MIRA INFORM REPORT
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Report Date : |
17.11.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
WITCHERY FASHIONS PTY. LTD. |
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Formerly Known As : |
MISTYDAWN INVESTMENTS PTY. LTD |
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Registered Office : |
111 Cambridge Street, Collingwood, Victoria, Zip/postal code 3066 |
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Country : |
Australia |
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Date of Incorporation : |
16.12.1987 |
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Com. Reg. No.: |
006897230 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Retailing of fashion wear and accessories. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2,000,000 |
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Status : |
Satisfactory |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Australia |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Identification details
Verified Address
Subject name : WITCHERY FASHIONS PTY. LTD.
Business address : 111 Cambridge Street
Town : Collingwood
Province : Victoria
Zip/postal code 3066
Country : Australia
Tel : +61 3 94177600
Fax : +61 3 94174281
Website : www.witchery.com.au
Registered address : 111 Cambridge Street
Town : Collingwood
Province : Victoria
Zip/postal code : 3066
Country : Australia
Summary details
Executive Summary
Date founded or registered : 16/12/1987
Legal form : Australian Proprietary Company
Chief executive : Iain Nairn
Issued & paid up capital : AUD 5,002
Line of business : Retailing of fashion wear and accessories.
Staff employed : 1,000 employees
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is reasonably experienced
Financial performance : Financial performance is undetermined
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 2,000,000
Credit amount asked : Not described.
Statutory details
Registry Data
Registration date : 16/12/1987
Legal form : Australian Proprietary Company
Registration no Australian
Company Number: 006897230
Registered authority : Australian Securities & Investments
Commission
Fiscal/ Tax no : Australian Business Number: 70006897230
Registry status : Live/Active
Previous name : MISTYDAWN INVESTMENTS PTY. LTD.
(initial)
Management / directors
Key Management
Name : Iain Nairn
Designation : Chief
Executive Officer
Name : Michelle Curtis-Powys
Designation : General
Manager. Retail
Board of directors / other
appointments
APPOINTMENTS
Name : Iain Nairn
Designation : Director ]
Appointment date : 23/11/06
Address : 61 Spring St E
Port Melbourne, VIC 3207
Australia
Biography : Born on 18-12-1961 in Broxburn, Scotland, United Kingdom.
Name : Mark Richard Youens
Designation : Director
Appointment date : 26/10/10
Address : 3 Dargan Street
Naremburn, NSW 2065
Australia
Biography : Born on 07-05-1972 in Subiaco, Western Australia. Australia.
Name : Agnieszka Pfeiffer-Smith
Designation : Director
Appointment date : 25/03/11
Address : 9 Fern Street
Clovelly, NSW 2031
Australia
Biography : Born on 08-04-1975 in Zielona Góra, Poland.
Name : Ian Francis Law
Designation : Director
Appointment date : 25/10/11
Address : 289 Fosters Lane
Mortlake, VIC 3272
Australia
Biography : Born on 31-08-1951 in Melbourne, Victoria, Australia.
Name : Mark James Rimmer
Designation : Director
Appointment date : 01/08/11
Address : 50 Finlayson Street
Lane Cove, NSW 2066
Australia
Biography : Born on 15-03-1965 in Bushey, United Kingdom.
Staff employed : 1,000 employees
Share capital
Composition
Authorized Capital : AUD 5,002
No of shares : AUD 5,002 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 5,002
Paid up capital : AUD 5,002
ownership / shareholders
How listed :
Full List
Composition
Shareholder name : WITCHERY HOLDINGS PTY LTD
Address : 167 Macquarie Street
Sydney, NSW 2000
Australia
No. of shares : 5,002 Ordinary Shares
% of shares : 100%
Related companies & corporate Affiliations
Structure
Name GRESHAM PRIVATE EQUITY LIMITED
Affiliation type Ultimate Holding Company
Address Level 17, 167 Macquarie Street
Sydney, NSW 2000
Australia
Comments Gresham Private Equity
Limited is the private equity and venture capital arm of Gresham Partners
Limited specializing in management buyouts, emerging growth, leveraged buyouts,
expansion capital, public to private transactions, buy and build transactions,
and industry consolidations in mid market companies. It focuses on sectors such
as retail mining services, healthcare, business services and consumer. The firm
invests in companies based in Australia, Europe, Asia, and New Zealand. It
seeks to invest the minimum investment of A$5 million ($4.57 million) in
companies for enterprise value between AUD$100 million ($82.4 million) and
AUD$500 million ($412 million) for leveraged buyouts opportunities. Gresham
Private Equity Limited was founded in 1999 and is based in Sydney, Australia.
