALENTINE LIMITED Chartered Accountants 3rd Floor 258 Stuart Street Dunedin 9016 New Zealand
Name:	SUMMIT FARMING NZ LIMITED
No. of shares:	145,000 shares
Address:	Bdo Chch 30 Sir William Pickering Drive Burnside Christchurch 8053 New Zealand
Name:	PETERS FARMS LIMITED
No. of shares:	145,000 shares
Address:	3 Fairfield Street Gore Null 9710 New Zealand
Name:	N.E. PARKES & SONS LIMITED
No. of shares:	145,000 shares
Address:	266 Hardy St Nelson New Zealand
Name:	MOUNT LINTON STATION LIMITED
No. of shares:	145,000 shares
Address:	CROWE HORWATH (NZ) LTD 173 Spey Street Invercargill 9810 New Zealand
Name:	LONE STAR FARMS LIMITED
No. of shares:	145,000 shares
Address:	Level 2 295 Trafalgar Street Nelson New Zealand
Name:	LANDCORP FARMING LIMITED
No. of shares:	145,000 shares
Address:	15 Allen Street Wellington 6011 New Zealand
Name:	GLEN ISLAY LIMITED
No. of shares:	145,000 shares
Address:	Harvie Green Wyatt Chartered Accountants Level 5 229 Moray Place Dunedin 9016 New Zealand
Name:	E.G. LUDEMANN LIMITED
No. of shares:	145,000 shares
Address:	Harvie Green Wyatt Chartered Accountants Level 5 229 Moray Place Dunedin 9016 New Zealand
CORPORATE AFFILIATIONS
Structure
Name:	E.G. LUDEMANN LIMITED
Affiliation type:	Shareholder
Address:	Harvie Green Wyatt Chartered Accountants Level 5 229 Moray Place Dunedin 9016 New Zealand
Name:	GLEN ISLAY LIMITED
Affiliation type:	Shareholder
Address:	Harvie Green Wyatt Chartered Accountants Level 5 229 Moray Place Dunedin 9016 New Zealand
Name:	LANDCORP FARMING LIMITED
Affiliation type:	Shareholder
Address:	15 Allen Street Wellington 6011 New Zealand
Name:	LONE STAR FARMS LIMITED
Affiliation type:	Shareholder
Address:	Level 2 295 Trafalgar Street Nelson New Zealand
Name:	MOUNT LINTON STATION LIMITED
Affiliation type:	Shareholder
Address:	CROWE HORWATH (NZ) LTD 173 Spey Street Invercargill 9810 New Zealand
Name:	N.E. PARKES & SONS LIMITED
Affiliation type:	Shareholder
Address:	266 Hardy St Nelson New Zealand
Name:	PETERS FARMS LIMITED
Affiliation type:	Shareholder
Address:	3 Fairfield Street Gore Gore Null 9710 New Zealand
Name:	SUMMIT FARMING NZ LIMITED
Affiliation type:	Shareholder
Address:	Bdo Chch 30 Sir William Pickering Drive Burnside Christchurch 8053 New Zealand
Name:	W PINCKNEY LIMITED
Affiliation type:	Shareholder
Address:	JACKSON VALENTINE LIMITED Chartered Accountants 3rd Floor 258 Stuart Street Dunedin 9016 New Zealand
Name:	WILKINS FARMING COMPANY LIMITED
Affiliation type:	Shareholder
Address:	15a Hokonui Drive Gore New Zealand
Name:	NEW ZEALAND FARMERS LTD
Affiliation type:	Wholly-owned Subsidiary
Address:	United Kingdom
Name:	NEW ZEALAND HOLDINGS (UK) LTD
Affiliation type:	Wholly-owned Subsidiary
Address:	United Kingdom
Name:	WAITAKI INTERNATIONAL LTD
Affiliation type:	Wholly-owned Subsidiary
Address:	New Zealand
BANKING & FINANCING
Bankers
Bank name:	ANZ BANK LTD
Address:	New Zealand
Bank name:	BANK OF NEW ZEALAND
Address:	New Zealand
Bank name:	RABOBANK NZ BRANCH
Address:	New Zealand
Charges & Mortgages	Time of Registration/PPSR Registration Date: 17-Sep-2002 11:34 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: F4BZ53PGH866A78S/C0004 Debtor Reference: 804388 - Alliance Pukeuri Plan Org Type: Company Incorporation No: 154786 City/Town: OAMARU Collateral Type: Goods - Other Time of Registration/PPSR Registration Date: 26-Sep-2002 10:54 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: F92947JM8CX1P587/C0004 Debtor Reference: 804384 - Alliance Mataura Org Type: Company Incorporation No:154786 City/Town: INVERCARGILL Collateral Type: Goods - Other Time of Registration/PPSR Registration Date: 18-Oct-2002 09:07 Debtor Name: ALLIANCE GROUP LIMITED Date of Prior Registration/Creation: 01-Jun-1994 Financing