MIRA INFORM REPORT

Report No. :	501995
Report Date :	10.04.2018

IDENTIFICATION DETAILS

Name :	LOWE CORPORATION LIMITED
Registered Office :	499 Coventry Road, Hastings, 4156
Country :	New Zealand
Date of Incorporation :	28.10.1986
Com. Reg. No.:	324807
Legal Form :	Private Limited Liability Company
Line of Business :	Animal by-Product Processing and Marketing Company.
No. of Employees :	400 (Estimated)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
New Zealand	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

NEW ZEALAND - ECONOMIC OVERVIEW

Over the past 40 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 10 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 and 2008. The higher rate attracted international capital inflows, which strengthened the currency and housing market while aggravating the current account deficit. Rising house prices, especially in Auckland, have become a political issue in recent years, as well as a policy challenge in 2016 and 2017, as the ability to afford housing has declined for many.

Expanding New Zealand’s network of free trade agreements remains a top foreign policy priority. New Zealand was an early promoter of the Trans-Pacific Partnership (TPP) and was the second country to ratify the agreement in May 2017. Following the United States’ withdrawal from the TPP in January 2017, on 10 November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). In November 2016, New Zealand opened negotiations to upgrade its FTA with China; China is one of New Zealand’s most important trading partners.

Source : CIA

IDENTIFICATION
Verified
Subject name:	LOWE CORPORATION LIMITED
Address:	499 Coventry Road		Postal address:	PO Box 444
Town:	Hastings		Town:	Hastings
Zip/postal code:	4156		Zip/postal code:	4156
Country:	New Zealand
Telephone:	+64 (6) 8727700
Fax:	+64 (6) 8727781
Email:	wdr@lowecorp.co.nz
Website:	www.lowecorp.co.nz
EXECUTIVE SUMMARY
Date registered:	28-10-1986
Legal form:	Private Limited Liability Company
Main activities:	Animal by-product processing and marketing company.
Employees:	400 (Estimated)
REGISTRY DATA
Key Facts
Date registered:	28-10-1986
Legal form:	Private Limited Liability Company
Registration no:	324807
Registry auth.:	Registrar of Companies
Other reg.:	NZBN: 9429039671325
Registry status:	Live/Active
Previous names:	1) GRAEME LOWE NZ LIMITED 2) LOWE WALKER NZ LIMITED 3) T H WALKER N Z LIMITED 4) LOWE MEAT HOLDINGS LIMITED Present style adopted on 08-05-1998.
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Andrew Graeme Lowe
Job title:	Managing Director
Name:	Andrew Duncan James Ritchie
Job title:	Chief Operations Officer
Name:	Derek Bowman
Job title:	General Manager - Engineering
Name:	Stuart Taylor
Job title:	General Manager - Operations
Name:	Bill Ritchie
Job title:	Manager - Procurement and Sales
Name:	Steve Harley
Job title:	Sales Manager - Hides, Skins and Pelts
Staff
No of employees	400 (Estimated)
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Philip William Hocquard
Board function:	Chairman
Date appointed:	23-07-2012
Address:	19 Simla Avenue Havelock North, 4130 New Zealand
Name:	Andrew Graeme Lowe
Board function:	Managing Director
Date appointed:	01-10-2003
Address:	389 Ocean Beach Road, Ocean Beach Waimarama, 4294 New Zealand
Name:	Ian Richard Silver
Board function:	Director
Date appointed:	25-03-1997
Address:	39 Kaihuia Grove, R D 1 Levin, 5571 New Zealand
Name:	Andrew Duncan James Ritchie
Board function:	Alternate Director
Date appointed:	23-07-2012
Address:	14 Endsleigh Road, Rd 2 Hastings, 4172 New Zealand
SHARE CAPITAL
Composition
Number/type:	18,182,063 shares
Shareholders/Owners
How Listed	Full List
Composition
Name:	Sarah Mary Whyte Ian Richard Silver Stace Kathrin Joan (Joint shareholding)
No. of shares:	5,558,410 shares
% of shares:	30.57%
Address:	Sarah Mary Whyte: Iona Road Havelock North New Zealand Ian Richard Silver: 39 Kaihuia Grove, Rd1 Levin New Zealand Stace Kathrin Joan: 643 Grey Street Hamilton New Zealand
