|
Report Date : |
12.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
BLOCH & BEHRENS WOOL (NZ) LIMITED |
|
|
|
|
Registered Office : |
57 Waterloo Road Hornby Christchurch 8042 |
|
|
|
|
Country : |
New Zealand |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
12.04.2000 |
|
|
|
|
Com. Reg. No.: |
1027107 |
|
|
|
|
Legal Form : |
Limited Private Company |
|
|
|
|
Line of Business : |
Exporter of New Zealand wool. |
|
|
|
|
No. of Employees : |
2,700 employees (PGG Wrightson Limited) |
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 |
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|
|
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 posted a 2%
decline in 2009, but pulled out of recession late in the year, and achieved
roughly 2% per year growth in 2010-12. 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 |
Verified Address
Subject name : BLOCH
& BEHRENS WOOL (NZ) LIMITED
Business address : 114
Wrights Road
Province : Christchurch
Zip/postal code : 8149
Country : New
Zealand
Tel : +64
3 3394670 / +64 3 3439100
Fax : +64
3 3390328 / +64 3 3439108
Email : bbnz@blochwool.com
Website : www.pggwrightson.co.nz
Registered address : 57
Waterloo Road
Town : Hornby
Province : Christchurch
Zip/postal code : 8042
Country : New
Zealand
Postal address : P.O.
Box 9024
Town : Tower
Junction
Province : Christchurch
Zip/postal code : 8149
Country : New
Zealand
Executive Summary
Date founded or registered : 12/04/2000
Legal form :
Limited Private Company
Chief executive : Mark
Braden Neil Dewdney
Issued & paid up capital : NZD
500,000
Sales turnover : NZD
1,131,847,000 (Group-Consolidated 12 months, 30/06/2013)
Net income : NZD
-304,921,000 (Group-Consolidated 12 months, 30/06/2013)
Total fixed assets : NZD
619,508,000 (Group-Consolidated 12 months, 30/06/2013)
Line of business :
Exporter of New Zealand wool.
Staff employed : 2,700
employees (PGG Wrightson Limited)
Company Analysis
Country risk : Country
risk is minimal
Operation trend : Operational
trend is steady
Management experience :
Management is adequately experienced
Financial performance : Financial
performance is fair
Organization structure : Organizational
structure is stable
Detrimental : No
detrimental records found
Payment history : No
payment delays noted
Comments : Larger
credit can be provided if guaranteed by Parent Company PGG Wrightson
Limited.
Registry Data
Registration date : 12/04/2000
Legal form : Limited
Private Company
Registration no 1027107
Registered authority : New
Zealand Companies Office
Registry status : Live/Active
Previous name : None
reported.
Change of legal form : None
reported.
Other registration : The
Subject is a member of the International Wool Textile Organisation (IWTO)
and the New Zealand Council of Wool
Exporters Inc (NZCWE) and is a registered supplier of controlled quantities of
certified organic wool.
Key Management
Name : Mark
Braden Neil Dewdney
Designation : Chief
Executive Officer
Name : Palle
Petersen
Designation : General
Manager of Export
Name : Hans
Bering
Designation : European Manager
Appointments
Name : Cedric
John Bayly
Designation : Director
Appointment date :
25/05/12
Address : 634
Matapiro Road, Rd 9
Hastings 4179
New Zealand
Biography : A doyen of the Wool industry,
Cedric John Bayly was appointed as GM of PGG Wrightson Wool in early August
2011. Most recently he was the national manager of Elders Primary Wool and for
nine years was GM: Wool at Williams & Kettle, one the main components of
the
PGG and Wrightson merger in 2005.
Name : Mark
Braden Neil Dewdney
Designation : Director
Appointment date : 28/06/13
Address : 73
Poplar Lane, Rd4
Hamilton 3284
New Zealand
Biography : Mark Braden Neil Dewdney was
Chief Executive of Livestock Improvement Corporation Ltd from 2006 to 2013,
responsible for implementing a new strategic plan focused on innovation from
investment in research and technology and providing integrated
solutions for customers in New Zealand and
internationally. Prior to that Mark was
marketing career in the New Zealand dairy industry. Mark also has
ownership interests in dairy farms in both New Zealand and Australia and is a
director of the
Waikato based,
Tatua Co-operative Dairy Company Ltd.