Name WITCHERY AUSTRALIA HOLDINGS PTY LIMITED
Affiliation type Intermediate Holding Company
Address 167 Macquarie Street
Sydney, NSW 2000
Australia
Name : WITCHERY HOLDINGS PTY LTD
Affiliation type : Parent Company
Address : 167 Macquarie Street
Sydney, NSW 2000
Australia
Name : MIMCO PTY LTD
Affiliation type : Associate
Address : 111 Cambridge Street
Collingwood, VIC 3066
Australia
Bank & mortgages
Bank Details
Name of bank : Australia And New Zealand Banking Group
Limited
Address : Australia
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
Satisfied Charge
Details
ASIC Charge Number: 730815
Date Registered: 04-01-2000
Charge type: Both Fixed & Floating
Date Created: 17-12-1999
Chargees Name: AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Unsatisfied Charge
Details
ASIC Charge Number: 1348883
Date Registered: 01-09-2006
Charge type: Both Fixed & Floating
Date Created: 15-08-2006
Chargees Name: BOSI SECURITY SERVICES LTD
ASIC Charge Number: 1348884
Date Registered: 01-09-2006
Charge type: Both Fixed & Floating
Date Created: 15-08-2006
Chargees Name: BOSI SECURITY SERVICES LTD
ASIC Charge Number: 1348885
Date Registered: 01-09-2006
Charge type: Both Fixed & Floating
Date Created: 15-08-2006
Chargees Name: BOSI SECURITY SERVICES LTD
ASIC Charge Number: 1348886
Date Registered: 01-09-2006
Charge type: Both Fixed & Floating
Date Created: 15-08-2006
Chargees Name: BOSI SECURITY SERVICES LTD
ASIC Charge Number: 1348887
Date Registered: 01-09-2006
Charge type: Both Fixed & Floating
Date Created: 15-08-2006
Chargees Name: BOSI SECURITY SERVICES LTD
ASIC Charge Number: 1348888
Date Registered: 01-09-2006
Charge type: Both Fixed & Floating
Date Created: 15-08-2006
Chargees Name: BOSI SECURITY SERVICES LTD
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
financial data
Description
Comments : The Subject is classified as a small
proprietary company by the Australian Securities & Investments Commission
hence is not required to disclose their financial statement.
A proprietary
company is defined as small for a financial year if it satisfies at least two
of the following:
- The consolidated
revenue for the financial year of the company and any entities it controls is
less than $25 million;
-The value of
the consolidated gross assets at the end of the financial year of the company
and any entities it controls is less than $12.5 million, and
-The company
and any entities it controls have fewer than 50 employees at the end of the
financial year.
The Subject
meets all criteria to reveal their financial information however is still
exempted from filling their financial information by the Government of
Australia.
Operation details
Main activities : The Subject is engaged in retailing of
fashion wear and
accessories. It offers
apparel, such as tops, vests, skirts, jumpsuits, dresses, beachwear, at home
apparel, and intimate apparel for girls and women; tees and polos, underwear,
and shirts for boys and men; and knitwear, jackets and coats, pants, denim,
shorts, accessories, shoes, and gift certificates for girls, boys, men, and
women. The company also provides accessories, including bags, belts, jewelry,
watches, eyewear, and hats and scarves for men and women; hair products,
hosiery and leggings, bath and body products, and cosmetics for women; and ties
and cuff links, and watches for men. In addition, it offers flats and sandals,
heels and wedges, and boots for women; and shoes and socks for men. Witchery
Fashions also serves customers online. It operates a chain of apparel retail
stores in Australia, New Zealand, and Singapore.