Name:	Andrew Graeme Lowe
No. of shares:	4,582,686 shares
% of shares:	25.20%
Address:	132 Iona Road Havelock North, 4130 New Zealand
Name:	KJL TRUSTEE LIMITED
No. of shares:	3,236,197 shares
% of shares:	17.80%
Address:	643 Grey Street Hamilton East Hamilton, 3216 New Zealand
Name:	Sarah Mary Whyte SLOW TRUSTEE COMPANY LIMITED (Joint shareholding)
No. of shares:	3,236,198 shares
% of shares:	17.80%
Address:	Sarah Mary Whyte: Iona Road Havelock North New Zealand SLOW TRUSTEE COMPANY LIMITED: 130 Iona Road Havelock North, 4130 New Zealand
Name:	Sarah Mary Whyte Stace Kathrin Joan Andrew Graeme Lowe Ian Richard Silver (Joint shareholding)
No. of shares:	1,568,572 shares
% of shares:	8.63%
Address:	Sarah Mary Whyte: Iona Road Havelock North New Zealand Stace Kathrin Joan 643 Grey Street Hamilton New Zealand Andrew Graeme Lowe 132 Iona Road Havelock North 4130 New Zealand Ian Richard Silver 39 Kaihuia Grove, Rd1 Levin New Zealand
CORPORATE AFFILIATIONS
Structure
Name:	KJL TRUSTEE LIMITED
Affiliation type:	Shareholder
Address:	643 Grey Street Hamilton East Hamilton, 3216 New Zealand
Name:	SLOW TRUSTEE COMPANY LIMITED
Affiliation type:	Shareholder
Address:	130 Iona Road Havelock North, 4130 New Zealand
Name:	ASTLEY LEATHERS (2005) LIMITED
Affiliation type:	Wholly-owned Subsidiary
Address:	New Zealand
Name:	COMMERCIAL FOOD INGREDIENTS LIMITED
Affiliation type:	Wholly-owned Subsidiary
Address:	New Zealand
Name:	GRAEME LOWE ASSET TRADING LIMITED
Affiliation type:	Wholly-owned Subsidiary
Address:	New Zealand
Name:	GRAEME LOWE AVIATION LIMITED
Affiliation type:	Wholly-owned Subsidiary
Address:	New Zealand
Name:	GRAEME LOWE EXPORTS LIMITED
Affiliation type:	Wholly-owned Subsidiary
Address:	New Zealand
Name:	GRAEME LOWE FINANCE LIMITED
Affiliation type:	Wholly-owned Subsidiary
Address:	New Zealand
Name:	GRAEME LOWE PELTS LIMITED
Affiliation type:	Wholly-owned Subsidiary
Address:	New Zealand
Name:	LOWE CORPORATION (OTAGO) LIMITED
Affiliation type:	Wholly-owned Subsidiary
Address:	New Zealand
BANKING & FINANCING
Bankers
Bank name:	ANZ BANKING GROUP (NEW ZEALAND) LIMITED
Address:	New Zealand
Charges & Mortgages	Time of Registration: 23-Oct-2002 09:00 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: FX43XR0B54986B72 Incorporation No: 324807 City/Town: AUCKLAND Collateral Type: Goods - Other Time of Registration: 13-Sep-2006 10:13 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: FR7N62X71BZ89820 Incorporation No: 324807 City/Town: TUAKAU Collateral Type: All Present And After Acquired Personal Property; Goods - Other Time of Registration: 18-Sep-2007 14:31 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: FU724M6W90JE3972 Incorporation No: 324807 City/Town: DUNEDIN Collateral Type: All Present And After Acquired Personal Property; Goods - Other Time of Registration: 12-Dec-2008 08:33 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: F27RU448320UK16P Incorporation No: 324807 City/Town: DUNEDIN Collateral Type: All Present And After Acquired Personal Property; Goods - Other Time of Registration: 03-Feb-2009 14:06 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: F77K5R17A68M099R Incorporation No: 324807 City/Town: CHRISTCHURCH Collateral Type: Goods - Other Time of Registration: 03-Feb-2009 14:06 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: F77K5R17A68M099R Incorporation No: 324807 City/Town: HASTINGS Collateral Type: Goods - Other Time of Registration: 03-Feb-2009 14:06 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: F77K5R17A68M099R Incorporation No: 324807 City/Town: CHRISTCHURCH Collateral Type: Goods - Other Time of Registration: 02-Feb-2010 11:18 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: F27R49C991PP04A8 Incorporation No: 324807 City/Town: HASTINGS Collateral Type: All Present And After Acquired Personal Property Time of Registration: 05-Apr-2013 12:10 