Staff employed : 2,700
employees (PGG Wrightson Limited)
Composition
Authorized Capital : NZD
500,000
No of shares : 500,000
Shares
Share par value : NZD 1
Issued capital : NZD
500,000
Paid up capital : NZD
500,000
How listed : Full
List
Composition
Shareholder name : PGG
WRIGHTSON LIMITED
Address : 57
Waterloo Road
Hornby, Christchurch 8042
New Zealand
No. of shares : 500,000
Shares
% of shares : 100%
Structure
Name : AGRIA
CORPORATION
Affiliation type : Ultimate
Holding Company
Address : Room
1206, Huantai Building
12, Zhongguancun South Street
Haidian District
Beijing 100081
People’s Republic of China
Comments : Agria
Corporation, through its subsidiaries, operates as an agriculture company in
China and internationally. Its China Seeds segment
primarily engages in the research and development, production, and sale of seed
products, including field corn seeds, edible corn seeds, and vegetable seeds.
This segment markets its seed products to distributors, farmers, and other
customers. The company’s International Seeds segment supplies commodity and
proprietary forage seed products, such as grass seeds, seed treatment products,
forage legumes, forage brassicas, herb seeds, pea seeds, and turf seeds;
imports and wholesales liquid animal feeds based on sugar cane molasses;
manufactures and supplies products for treating facial eczema in livestock; and
supplies cereal seeds comprising feed wheat, milling wheat, malting barley,
feed barley, maize, and proprietary cereals. Its AgriServices segment supplies
agricultural products and services, including agri-chemicals, stockfeed,
fencing products, chemicals, fertilizers, pollination products, and frost
protection products; and provides advice in relation to livestock genetics,
stocking and animal evaluation, valuation, and selling and buying strategies,
as well as offers insurance products consisting of farm, domestic, livestock,
crop, and business insurance. This segment also operates a national rural real
estate business; and engages in the design and installation of turnkey
irrigation and pumping projects for arable, pastoral, and dairy platforms.
Agria Corporation was incorporated in 2000 and is based in Beijing, the
People’s Republic of China.
Name : AGRIA
GROUP LIMITED
Affiliation type : Intermediate
Holding Company
Address : British
Virgin Islands
Name : AGRIA
ASIA INVESTMENTS LIMITED
Affiliation type :
Intermediate Holding Company
Address :
British Virgin Islands
Name : AGRIA
(SINGAPORE) PTE LTD
Affiliation type :
Intermediate Holding Company
Address : 80
Raffles Place
#16-20 Uob Plaza 2
Singapore 048624
Singapore
Name : PGG
WRIGHTSON LIMITED
Affiliation type : Parent
Company
Address : 57
Waterloo Road
Hornby, Christchurch 8042
New Zealand
Comments : PGG Wrightson Limited provides
various products, services, and solutions to
farmers, growers, and processors in the
agricultural sector in New Zealand and internationally. It operates rural
supplies stores for animal health and nutrition products, grains and seeds,
chemicals, clothing, leisure goods, and gardening equipment; and Fruitfed
Supplies stores that offers horticultural crops, crop protection products,
proven crop nutrition options, glasshouse supplies, wind machines, sprayers,
and irrigation and pruning equipment. The company is also involved in the
provision of agricultural and horticultural training, and consulting services;
trading and export of rural livestock k; and brokerage and export of wool, as
well as offers a selection of rural, lifestyle, residential, commercial, and
industrial properties. In addition, it is involved in the design, construction,
and maintenance of irrigation and pumping systems, such as valley centre
pivots, precision corners, and linear irrigators; ocmis hard hose irrigators;
travelling
irrigators, sprinklers, and k-line systems;
and a range of submersible and surface
pumps. Further, the company is engaged in
the research, development, manufacture, and sale of forage seeds, turfs, and
grains; and purchase, manufacture, and distribution of liquid animal feeds and
other products. Additionally, it provides insurance products, such as farm,
specialist farm, business, and domestic insurance. PGG Wrightson Limited was
founded in 1841 and is based in Christchurch, New Zealand.
