MIRA INFORM REPORT

Report No. :	492621
Report Date :	22.02.2018

IDENTIFICATION DETAILS

Name :	PGG WRIGHTSON SEEDS LIMITED
Registered Office :	57 Waterloo Road, Christchurch, 8042
Country :	New Zealand
Financials (as on) :	30.06.2017
Date of Incorporation :	07.05.1990
Com. Reg. No.:	465250
Legal Form :	Private Limited Liability Company
Line of Business :	· The Subject is a proprietary seed business, providing farmers and growers with proprietary grass and forage seeds that provide high quality feed for improved animal performance. · The Subject also involves in research and development and has extensive experience in plant breeding.
No. of Employees :	2,700 (Group)

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 :	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

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:	PGG WRIGHTSON SEEDS LIMITED
Address:	57 Waterloo Road			Postal address:		PO Box 939
Town:	Christchurch			Town:		Christchurch
Zip/postal code:	8042			Zip/postal code:		8140
Country:	New Zealand
Telephone:	+64 (3) 3728719 / 4774520 +64 800805505
Fax:	+64 (3) 720836
Email:	info@pggwrightsonseeds.co.nz
Website:	www.pggwrightsonseeds.com www.pggwrightson.co.nz (Group)
EXECUTIVE SUMMARY
Date registered:	07-05-1990
Legal form:	Private Limited Liability Company
Sales turnover:	NZD 1,132,963,000 (Group consolidated 12 months, 30-06-2017)
Main activities:	Supplier of seeds.
Employees:	2,700 (Group)
REGISTRY DATA
Key Facts
Date registered:	07-05-1990
Legal form:	Private Limited Liability Company
Registration no:	465250
Registry auth.:	Registrar of Companies
Tax number:	NZBN: 9429039232717
Registry status:	Live/Active
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Ian David Glasson
Job title:	Director
Name:	John Donald McKenzie
Job title:	Director
Name:	Julian Shane Daly
Job title:	Director
Staff
No of employees	2,700 (Group)
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Ian David Glasson
Board function:	Director
Date appointed:	01-11-2017
Address:	20 Glenelg Spur Hillsborough Christchurch, 8022 New Zealand
Name:	John Donald McKenzie
Board function:	Director
Date appointed:	01-11-2010
Address:	386 Trigpole Road, No.3 Rd Ashburton, 7773 New Zealand
Name:	Julian Shane Daly
Board function:	Director
Date appointed:	01-11-2010
Address:	60 Westgrove Avenue Avonhead Christchurch, 8042 New Zealand
SHARE CAPITAL
Composition
Number/type:	740,100 shares
Shareholders/Owners
How Listed	Full List
Composition
Name:	PGG WRIGHTSON SEEDS NEW ZEALAND LIMITED
No. of shares:	740,100 shares
% of shares:	100%
Address:	57 Waterloo Road, Hornby Christchurch 8042 New Zealand
CORPORATE AFFILIATIONS
Structure
Name:	AGRIA CORPORATION
Affiliation type:	Ultimate Holding Company
Address:	9/F Phase 1 Austin Tower 22-26A Austin Avenue Tsim Sha Tsui Kowloon Hong Kong
Name:	AGRIA (SINGAPORE) PTE LTD
Affiliation type:	Superior Holding Company
Address:	Singapore
Name:	PGG WRIGHTSON LIMITED
Affiliation type:	Holding Company
Address:	57 Waterloo Road, Hornby Christchurch 8042 New Zealand
Name:	PGG WRIGHTSON SEEDS NEW ZEALAND LIMITED
Affiliation type:	Parent Company
Address:	57 Waterloo Road, Hornby Christchurch 8042 New Zealand
Comments	A list of major affiliated companies is attached to this report.
BANKING & FINANCING
Charges & Mortgages	Time of Registration: 06-Sep-2006 13:02 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: FP6CK0T7G3939299/C0003 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: Goods - Other Time of Registration: 22-Aug-2008 11:33 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: FY2D2J0742929HN5/C0004 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: Goods - Other Time of Registration: 22-Dec-2008 14:39 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: F8799G568F8CT95T/C0007 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: All Present And After Acquired Personal Property Time of Registration: 21-Sep-2009 17:23 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: F619P9F222P84V91/C0003 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: All Present And After Acquired Personal Property; Goods - Other Time of Registration: 14-Oct-2009 12:09 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: FB2PJ42262V99B87/C0001 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: All Present And After Acquired Personal Property Time of Registration: 28-Sep-2010 16:54 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: FR0V3H7049MZ8246/C0001 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: Goods - Other Time of Registration: 07-Feb-2011 14:53 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: F764JJ804MY0E242/C0001 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: Goods - Other Time of Registration: 29-Mar-2011 