MIRA
INFORM REPORT
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Report Date : |
21st
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
ABB
GRAIN LIMITED |
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Registered Office : |
Grain House, 1/130 South Terrace, Adelaide, S.A.
5000 |
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Country : |
Australia |
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Date of Incorporation : |
30.10.1998 |
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Com. Reg. No.: |
084
962 130 |
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Legal Form : |
Australian
Public Company, Limited By Shares |
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Line of Business : |
Engaged
in the provision of storage, processing, logistic, marketing and trading
services in agricultural products along an integrated supply chain. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Summary
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REGISTERED NAME: |
ABB GRAIN LIMITED |
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AUSTRALIAN COMPANY NUMBER: |
084 962 130 |
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AUSTRALIAN BUSINESS NUMBER: |
59 084 962 130 |
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OPERATING ADDRESS: |
Grain House, 1/130 South Terrace, ADELAIDE, S.A. 5000 |
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REGISTERED ADDRESS: |
Grain House, 1/130 South Terrace, ADELAIDE, S.A. 5000 |
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OTHER TRADING NAMES: |
Nil |
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TELEPHONE NUMBER: |
(08) 8211 7199 |
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FAX NUMBER: |
(08) 8231 1249 |
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WEB SITE ADDRESS: |
www.abb.com.au |
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DATE OF INCORPORATION: |
30 October 1998 – Incorporated in South Australia. |
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CHANGE OF NAME: |
Nil |
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PAID CAPITAL: |
$35,549,143 in $1 shares. |
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DIRECTORS: |
See below. |
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SHAREHOLDERS: |
Refer HISTORY |
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SECRETARY: |
DAMIAN GERARD EDWARDS FITGERALD |
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AUDITORS: |
Not shown |
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REGISTERED CHARGES: |
Nil |
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PAYMENTS: |
Refer TRADING |
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LEGAL ACTIONS / DEFAULTS: |
Nil |
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EMPLOYEES: |
800 |
PARENT COMPANY
NIL – Public Company
ACTIVITIES
ABB
Grain’s core business is the provision of storage, processing, logistic,
marketing and trading services in agricultural products along an integrated
supply chain. The company has offices in all Australian grain growing regions,
as well as New Zealand and China.
ABB has
a focus on developing innovative business practices within all areas of its
operational areas.
Accumulation, marketing and trading-
ABB
Grain accumulates grain from all grain growing regions in Australia and New
Zealand.
ABB is
one of the world’s largest exporters of malting barley, is a significant
exporter of feed barley and is one of the largest traders of wheat and sorghum.
ABB also accumulates significant quantities of oats, canola, triticale, pulses,
cottonseed, and other agricultural commodities. ABB’s network of field services
covers mainland Australia, with field officers strategically located in major
grain growing areas in Western Australia, South Australia, Victoria, New South
Wales and Queensland.
Supply chain-
ABB has
a capacity to store more than 10 million tonnes of grain and other dry bulk
materials in its network of 111 country silos around south-eastern Australia,
and seven export-shipping terminals.
ABB jointly owns Australian Bulk Alliance (ABA) and has joint ownership
of the Port of Melbourne grain terminal. ABB is also involved in the
development of a $100 million deep sea port at Outer Harbor, South Australia,
due for completion in late 2007.
Malt and processing-
ABB
Grain’s malting division, trading as Joe White Maltings Limited, has over
140-years experience producing malting quality barley. ABB operates the largest
malting network in Australia. Joe White Maltings supplies malt to most of the
major brewing groups throughout Asia and is the largest supplier to Australian
malthouses; including Coopers, Boags and Lion Nathan.
Fertiliser-
ABB
Grain’s expansive fertiliser division sells fertiliser in Western Australia,
South Australia, Victoria and New South Wales; with facilities located at key
ports and country locations.
Head office is situated at the heading address.
The
subject employs 800 in activities.
HISTORY
The
subject was incorporated in South Australia on 30 October 1998 as ABB Grain Ltd, being an Australian
Public Company, Limited By Shares.
Australian
Company Number: 084 962 130
Paid
capital $35,549,143 in 35,549,143 shares paid to $1 each.