Related companies and corporate : Other companies of the Agria Group
should be considered affiliated companies of affiliations comments the Subject.
Bank Details
Name of bank : The
Australia and New Zealand Banking Group Limited
Address : New
Zealand
Account details : Current
account
Comments : It is
generally not the policy of local banks to provide credit status information to
non related parties, however interested
parties would be advised to consult first with the Subject if banker's
references are required.
Mortgages : None
reported.
Legal Fillings
Bankruptcy fillings : None
reported.
Court judgements : None
reported.
Tax liens : None
reported.
Others : None
reported.
Description
Source of financial statement : Public
Record Sources
Financial statement date : 30/06/13
Type of accounts : Full
audited
Currency : New
Zealand, Dollar (NZD)
Exchange rate : 1
USD = NZD 1.20 as of 11-10-2013
Summarized
Financial Information
Consolidation type : Group
Consolidated Group
Consolidated
Currency : New
Zealand, Dollar (NZD) New
Zealand, Dollar (NZD)
Denomination : (x1)
One
(x1) One
Date of financial year end : 30/06/13
30/06/12
Length of accounts : 12
months 12 months
Sale turnover / Income : 1,131,847,000
1,336,813,000
Gross profit : 285,972,000
298,667,000
Profit before tax : -299,892,000
28,603,000
Net income : -304,921,000
25,262,000
Non current assets : 130,927,000 455,504,000
Current assets : 488,581,000
524,968,000
Inventories : 243,650,000
239,402,000
Total assets : 619,508,000
980,472,000
Current liabilities : 272,876,000
259,311,000
Non current liabilities : 90,526,000
143,387,000
Total liabilities : 363,402,000
402,698,000
Share equity : 256,106,000
577,774,000
Retained earning : - 359,275,000
-34,340,000
Comments : The group’s consolidated financial information above relates
to the Subject’s Parent Company PGG Wrightson Limited and all its subsidiaries
which includes the Subject.
Info: The net loss reported by PGG Wrightson Limited in 2013 includes a
goodwill impairment charge of NZ$321.1 million. This goodwill was primarily due
to an accounting entry from the 2005 merger of PGG and Wrightson.
Main activities : The
Subject engages in export of New Zealand wool.
The Subject is the export arm of PGG
Wrightson Limited and exports New Zealand wool to more than 30 countries around
the world.
The Subject operates as a wholly owned
subsidiary of PGG Wrightson Limited which is quoted on the New Zealand Stock
Market under the code PGW.
PGG Wrightson Limited is New Zealand's
principle nationwide woolbroker and the world's largest supplier of crossbred
wools. PGG Wrightson handles and markets all types of wool using a variety of
sales methods including auction, private sale and forward contracts.
PGG Wrightson sells to a bench of 27 wool
exporting companies, including its own subsidiary export company, Bloch &
Behrens Wool (NZ) Limited (Subject).
Note: PGG Wrightson Limited
is known to be New Zealand’s largest forage and agricultural services company.
The Subject is ultimately owned by Agria
Corporation.
Agria Corporation (NYSE: GRO) is an international
agricultural company with operations in China, South America, New Zealand and
Australia. Agria operates three principal business lines: China seeds,
international seeds and agriservices. In China, Agria engages in research and
development, production and sale of seed products, including proprietary field
corn seeds, edible corn seeds, vegetable seeds, grass seeds and
forage. Agria owns through Agria Asia a
50.22% equity interest in PGG Wrightson Limited, New Zealand’s largest forage
and agricultural services company.
Product & services : Greasy
and scoured New Zealand wool
Purchases
Local : Yes
International :
None reported.
Sales
Local :
Yes
International : Worldwide:
Europe, China
Key events : 13
August 2013
Agria's New Zealand Listed Subsidiary PGG
Wrightson Reports Annual
Results for the Year Ended June 30, 2013
Agria Corporation (NYSE: GRO) (the
"Company" or "Agria"), an
international agricultural company with
operations in China, South America, New Zealand and Australia, today announced
that its New Zealand listed subsidiary, PGG Wrightson Ltd. (NZSE: PGW)
("PGW"), has released its annual financial results for the fiscal
year ended June 30, 2013. These results will be consolidated in the Agria's
results for the year ended June 30, 2013.
