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Report Date : |
25.07.2012 |
IDENTIFICATION DETAILS
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Name : |
EZIBUY OPERATIONS LIMITED |
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Formerly Known As : |
EZIBUY RETAIL LIMITED |
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Registered Office : |
Level 4, The Textile Centre |
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Country : |
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Date of Incorporation : |
14.11.2003 |
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Com. Reg. No.: |
1439405 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Import & distribution of clothing apparels and homeware. |
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No. of Employees : |
376 employees (Ezibuy Group) |
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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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
New Zealand |
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 |
Verified Address
Subject name : EZIBUY OPERATIONS LIMITED
Business address :
Level 4, The Textile Centre
1 Kenwyn Street
Town : Parnell
Province : Auckland
Zip/postal code : 1052
Country : New Zealand
Tel : +64 9 3797238
Fax : +64 9 3797241
Website : www.ezibuy.co.nz
Registered address
: Level 4, The Textile Centre
1 Kenwyn Street
Town : Parnell
Province : Auckland
Zip/postal code : 1052
Country : New Zealand
Postal address : P.O. Box 137264
Town : Parnell
Province : Auckland
Zip/postal code : 1151
Country : New Zealand
Executive Summary
Date founded or
registered : 14/11/2003
Legal form : Private Limited
Company
Chief executive : Simon West
Issued & paid
up capital : NZD 1,000
Sales turnover : NZD 200,000,000
(Estimated Group consolidated 12 months, 31/03/2011)
Line of business : Import &
distribution of clothing apparels and homeware.
Staff employed : 376 employees (Ezibuy
Group)
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 good
Organization
structure : Organizational
structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Registry Data
Registration date
: 14/11/2003
Legal form : Private Limited Company
Registration no 1439405
Registered
authority : New Zealand Companies
Office
Registry status : Live/Active
Previous name : The Subject was formerly known as
EZIBUY RETAIL LIMITED and changed to
the current style on 31-03-2008.
On 31-03-2008, EZIBUY DIRECT LIMITED, EZIBUY IMPORTS LIMITED and
EZIBUY RETAIL LIMITED amalgamated to become EZIBUY RETAIL LIMITED
which changed its name on amalgamation to EZIBUY OPERATIONS LIMITED
(Subject).
Change of legal
form : None reported.
Key Management
Name : Simon West
Designation : Chief Executive Officer
Appointments
Name : Gerard Francis
Gillespie
Designation : Director
Appointment date :
14/11/03
Address : 27 Montgomery Terrace
Hokowhitu, Palmerston North 4410
New Zealand
Staff employed : 376 employees (Ezibuy Group)
Composition
Authorized Capital
: NZD 1,000
No of shares : 1,000 Shares
Share par value : NZD 1
Issued capital : NZD 1,000
Paid up capital : NZD 1,000
How listed : Full List
Composition
Shareholder name :
EZIBUY LIMITED
Address : Level 4, The Textile Centre
1 Kenwyn Street
Parnell, Auckland 1052
New Zealand
No. of shares : 1,000 Ordinary shares
% of shares : 100%
Structure
Name : EZIBUY HOLDINGS LIMITED
Affiliation type :
Ultimate Holding Company
Address : Level 4, The Textile Centre
1 Kenwyn Street
Parnell, Auckland 1052
New Zealand
Name : EZIBUY LIMITED
Affiliation type :
Parent Company
Address : Level 4, The Textile Centre
1 Kenwyn Street
Parnell, Auckland 1052
New Zealand
Comments : EziBuy Limited retails fashion
apparel and home décor items. It offers tops,
dresses, tunics, pants, cardigans, jackets, coats and vests, shirts,
skirts, knitwear,
lingerie, swimwear, shoes, accessories, and loungewear for women. The
company also offers tops, pants, jackets and coats, shirts, and knitwear
for men;
and corporate uniforms for blue-chip clients and large multi-nationals.
In addition,
it offers home ware products for living and bedroom, kitchen, bathroom,
children
room, boutique, and indoor and outdoor applications; and cot sheet sets,
bath
mats and sheets, bath towels, hand towels, face clothes, pillowcase,
fitted sheets,
flat sheets, pleated and quilted valances, duvet inners, blankets,
memory foam
pillows, and pillows. Further, the company provides personal care
products,
jewellery, special occasion products, personalised prints,
sports/outdoor products,
Christmas decors, health supplements, and special occasion products; and
gifts
for men, women, kids, and pets. It also offers its products through
catalogues, as
well as online. EziBuy Limited was founded in 1978 and is headquartered
in
Auckland, New Zealand with a distribution centre and contact centre in
Palmerston North, New Zealand; and additional offices in Auckland, New
Zealand. It has stores in Albany, Palmerston North, Wellington, and
Christchurch,
New Zealand.