10:59 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: FW1UP936627922YH/C0001 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: Goods - Other Time of Registration: 23-Sep-2011 11:54 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: F25DR550WU05926T/C0001 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: Goods - Other Time of Registration: 16-Nov-2011 16:17 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: FY0W2554C20989PD/C0004 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: Goods - Motor Vehicles Time of Registration: 25-Jun-2012 23:20 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: FM6879P9J1TD1424/C0002 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: Goods - Motor Vehicles Time of Registration: 09-Jul-2012 23:19 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: FD89M74H9207YF59/C0002 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: Goods - Motor Vehicles Time of Registration: 18-Jul-2012 23:14 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: F73H5J054YG5212S/C0004 Incorporation No: 465250 City/Town: CHRISTCHURCH 8140 Collateral Type: Goods - Motor Vehicles Time of Registration: 13-Aug-2012 23:03 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: FC35KE122DG81929/C0003 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: Goods - Motor Vehicles Time of Registration: 27-Sep-2012 14:27 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: FB7Z48X08876MH70/C0002 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: Goods - Motor Vehicles Time of Registration: 09-Oct-2012 12:02 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: F573RX3548NM32C7/C0002 Incorporation No: 465250 City/Town: CHRISTCHURCH 8140 Collateral Type: All Present And After Acquired Personal Property; Goods - Other Time of Registration: 09-Oct-2012 23:02 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: F28NZ8198R2X2169/C0002 Incorporation No: 465250 City/Town: CHRISTCHURCH 8140 Collateral Type: Goods - Motor Vehicles Time of Registration: 05-Dec-2012 08:31 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: F22C53R1483F3H13 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: Goods - Other Time of Registration: 12-Dec-2012 16:42 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: F21G2E724A8B2841/C0003 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: Goods - Motor Vehicles Time of Registration: 24-Jan-2013 11:43 Debtor Name: PGG WRIGHTSON SEEDS LIMITED Financing Statement Registration No: FU3CM9146U93W560/C0002 Incorporation No: 465250 City/Town: CHRISTCHURCH Collateral Type: Goods - Other
FINANCIAL ACCOUNTS
Description
Required to file:	No
Source:	Group Consolidated Statements
Presentation:	Attached to this report / Summarised below
Date of accounts:	30-06-2017
Type of accounts:	Full audited
Currency:	New Zealand Dollar (NZD)
Exchange rate:	USD 1 = NZD 1.39 as of 19-02-2018
Summarised
	30-06-2017		30-06-2016		30-06-2015
Consolidation:	Group consolidated		Group consolidated		Group consolidated
Period:	12 months		12 months		12 months
Sales turnover:	1,132,963,000		1,181,624,000		1,202,835,000
Gross profit:	328,646,000		326,753,000		317,141,000
Profit before tax:	56,709,000		54,456,000		67,511,000
Profit after tax:	46,311,000		43,779,000		32,753,000
Non-current assets:	165,003,000		168,205,000		157,582,000
Current assets:	537,145,000		519,011,000		495,371,000
Inventories:	253,600,000		244,074,000
Total assets:	702,148,000		687,216,000		652,953,000
Current liabilities:	281,057,000		282,791,000		297,353,000
Non-cur. liabilities:	131,380,000		130,126,000		88,232,000
Total liabilities:	412,437,000		412,917,000		385,585,000
Shareholders' equity:	289,711,000		274,299,000		267,368,000
Comments	The above group consolidated figures relate to the Subject's Holding Company PGG WRIGHTSON LIMITED and its subsidiaries.
OPERATIONS & HISTORY
Activities
Full description:	The Subject is a proprietary seed business, providing farmers and growers with proprietary grass and forage seeds that provide high quality feed for improved animal performance. The Subject also involves in research and development and has extensive experience in plant breeding.
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.
PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Exports:	Credits 30 days net
Debt Collections / Judgements	No negative information was found.
Payment Experience
Payment behaviour:	No complaints
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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.81
UK Pound	1	INR 90.66
Euro	1	INR 79.94
NZD	1	INR 47.65

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	SYL

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)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.