Shareholders – Ten largest
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Shareholder Name: |
MENEGAZZO ENTERPRISES PTY. LTD. |
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Number of Shares: |
509307 |
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Shareholder Name: |
MITSUI & CO. (AUSTRALIA) LTD. |
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Number of Shares: |
483898 |
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Shareholder Name: |
RUBICON NOMINEES PTY. LTD. |
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Number of Shares: |
481496 |
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Shareholder Name: |
FALKINER COLLINS NOMINEES PTY. LTD. |
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Number of Shares: |
314210 |
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Shareholder Name: |
ROSS INVESTMENTS (AUST) PTY. LTD. |
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Number of Shares: |
165169 |
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Shareholder Name: |
KENNETH DINGWALL |
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Number of Shares: |
85000 |
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Shareholder Name: |
MAXWELL FRANCIS VENNING AND OTHERS |
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Number of Shares: |
80636 |
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Shareholder Name: |
PETER EDWARD GLOVER AND OTHERS |
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Number of Shares: |
77120 |
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Shareholder Name: |
GAVIN WILBUR PHELPS AND OTHERS |
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Number of Shares: |
73143 |
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Shareholder Name: |
DEAN GREENSLADE |
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Number of Shares: |
73143 |
The
above information is in accordance with the last Company Statement Annual
lodged with the Australian Securities and Investments Commission and compiled
at report date.
ABB Grain’s heritage dates back to 1939 following its
establishment as the Australian Barley Board, responsible for marketing barley
for grain growers in South Australian and Victoria.
In 1999 the Australian Barley Board was transformed
from a government authority into ABB Grain Ltd, when shares were issued to
grain growers, giving them majority control and ownership in the company.
In July 2002, ABB Grain listed on the Australian Stock
Exchange (ASX) under the trading name ABB.
ABB Grain’s merger with AusBulk and United Grower
Holdings in September 2004, propelled the company to one Australia’s largest
agribusinesses.
Today, ABB has offices located in all major Australian
grain growing regions, with its head office in Adelaide and international
offices in China, Auckland and Christchurch.
ABB now provides fertiliser, storage, processing,
logistic, marketing and trading services to a range of customers along an
integrated supply chain. It also operates a wholly owned subsidiary, ABB Grain
Export Ltd, which holds the single-desk export rights for bulk barley from
South Australia.
ABB’s malting division, Joe White Maltings, operates
the largest maltings network in Australia producing more than 500,000 tonnes of
malt annually.
The following has been obtained
from the Australian Stock Exchange
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Issuer Code |
ABB |
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Official Listing
Date |
22 July, 2002 |
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GICS Industry
Group |
Food & Staples Retailing |
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Exempt Foreign? |
No |
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Internet Address |
http://www.abb.com.au/ |
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Registered Office
Address |
124-130 South Terrace , ADELAIDE , SA, AUSTRALIA,
5000 |
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Head Office Telephone |
(08) 8211 7199 |
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Head Office Fax |
(08) 8231 1249 |
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Share Registry |
COMPUTERSHARE INVESTOR SERVICES PTY LIMITED |
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Share Registry
Telephone |
1300 787 373 (BKR ONLY) |
Directors / Senior Management
Mr Perry
Gunner (Chairman, Director)
Mr Michael Iwaniw (Managing Director)
Mr Peter Ryan (CFO)
Mr Trevor Day (Director)
Mr Ross Johns (Director)
Dr Tim Ryan (Director)
Mr Max Venning (Director)
Mr Kevin Osborn (Director)
Mr Paul Daniel (Director)
Dr Andrew Barr (Director)
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Company Secretary |
Mr Ashley Roff |
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Principal
Activities |
Provision of grain marketing and financial products
to grain growers. |
Closing prices
Closing prices are displayed for the last 5 days on which the security traded on ASX within the last 6 months.