Name : EZIBUY AUSTRALIA
LIMITED
Affiliation type :
Sister Company
Address : Level 4, The Textile Centre
1 Kenwyn Street
Parnell, Auckland 1052
New Zealand
Name : EZIBUY PTY. LIMITED
Affiliation type :
Sister Company
Address : 431 Warringah Road
Frenchs Forest, NSW 2086
Australia
Name : MAX FASHIONS LIMITED
Affiliation type :
Sister Company
Address : Level 4, The Textile Centre
1 Kenwyn Street
Parnell, Auckland 1052
New Zealand
Bank Details
Name of bank : Westpac New Zealand
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 : External Sources
Financial
statement date : 31/03/11
Type of accounts :
Estimated key figures
Currency : New Zealand,
Dollar (NZD)
Exchange rate : 1 USD = NZD 1.27 as of
24-07-2012
Summarized Financial Information
Consolidation type
: Group Consolidated
Currency : New Zealand,
Dollar (NZD)
Denomination : (x1) One
Date of financial
year end : 31/03/11
Length of accounts
: 12 months
Sale turnover /
Income : 200,000,000
Comments : The group’s
estimated consolidated sales turnover above relates to the
Subject’s Parent Company Ezibuy Limited and all its subsidiaries which
include
the Subject.
Private Companies in New Zealand are not required to file accounts
unless
classified as "Large", which at the moment means that two out
of the following
three conditions are met:
- The company has a sales turnover of over NZD 20,000,000;
- The company has total assets of over NZD 10,000,000;
- The company employs 50 people or more.
The Subject meets the criteria of being a large Private Company however
is
exempted from filling their financial information.
Main activities : The Subject engages in
sourcing, buying, import & distribution of clothing
apparels and homeware.
The Subject is a wholly owned subsidiary of Ezibuy Limited. Ezibuy
Limited
is a multi-channel retailer of apparels and homeware in Australasia.
EziBuy Limited offers tops, dresses, tunics, pants, cardigans, jackets,
coats
and vests, shirts, skirts, knitwear, lingerie, swimwear, shoes,
accessories,
and loungewear for women. The company also offers tops, pants, jackets
and coats, shirts, and knitwear for men; and corporate uniforms for
blue-chip clients and large multi-nationals. In addition, it offers home
ware
products for living and bedroom, kitchen, bathroom, children room,
boutique, and indoor and outdoor applications; and cot sheet sets, bath
mats and sheets, bath towels, hand towels, face clothes, pillowcase,
fitted
sheets, flat sheets, pleated and quilted valances, duvet inners,
blankets,
memory foam pillows, and pillows. Further, the company provides personal
care products, jewellery, special occasion products, personalised
prints,
sports/outdoor products, Christmas decors, health supplements, and
special occasion products; and gifts for men, women, kids, and pets. It
also
offers its products through catalogues, as well as online. EziBuy
Limited
was founded in 1978 and is headquartered in Auckland, New Zealand with
a distribution centre and contact centre in Palmerston North, New
Zealand;
and additional offices in Auckland, New Zealand. It has stores in
Albany,
Palmerston North, Wellington, and Christchurch, New Zealand.
Product &
services : Womenswear
Menswear
Kidswear
Homeware
Gift & Health
Brand : Ezibuy
Purchases
International : Asia, Europe
Sales
Local : Yes
International : Australia, Oceania
Key events : 14 May 2012
Investor says EziBuy sale premature
The Australian private equity investor with a 43.47 percent stake in
EziBuy
says a report that its selling out of the clothing company founded in
Palmerston North is premature.
Investment firm UBS has been hired to explore the potential exit of
Catalyst's stake, which could fetch as much as $A300 million ($NZ384
million), the Australian Financial Review reported.
A formal sale process is expected in the second half of the year.
A spokesman for Catalyst told NZ Newswire that no decision had been
made to sell the stake, and it was also premature to speculate that a
sale
mandate was in place.
Catalyst Investment Managers purchased the stake in EziBuy for an
undisclosed sum from New Zealand private equity firm Direct Capital in
2007.
The purchaser was Multichannel Ltd, which is owned by two Catalyst
funds.
Peter Gillespie, a founder of the company, declined to comment on the
report today.
Mr Gillespie and his brother founded the firm in 1978 and remained
majority shareholders and directors when Catalyst bought in.
EziBuy welcomed the arrival of Catalyst as a shareholder, saying the
private equity firm would help its growth plans in Australia.
EziBuy is known for a strong mail order business but it also has stores
and
takes orders online.
2 February 2007
NEW PARTNERSHIP FOR EZIBUY
EziBuy Limited (“EziBuy”), Australasia’s largest apparel and home décor
catalogue company, has announced a significant equity investment by a
leading private equity company.
Australian-based Catalyst Investment Managers Pty Limited (“Catalyst”)
will acquire a 43.5% equity shareholding in the company through a newly
incorporated company, Multichannel Limited, which is wholly owned by
funds managed by Catalyst.