For the fiscal year ended June 30, 2013, PGW
reported operating earnings before interest, tax and depreciation (Operating
EBITDA) of NZ$45.8 million and a net loss of NZ$306.5 million. The net loss
reported by PGW includes a goodwill impairment charge of NZ$321.1 million. This
goodwill was primarily due to an accounting entry from the 2005 merger of PGG
and Wrightson. A number of factors, including PGW's share price, slower than
expected recovery and a range of external variables, led the board of directors
of PGW to conclude that a write-down of historic goodwill was appropriate.
Excluding the impact of this non-cash charge, PGW would have reported net
income of NZ$14.6 million. The goodwill write-down has no impact on PGW's
operations or cash flow. PGW's fiscal year operating cash flow was NZ$39.3
million.
PGW paid a dividend of NZ$0.022 per share in
March and an additional dividend of NZ$0.01 per share will be paid to
shareholders registered as of the record date of August 30, 2013. The dividend
will be paid on September 13, 2013.
PGW's results were impacted by challenging
farm trading conditions in both New Zealand and Australia. PGW's retail, wool
and irrigation and pumping businesses performed strongly with improved market
share across a number of key categories. Sales grew in many rural supplies
stores, and the irrigation and pumping business showed excellent growth.
Conversely, livestock, real estate, seeds and grain faced challenges.
Drought
in the North Island of New Zealand and lower market values for lamb
impacted farmer profitability, while the Australian seed business experienced
poorer than expected sales due to the timing of rainfall in dairying regions.
Sir John Anderson, PGW's Chairman, noted,
"We expect to see continued improvement in the fundamental performance of
the business through 2013/14 based on stronger agricultural commodity prices
and assuming a return to normal conditions on farms."
Alan Lai, Agria's Executive Chairman,
commented, "PGW is a significant strategic investment for Agria. By taking
a one-time non-cash goodwill impairment charge of NZ$321.1 million, PGW is
resolving legacy accounting issues which will aid better understanding of its
performance. The charge does not impact Agria's business operations or cash
flow. In fact, PGW has declared a dividend again and is committed to returning
cash to its shareholders."
Mr. Lai continued, "PGW is important to
our global strategy and we believe it will continue to contribute to our growth.
With an outlook for improving performance, we look forward to PGW delivering
value to investors."
About Agria Corporation
Agria Corporation (NYSE: GRO) is an
international agricultural company with operations in China, South America, New
Zealand and Australia. Agria page operates three principal business lines:
China seeds, interna tional seeds and agriservices. In China, Agria engages in
research and development, production and sale of seed products, including
proprietary field corn seeds, edible corn seeds, vegetable seeds, grass seeds
and forage. Agria owns through Agria Asia a 50.22% equity interest in PGG
Wrightson Limited, New Zealand's largest forage and agricultural services
company. For more information about PGG Wrightson Limited, please visit
www.pggwrightson.co.nz. For more information
about Agria Corporation,
please visit www.agriacorp.com.
Source: wwwir.agriacorp.com
May 16, 2013
Agria brushes off Wrightson profit warning
as ‘temporary setback’
Agria Corp, the New York Stock Exchange-listed
agriculture investor whose top executives left last year, has brushed off local
subsidiary PGG Wrightson's profit warning as a "temporary setback"
and is still optimistic about the long-term outlook for the New Zealand rural
services firm.
Executive chairman Alan Lai, who is also a
director on Wrightson's board, says the New Zealand firm's forecast that annual
earnings will be between 13 percent and 27 percent lower than a year ago was
because of "weather and other conditions outside of our control" and
he is still "optimistic about the long-term outlook for PGW and
Agria."
The Singapore-based firm with Chinese
operations owns a majority stake in Wrightson.
"We are committed and focused on
building a durable franchise and institution that can thrive in strong climatic
and weather conditions, but can limit the downside in adverse conditions as we
continue to build our business in different geographies around the globe,"
Mr Lai says in a statement to the NYSE.