Statement Registration No.: FJ4FT40RM0329922/C0008 Org Type: Company Incorporation No:154786 City/Town: INVERCARGILL Collateral Type: Goods - All Present And After Acquired Personal Property Time of Registration/PPSR Registration Date: 19-Nov-2002 11:41 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: FM13XA0239G29B62/C0002 Debtor Reference: MFDV/35629 Org Type: Company Incorporation No:154786 City/Town: TIMARU Collateral Type: All Present And After Acquired Personal Property; Goods - Other Time of Registration/PPSR Registration Date: 11-Apr-2003 05:40 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: F659735F2H1XP80Z/C0004 Org Type: Company Incorporation No:154786 City/Town: NELSON Collateral Type: Goods - Other Time of Registration/PPSR Registration Date: 07-Oct-2003 09:41 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: FP5HD1V9255894N0/C0007 Org Type: Company Incorporation No:154786 City/Town: INVERCARGILL Collateral Type: Goods - Motor Vehicles Time of Registration/PPSR Registration Date: 20-Jan-2004 09:15 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.:FY0J9E9465062RA2/C0007 Org Type: Company Incorporation No:154786 City/Town: INVERCARGILL Collateral Type: Goods - Motor Vehicles Time of Registration/PPSR Registration Date: 12-May-2005 10:39 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: F91FZ0J468X93907/C0005 Org Type: Company Incorporation No: 154786 City/Town: INVERCARGILL Collateral Type: All Present And After Acquired Personal Property; Goods - Motor Vehicles Time of Registration/PPSR Registration Date: 24-Jun-2005 13:17 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: F81H8J905XZ4989Z/C0005 Org Type: Company Incorporation No: 154786 City/Town: INVERCARGILL Collateral Type: All Present And After Acquired Personal Property; Goods - Motor Vehicles Time of Registration/PPSR Registration Date: 24-Aug-2005 10:12 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: FR2HD2136B99J098/C0003 Debtor Reference: 0030609130 Org Type: Company Incorporation No: 154786 City/Town: DUNEDIN Collateral Type: Goods - Other Time of Registration/PPSR Registration Date: 29-Nov-2005 10:46 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: FJ47T9F21T9Z7515/C0005 Org Type: Company Incorporation No:154786 City/Town: INVERCARGILL Collateral Type: All Present And After Acquired Personal Property; Goods - Motor Vehicles Time of Registration/PPSR Registration Date: 29-Nov-2005 10:48 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: FM1HE1AJ25489979/C0005 Org Type: Company Incorporation No:154786 City/Town: INVERCARGILL Collateral Type: All Present And After Acquired Personal Property; Goods - Motor Vehicles Time of Registration/PPSR Registration Date: 27-Apr-2006 13:14 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: F21DR0786V55J632/C0005 Org Type: Company Incorporation No:154786 City/Town: INVERCARGILL Collateral Type: All Present And After Acquired Personal Property; Goods - Motor Vehicles Time of Registration/PPSR Registration Date: 27-Apr-2006 13:17 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: F7096JK9D3G35129/C0005 Org Type: Company Incorporation No:154786 City/Town: INVERCARGILL Collateral Type: All Present And After Acquired Personal Property; Goods - Motor Vehicles Time of Registration/PPSR Registration Date: 27-Apr-2006 13:19 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: FM09T6Z9524905YF/C0005 Org Type: Company Incorporation No:154786 City/Town: INVERCARGILL Collateral Type: All Present And After Acquired Personal Property; Goods - Motor Vehicles Time of Registration/PPSR Registration Date: 27-Apr-2006 13:22 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: FN8HX290D2336D99/C0005 