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: F649PM0B9P28M269 Incorporation No: 324807 City/Town: HASTINGS Collateral Type: Goods - Other Time of Registration: 22-Oct-2013 15:37 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: F732KJ0725GP1S42 Incorporation No: 324807 City/Town: HASTINGS Collateral Type: Goods - Other Time of Registration: 20-Jan-2014 12:17 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: F22UB7520S924J9K Incorporation No: 324807 City/Town: HASTINGS Collateral Type: Goods - Motor Vehicles Time of Registration: 24-Jul-2014 14:14 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: F61RP16Z29J5079B Incorporation No: 324807 City/Town: HASTINGS Collateral Type: All Present And After Acquired Personal Property Time of Registration: 20-Jan-2015 12:31 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: F3122MH13696MH12 Incorporation No: 324807 City/Town: HASTINGS Collateral Type: Goods - Other Time of Registration: 20-Jan-2015 12:34 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: FM168HJ28128M9J2 Incorporation No: 324807 City/Town: HASTINGS Collateral Type: Goods - Other Time of Registration: 20-Jan-2015 12:34 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: FP22D2325J40P2G9 Incorporation No: 324807 City/Town: HASTINGS Collateral Type: Goods - Other Time of Registration: 20-Jan-2015 12:35 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: FP0F372U4224J95D Incorporation No: 324807 City/Town: HASTINGS Collateral Type: Goods - Other Time of Registration: 20-Jan-2015 12:36 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: F70H23X07798CB1S Incorporation No: 324807 City/Town: HASTINGS Collateral Type: Goods - Other Time of Registration: 12-Feb-2015 16:58 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: FM24D49479N0PJ79 Incorporation No: 324807 City/Town: HASTINGS Collateral Type: Goods - Other Time of Registration: 23-Apr-2015 10:17 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: FB02536P7U770JN8 Incorporation No: 324807 City/Town: HASTINGS Collateral Type: Goods - Other Time of Registration: 14-Oct-2015 11:43 Debtor Name: LOWE CORPORATION LIMITED Financing Statement Registration No: FB7P2329V0V6T096 Incorporation No: 324807 City/Town: HASTINGS 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:	No
Source:	N/A
Comments	The Subject's financial statements were not available in the course of our investigation. Industry source reported sales turnover at NZD 155,000,000 and NZD 140,000,000 for the fiscal year 2014 and 2013 respectively.
OPERATIONS & HISTORY
Activities
Full description:	The Subject processes and produces animal meat and by-products. It processes multi species and products, including bovine meat and bone meal, mixed species meat and bone meal, ovine meal, blood meal, edible bovine tallow, inedible tallow, poultry meat, poultry oil, feather meal, and fish meal; and various hides, skins, and pelts, such as wet blue cattle hides, salted calf skins, pickled sheep pelts, pickled lamb pelts, salted sheep skins and lamb skins, pickled deer skins, and salted goat skins. The Subject also provides meat waste material collection services, including collection of various species, such as bovine, ovine, equine, porcine, avian, piscine, and caprine from butchers, supermarkets, fish merchants, licensed home kills, pork and poultry producers, and further food processors; farm calf collection through a network of contracted collectors; and hide and skin collection services.
Trade Bodies	- NZ Pet-food Manufacturers Association - Meat Industry Association
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.
Branches	The Subject operates three tanneries, two fell mongeries and two rendering plants in New Zealand.
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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.93
UK Pound	1	INR 91.50
Euro	1	INR 79.69
NZD	1	INR 47.70

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.