"We expect to both grow quickly and reduce
the volatility in our results."
This week Wrightson said earnings before
interest, tax, depreciation and amortisation are expected to be between $40
million and $48 million in the 12 months ending June 30, down from $55 million
in 2012. The shares plunged 10 percent on the warning and traded at 35 cents
apiece yesterday.
Agria completed a $144 million partial
takeover of Wrightson in a deal that brought on China's New Hope International
and Ngai Tahu as minority shareholders in the holding company.
Wrightson is the major source of revenue for
Agria, which it uses to run its international operations across China, New
Zealand, Australia and South America.
Agria's shares dropped 3.7 percent to $US1.05
on the New York Stock Exchange, having climbed 58 percent this year. The
company's market capitalisation of $US60.4 million is a 46 percent discount to
the value of its stake in Wrightson, whose market cap is $264.2 million, or
$US217.9 million.
Source: www.nbr.co.nz
14 November 2012
LIC defends Agria loan
Livestock Improvement Corporation says it is
"comfortable" with the time extension given to PGG Wrightson’s
controlling shareholder, Agria Singapore, to repay a $10 million loan.
But some farmer-shareholders of LIC, a
Hamilton-based dairy genetics co-operative company, expressed concerns about
the deal at LIC’s annual meeting today in Hamilton.
Shareholder Richard Myers questioned the
rationale for the LIC loan.
"I still fail to see the reason for
making the loan. I see it as a $10 million loan to a Chinese company to
facilitate their investment in PGG Wrightson.How does it fit into the strategy
of LIC?
"It’s a loan, it seems, with some hope
to get a piece of some opportunity that may arise in future to get a part in a
seed company."
LIC chief executive Mark Dewdney told the
meeting that LIC originally provided a $NZ10m loan to Agria Singapore for 18
months, which fell due for repayment on 31 October.
The loan was made to support Agria to take
control of PGG Wrightson.ANZ loaned Agria $53m, of which $28m had been repaid,
Dewdney said.Before the loan fell due, Agria asked ANZ and LIC to extend the
loans. "ANZ were prepared to do this for a further period to April 2014
and, as the subordinated lender, LIC were then required to do the same,’’
Dewdney said.
"Our position is that we are
comfortable to stay there. We are comfortable to maintain our relationship with
Agria. We have a good relationship with PGG Wrightson."
Benefits of providing the loan included LIC
getting a position on the Agria board and an inside view of what was happening
at PGG Wrightson,
Dewdney said.
"Technically Agria haven’t defaulted on
the loan. They have paid all interest as it has fallen due."
Dewdney said LIC supported Agria’s takeover
move, because it believed there was potential to improve grass species for New
Zealand.
"We wanted to influence the future
direction of PGW’s grass research and development for the benefit of New
Zealand farmers.
"Our intention was to put ourselves in
a position to consider investing in a separate AgriTech business, if such a
standalone business was established by PGW."
Farmer-shareholder Graeme Edwards said
shareholders might be entitled to a "degree of nervousness" with
their co-operative venturing "outside core business".
He questioned the wisdom of LIC essentially
following the leader, with "ANZ driving the loan extension’’.
He asked if LIC would have extended the loan
if it had not been the subordinate lender.Dewdney said LIC had not had a choice
on that matter, as LIC had been the subordinate lender from the beginning.
"When ANZ extended, we needed to extend
as well, as ANZ are driving the terms of the loan."
He said that overall, LIC’s involvement had
met its expectations.
Agria, ANZ and LIC have agreed there will be
a $10m, part-repayment of the total loan by mid-December, with LIC to receive
at least half of that. The interest rate has been increased on the balance of
the loan. Agria is able to repay the loan balance at any time before 2014.
"LIC’s security for the loan is PGW
shares, and they would have to trade at under 10 cents a share to fall below
the value of our loan – this compares to the current share price around 35
cents – we are comfortable with this," Dewdney said.
"Maintaining our loan to Agria also
allows us the potential to participate if there is a split-out of the AgriTech
business by PGW. We would consider this if and when it became a real
option."
Agria is a New York Stock Exchange-listed,
Cayman Islands-registered, Singapore-controlled company with offices in China.