Founders, brothers Peter and Gerard Gillespie, will remain the majority
shareholders and will remain on the Board of Directors. They established
the company in Palmerston North, New Zealand in 1978 and expanded to
Australia in 1992.
EziBuy’s multi-channel retail model allows customers to purchase its
products via mail order, telephone, its website and in-store. Central to
the
model is its catalogue offering which showcases the company’s apparel
and homeware brands to more than half a million Australasian customers.
This transaction is Catalyst’s second significant investment in New
Zealand in the past six months, following its acquisition of Metro GlassTech
in August 2006.
EziBuy Chief Executive, Mary Devine, says Catalyst is the right partner
for
the company as it continues significant growth plans, particularly in
the
Australian market.
“We have been through a robust and comprehensive process to select a
partner and investor that brings attributes to the table that support
the
growth plans. Catalyst has a proven track record and extensive
experience
in the apparel retail sector.”
“EziBuy has opened new stores in Hamilton and Tauranga in recent
months and further stores are planned for Wellington and Auckland. In
the
Australian market, EziBuy is investigating growth opportunities to
develop
the active customer base further. The core strength of EziBuy’s
multi-channel strategy is also reinforced by the fact EziBuy is
consistently
ranked as the most popular apparel website in New Zealand and Australia
by ‘Hitwise.’
“We are very excited by this opportunity to invest in EziBuy and to
partner
with Mary Devine and her high quality management team. EziBuy is a
vibrant and strongly profitable business, which has significant
opportunities
for growth. We look forward to working with Mary and the Gillespie
family to
build on their already significant achievements,” says Managing Director
of
Catalyst, Trent Peterson.
“We are looking forward to working with Catalyst to optimise the
potential
of the EziBuy business model,” concluded Mary Devine.
The acquisition is subject to OIO approval.
The exiting shareholders are New Zealand private equity company Direct
Capital Ltd and Direct Group Pty Ltd.
Background – EziBuy
EziBuy Limited is the largest fashion clothing and home décor catalogue
company in Australasia. It has a turnover in excess of $170 million and
employs more than 800 staff.
The company was established in Palmerston North in 1978 by brothers
Peter and Gerard Gillespie. It expanded to Australia in 1992.
EziBuy makes its core fashion and homeware collections available through
catalogues and via its website. It also has retail stores in New Zealand
and
Australia.
The company’s first mailing list of organisations and clubs were drawn
from telephone books. Thirty years on, EziBuy produces over 30
catalogues that are mailed to more than half a million people in New
Zealand and Australia, and dispatches an average of 9,000 parcels a day
to Australasian shoppers.
EziBuy’s catalogues showcase the company’s core womenswear brands
– Capture, Emerge, Grace Hill, Glory and Urban – plus the extended
choice offered by exclusive European brands, Together and Apart. Sara, a
16+ women’s fashion collection, completes the range.
EziBuy also provides corporate apparel through Profile, its corporate
apparel division, which has led the New Zealand market in providing
branded clothing solutions to a range of blue-chip clients and large
multi-nationals for 13 years.
A true Kiwi success story, EziBuy is one of the few New Zealand
companies that have successfully integrated into the Australian market
and
has established itself as a trans Tasman household name.
EziBuy cemented its presence in the Australian market when in February
2002 it secured the direct database from Australia’s largest catalogue
retailer, Coles Myers. Today, Australian customers account for over 50
per
cent of EziBuy’s total business.
Background – Catalyst
Catalyst Investment Managers is a leading Australasian private equity
firm.
Catalyst has completed over 30 transactions in Australia and New Zealand
with a combined enterprise value of almost A$3 billion.
Catalyst makes investments in market leading businesses, with excellent
management, robust cash flows and strong growth prospects.
Catalyst has developed significant experience in investing in the
Australasian retail sector, having successfully invested in Just Group
(re-listed in 2004), Pacific Brands (listed in 2004) and Australian
Discount
Retail (acquired in 2005).
Property & Assets
Premises : The Subject
operates from premises located at the verified heading
address consisting of administrative office.
Branches : In addition, the
Subject operates from distribution center located at:
31 El Prado Drive
Milson, Palmerston North 4478
New Zealand
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Reserve
Bank of New Zealand
Reserve of foreign
exchange & gold : US$ 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 : Telecom of New
Zealand, Transpower, Fletcher Building, Infratil
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
International :
Prepayment, Telegraphic transfer, D/P, Credit 30-120 days
Sales Term
Local :
Prepayment, Bank transfer, D/P, Credit 30-120 days
International :
Prepayment, Telegraphic transfer, D/P, Credit 30-120 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
: Other official and local business sources
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.01 |
|
|
1 |
Rs.86.89 |
|
Euro |
1 |
Rs.67.83 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.