Purchases
International : Asian countries, United States, Europe
Sales
Local : Yes
International : No exports.
Key events : Gresham Private Equity Reportedly Seeks IPO For Witchery And
Mimco 05/19/2011
Gresham Private Equity has hired Macquarie and JPMorgan to manage the IPO of Witchery Fashions Pty Ltd. and Mimco Pty Ltd., the Australian Financial Review (AFR) said. The IPO has been planned for fourth quarter of 2011 and it will value the firm at about AUD 300 million, AFR said. Some parties were interested to acquire them but IPO seemed to be the preferred option. The information memorandum for Witchery and Mimco is expected next week, AFR said.
Gresham Private Mulls Witchery Sale 03/30/2011
A person familiar with the
matter has revealed that Gresham Private
Equity, is considering a trade
sale or Initial Public Offering (IPO) of
Witchery Fashions Pty Ltd. that
could value the business at about AUD 350 million. The person added that the
sale could go ahead in the first half of this calendar year. Two sources
familiar with the situation said that Mimco Pty Ltd. could also be sold with
Witchery or even separately.
Property & Assets
Premises : The Subject operates from head office
located at the verified heading address consisting of administrative office,
warehouse and retail outlet.
Branches : The Subject operates a network of more
than 100 stores located throughout Australia under the brand name Witchery.
Summarized country risk
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 41.385 billion
Gross domestic product – GDP : US$ 1.235 trillion
GPP (Purchasing power parity) : 918.529 billion of International dollars
GDP per capita - current prices : US$ 55,590
GDP - composition by sector : agriculture: 4.1% industry: 26% services: 70%
Inflation : 2008: 4.4%
2009: 1.8%
2010: 2.8%
Unemployment rate 2008: 4.2 %
2009: 5.6 %
2007:5.2 %
Public debt
(General Government gross
debt as a % GDP) 2008: 11.6%
2009: 17.6%
2010: 22.3 %
Government bond
ratings Standard
& Poor's: AAA-/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded shares US$ 1.258 trillion
Largest
companies in the country : Commonwealth Bank (Banking), BHP
Billiton (Materials), Westpac Banking Group (Banking), Rio Tinto (Materials),
National Australia Bank (Banking), ANZ Banking (Banking), Telstra
(Telecommunications)
Trade & Competitiveness Overview
Total exports US$210.7
billion
Exports commodities coal,
iron ore, gold, meat, wool, alumina, wheat
Total imports US$187.2
billion
Imports commodities machinery and
transport equipment, computers and office machines, telecommunication equipment
and parts, crude oil and petroleum products
Export - major partners Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India
5.5%, UK 4.2%
Import - major partners China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany
5.2%, UK 4.3%, Thailand 4.2%
FDI Inflows 2007: US$45,477 million
2008: US$46,722 million
2009: US$22,572 million
FDI Outflows 2007: US$16,822 million
2008: US$32,819 million
2009: US$ 18,426 million
Best countries for doing business : 10
out of 183 countries
Global competitiveness ranking : 16
(ranking by country on a basis of 133, the first is the best)
Country and Population Overview
Total population :
22.23 million
Total area :
7,692,024 km2
Capital : Canberra
Currency : Australian Dollars (AUD)
Internet
users as % of total population
: 74.00%
Payment history
Purchase Term
International : L/C, Prepayment, Credit 30-90 days
Sales Term
Local : Cash, Credit card
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
: Other
official and local business sources
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.72 |
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UK Pound |
1 |
Rs.79.88 |
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Euro |
1 |
Rs.68.64 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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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NB |
New Business |
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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.