Source: www.stuff.co.nz
24 April, 2011
Agria Singapore's Partial Takeover Offer of
PGG Wrightson Limited Has Become Unconditional Agria (Singapore) Pte Ltd (Agria
Singapore) advises that all of the
conditions to its takeover offer dated 24
January 2011 for 38.3% of the issued ordinary shares in PGG Wrightson Limited
not already held by it (Offer) have been satisfied. Accordingly, the Offer is
now unconditional.
Agria Singapore will be jointly owned,
directly or indirectly, by Agria Corporation (NYSE: GRO) and New Hope, along
with an investment by Ngai Tahu Holdings, and certain financing provided by
Livestock Improvement Corporation Limited.
The offer period has closed and final
determination of the number of shares to be acquired from each acceptor of the
Offer will be made in accordance with the New Zealand Takeovers Code and the
Offer.
About Agria Corporation
Agria Corporation (NYSE: GRO) is a
China-based company with
investments in the agricultural sector. For
more information about Agria
Corporation, please visit www.agriacorp.com.
About New Hope New Hope is one of China's
largest agricultural and food corporations. The Group has revenue in 2010 of
approximately RMB 60 billion (equivalent to approximately NZ$12.1 billion) and
operates throughout China, and in South-East Asia. New Hope Group has four
large business units -- agriculture and food (accounting for 85% of revenue),
chemicals and resources, real-estate and
financial businesses.
About Livestock Improvement Corporation
Limited (LIC) LIC is a New Zealand co-operative enterprise, owned by
transacting dairy farmer members. LIC's core purpose is to help farmers become
more efficient and profitable by genetically improving their animals, and by
providing information, systems and technology that make it easier to farm. LIC
has over 12,000 farmer customers in New Zealand and overseas, with full year
2010 sales of approximately NZ$136.0 million (approximately US$107.0 million).
LIC employs the equivalent of approximately 600 full-time employees in New
Zealand and over 1,700 in seasonal staff. LIC
operates a dedicated, direct sales team of 75
staff in New Zealand,
supported by a 45 seat national call center.
About Ngai Tahu Holdings
Ngai Tahu Holdings is a long-term strategic
investor with a particular focus
on New Zealand's South Island commercial and
rural ventures, committed
to supporting growth in the rural sector
through global partnerships and
relationships.
Source: www.ir.agriacorp.com
25 December 2010
Agria and New Hope look to pastures new
WELLINGTON, New Zealand - PGG Wrightson Ltd
shares rose the most in
14 months after a Chinese company bid to
take partial control of New
Zealand's largest agricultural services
company.
Zhongshan-based Agria Corp and New Hope
Group, a Chinese agriculture
and food group, offered to pay 60 New
Zealand cents (45 cents) a share to
raise their stake to 50.01 percent,
according to a statement issued after the
close of trading on Thursday. The offer is
25 percent higher than the
closing price on Dec 23.
PGG Wrightson gained 16.7 percent to 56 New
Zealand cents as of the 4
pm close in Wellington. The gain was the
biggest since October 2009.
The offer was made by Agria (Singapore) Pte
Ltd, a company held by Agria
and New Hope that currently has a 19.01
percent stake in Wrightson. The
Christchurch-based company sold an 11
percent stake to Agria in October
to help repay a NZ$200 million ($149
million) loan after a plunge in
commodity prices and the value of
Wrightson's investment in a Uruguay
dairy venture forced a renegotiation of
finances.
"PGW has underperformed expectations in
recent times, including a recent
profit downgrade," Agria Chief
Executive Officer Xie Tao said in the
statement. "PGW's business requires
restructuring and a refocus on the
core businesses."
Pyne Gould Corp, Wrightson's second-biggest
shareholder, agreed to sell
its 18.3 percent stake in the company to
Agria, according to the statement.
Wrightson is supportive of the offer,
according to a separate statement
issued by Pyne Gould on Friday. Wrightson
recommended its investors
don't sell shares until the offer is
evaluated, the company said in a
regulatory filing.
Agria will pay NZ$141 million for the new
stock and won't increase its
shareholding above 50.01 percent if the bid
is successful, or make a further
offer at a higher price for a period of 12
months, according to the
statement.