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Date |
Last |
% Change |
High |
Low |
Vol * |
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20
Nov 2006 |
6.420 |
0.16% |
6.420 |
6.370 |
19,151 |
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17
Nov 2006 |
6.410 |
-1.38% |
6.470 |
6.350 |
33,146 |
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16
Nov 2006 |
6.500 |
2.04% |
6.510 |
6.250 |
36,491 |
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15
Nov 2006 |
6.370 |
-2% |
6.500 |
6.100 |
131,139 |
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14
Nov 2006 |
6.500 |
0.31% |
6.510 |
6.450 |
211,026 |
DIRECTORS
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Director Name: |
DANIEL, PAUL WILLIAM |
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Appointment Date: |
24 Feb 2006 |
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Date of Birth: |
11 May 1963 |
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Gender: |
Male |
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Address: |
79 HUNDRED INKERMAN, South Australia 5550 Australia |
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Resident Overseas: |
No |
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Director Name: |
BARR, ANDREW ROBERT |
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Appointment Date: |
24 Feb 2006 |
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Date of Birth: |
29 Jul 1955 |
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Gender: |
Male |
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Address: |
PINERY OWEN, South Australia 5460
Australia |
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Resident Overseas: |
No |
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Director Name: |
VENNING, MAXWELL FRANCIS |
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Appointment Date: |
27 Sep 2004 |
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Date of Birth: |
31 Aug 1947 |
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Gender: |
Male |
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Address: |
SECTION NO 210 HUNDRED OF 0 VENNING Road
BUTE, South Australia 5560 Australia |
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Resident Overseas: |
No |
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Director Name: |
OSBORN, KEVIN GEORGE |
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Appointment Date: |
27 Sep 2004 |
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Date of Birth: |
20 Oct 1950 |
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Gender: |
Male |
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Address: |
71 SEAVIEW Road TENNYSON, South
Australia 5022 Australia |
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Resident Overseas: |
No |
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Director Name: |
GUNNER, PERRY RICHARD |
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Appointment Date: |
27 Sep 2004 |
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Date of Birth: |
09 Oct 1946 |
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Gender: |
Male |
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Address: |
20 JAMES Street GILBERTON, South Australia
5081 Australia |
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Resident Overseas: |
No |
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Director Name: |
JOHNS, ROSS MERVYN |
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Appointment Date: |
10 Sep 1999 |
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Date of Birth: |
25 Feb 1966 |
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Gender: |
Male |
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Address: |
0 RAINBOW Road WARRACKNABEAL, Victoria
3393 Australia |
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Resident Overseas: |
No |
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Director Name: |
IWANIW, MICHAEL ANDREW |
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Appointment Date: |
21 Dec 1998 |
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Date of Birth: |
11 Dec 1946 |
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Gender: |
Male |
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Address: |
19 KENNAWAY Street TUSMORE, South
Australia 5065 Australia |
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Resident Overseas: |
No |
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Director Name: |
RYAN, TIMOTHY JOHN |
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Appointment Date: |
30 Oct 1998 |
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Date of Birth: |
04 Aug 1948 |
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Gender: |
Male |
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Address: |
11 SHIRLEY Court BORONIA, Victoria 3155
Australia |
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Resident Overseas: |
No |
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Director Name: |
DAY, TREVOR MALCOLM |
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Appointment Date: |
30 Oct 1998 |
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Date of Birth: |
22 Jun 1946 |
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Gender: |
Male |
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Address: |
0 MACAW PEAK RIVERTON, South Australia
5412 Australia |
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Resident Overseas: |
No |
BANK
RABO
BANK AUSTRALIA
SYDNEY, NSW 2000
AND
COMMONWEALTH
BANK OF AUSTRALIA
ADELAIDE, S.A.
The
banks do not hold a Registered Charge over company assets.
TRADING
Trade
references in relation to the subject have not been obtained.
REGISTERED CHARGES
There
are no Registered Charges existing over the subject’s assets.
RECORDED ACTIONS
Nothing
of an adverse nature has been recorded against the subject.
INVESTIGATION
An
interview was conducted with the Financial Controller in November 2006. At this
time he confirmed operational and trading details and advised the following:
Annual
sales of the company are in the vicinity of $1.1 billion.
However,
further financial information could not be provided.
Enquiries
made with trade sources failed to trace any additional information in relation
to the subject.
A Land
Titles Search has not been undertaken to ascertain what land, if any, stands in
the subject’s name. This can be undertaken
on request.
CONCLUSION
The
subject was incorporated in South Australia on 30 October 1998 as ABB Grain Ltd, being an Australian
Public Company, Limited By Shares.
Paid
capital $35,549,143 in 35,549,143 shares paid to $1 each.
ABB
Grain’s core business is the provision of storage, processing, logistic,
marketing and trading services in agricultural products along an integrated
supply chain. The company has offices in all Australian grain growing regions,
as well as New Zealand and China.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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