Org Type: Company Incorporation No:154786 City/Town: INVERCARGILL Collateral Type: All Present And After Acquired Personal Property; Goods - Motor Vehicles Time of Registration/PPSR Registration Date: 09-Aug-2006 08:35 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: FN8MH059979999RP/C0002 Debtor Reference: 7058070 Org Type: Company Incorporation No: 154786 City/Town: NELSON Collateral Type: Goods - Other Time of Registration/PPSR Registration Date: 29-Aug-2006 08:04 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: FH1WZ917262G6S02/C0002 Debtor Reference: 3714498 Org Type: Company Incorporation No:154786 City/Town: DANNIVERKE Collateral Type: Goods – Other Time of Registration/PPSR Registration Date: 29-Aug-2006 08:25 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: FJ22D9P61MD28291/C0002 Debtor Reference: 3736224 Org Type: Company Incorporation No: 154786 City/Town: CHRISTCHURCH Collateral Type: Goods – Other Time of Registration/PPSR Registration Date: 29-Aug-2006 08:31 Debtor Name: ALLIANCE GROUP LIMITED Financing Statement Registration No.: FH4RP2PN82562477/C0002 Debtor Reference: 3736304 Org Type: Company Incorporation No: 154786 City/Town: TIMARU Collateral Type: Goods - Other
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:	Yes
Source:	Public Record Sources
Presentation:	Attached to this report / Summarised below
Date of accounts:	30-09-2014
Type of accounts:	Full audited
Currency:	New Zealand Dollar (NZD)
Exchange rate:	USD 1 = NZD 1.34 as of 25-02-2015
Summarised
	30-09-2014			30-09-2013
Consolidation:	Consolidated			Consolidated
Period:	12 months			12 months
Sales turnover:	1,461,495,000			1,388,574,000
Profit before tax:	10,573,000			8,398,000
Profit after tax:	6,210,000			5,614,000
Non-current assets:	248,951,000			248,766,000
Current assets:	255,804,000			236,270,000
Inventories:	135,854,000			126,640,000
Total assets:	504,755,000			485,036,000
Current liabilities:	81,591,000			66,973,000
Non-current liabilities:	126,480,000			120,740,000
Total liabilities:	208,071,000			187,713,000
Shareholders' equity:	296,684,000			297,323,000
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in processing, production, and export of meat and meat-related products.
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.
INVESTIGATIVE NOTES
Sources:		Interviews and material provided by the Subject Other official and local business sources
ATTACHMENTS
Attachments:		Financial statements Financial ratios

Financial Ratios
	30-09-2014	30-09-2013	Trend
PROFITABILITY [%]
Gross Margin	N/A	N/A	N/A
Gross Profit / Sales Turnover * 100
Operating Margin	N/A	N/A	N/A
Operating Profit / Sales Turnover * 100
Net Profit Margin	0.42%	0.4%	5%
Profit After Tax / Sales Turnover * 100
Return On Equity (ROE)	2.09%	1.89%	10.58%
Profit After Tax / Equity * 100
Return On Assets (ROA)	1.23%	1.16%	6.03%
Profit After Tax / Total Assets * 100
Return On Investment (ROI)	3.56%	2.82%	26.24%
Profit Before Tax / Equity * 100
EFFICIENCY [%]
Asset Turnover	289.55%	286.28%	1.14%
Sales Turnover / Total Assets * 100
Inventory Turnover	1075.78%	1096.47%	-1.89%
Sales Turnover / Inventory * 100
LIQUIDITY [%]
Current Ratio (CR)	313.52%	352.78%	-11.13%
Current Assets / Current Liabilities * 100
Quick Ratio (QR)	147.01%	163.69%	-10.19%
(Current Assets – Inventory) / Current Liabilities * 100
DEBT [%]
Debt Ratio	41.22%	38.7%	6.51%
Total Liabilities / Total Assets * 100
Long-Term Debt Ratio	42.63%	40.61%	4.97%
Long-Term Liabilities / Equity * 100

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.94.71
Euro	1	Rs.68.60

INFORMATION DETAILS

Analysis Done by :	KAR
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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