The offer is conditional on government
approvals. New Zealand this week
rejected a bid by China's Natural Dairy (NZ)
Holdings Ltd to buy land
assets because the application didn't meet
"good character" criteria. The
rejection came after the government in
September gave ministers greater
power to quash sales of large farm blocks
and other sensitive land amid
rising concern about foreign ownership in
key industries.
Agria, Wrightson's biggest shareholder,
develops corn seed varieties and
runs sheep-breeding operations and tree
nurseries in China. The company
acquired an 11 percent stake in Wrightson in
October last year and another
8 percent a month later.
Chengdu-based co-operative New Hope is one
of China's largest
agricultural and food companies and reported
revenue of about $60 billion
yuan ($9 billion) in 2010, according to the
statement.
Wrightson on Friday appointed George Gould
managing director starting
Feb 1, according to a statement sent to the
stock exchange. He replaces
Tim Miles, who resigned on Oct 19 after the
company said it was
considering a new strategy.
The company last week lowered its full-year
earnings forecast, citing
difficult first-half trading conditions on
the nation's farms.
Source: www.chinadaily.com.cn
Property &
Assets
Premises : The
Subject operates from the verified heading address consisting of an
administrative office.
Branches : In
addition, the Subject operates from an office located at:
Lyngby Hovedgade 98, Stuen, K6
Lyngby 2800 Kgs
Denmark
page 18 / 22
Tel: +45 45885533
Fax: +45 45885536
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of New Zealand
Reserve of foreign exchange & gold : US$ 20.562 billion
Gross domestic product - GDP : US$ 180.548 billion
GPP (Purchasing power parity) : 126.628
billion of International dollars
GDP per capita - current prices :
US$ 40,454
GDP - composition by sector : agriculture:
4.7%
industry: 24%
services: 71.3%
Inflation : 2009:
2.1%
2010: 2.3%
2011: 4%
Unemployment rate : 2009:
6.1%
2010: 6.5%
2011: 6.5%
Public debt
(General Government gross debt as
a % GDP):
2009: 26.1%
2010: 32.3%
2011: 37%
Government bond ratings : Standard
& Poor's: AA+/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded
shares: US$67.061
billion
Largest companies
in the country : Westpac Limited,
Transpower, Fletcher Building Limited, National Bank of New Zealand, Fonterra
Co-Operative Group Ltd, Air New Zealand Limited, The Warehouse Group Limited,
Progressive Enterprises Ltd
Trade &
Competitiveness Overview
Total exports : US$33.24
billion
Exports commodities :
Dairy products, meat, wood and wood products, fish, machinery
Total imports : US$31.11
billion
Imports commodities :
Machinery and equipment, vehicles and aircraft, petroleum, electronics,
textiles, plastics
Export - major partners : Australia
22%, US 11.5%, Japan 9.2%, China 5.3%, UK 4.6%
Import - major partners : Australia
20.7%, China 13.4%, US 9.7%, Japan 9.5%, Singapore 4.9%,
Germany 4.7%
FDI Inflows : 2008: US$4,598
million
2009: US$-1,293 million
2010: US$561 million
FDI Outflows : 2008:
US$462 million
2009: US$-308
million
2010: US$589
million
Best countries for doing business : 3
out of 183 countries
Global competitiveness ranking : 25
(ranking by country on a basis of 142, the first is the best)
Country and
Population Overview
Total population : 4.37
million
Total area : 270,467 km2
Capital : Wellington
Currency : New
Zealand dollars (NZD)
Internet users as % of total
population: 83%
Purchase Term
Local :
Prepayment, Bank transfer, D/P, Credit up to 120 days
Sales Term
Local : Bank
transfer, D/P, Credit up to 120 days
International : L/C,
Prepayment, Telegraphic transfer, D/P, Credit up to 120 days
Trade Reference/
Payment Behaviour
Comments : As local and international
trade references were not supplied, the Subject's payment track record history
cannot be appropriately determined but based on our research, payments are
believed to be met without delay.
Investigation Note
Sources :
Interviews and material provided by the Subject
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.