MIRA INFORM REPORT
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Report Date : |
13.03.2012 |
IDENTIFICATION DETAILS
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Name : |
COUNTRY ROAD CLOTHING PTY LTD |
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Formerly Known As : |
The Country Road
Clothing Company Shops P/L |
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Registered Office : |
658 Church St, Cremorne, Vic 3121 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
14.03.1978 |
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Legal Form : |
Proprietary Company |
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Line of Business : |
chain of retail
stores |
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No. of Employees : |
2,000 (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 : |
Good |
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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, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
COUNTRY ROAD CLOTHING
PTY LTD
ACN: 005 419 447
ABN: 84 005 419
447
ADDRESS GIVEN 658
Church St
CREMORNE,
VIC 3121
INCORPORATED 14
March 1978
REGISTERED ADDRESS 658
Church St
CREMORNE,
VIC 3121
SHARECAPITAL $27,500,002
SHAREHOLDERS COUNTRY
ROAD LTD Holds 27,500,002
Directors GOLDBERG,
Howard Roy
8 Amaroo Ave
CASTLE COVE, NSW 2069
HOLT, Sophie
3 The Avenue
Toorak, VIC 3142
THOMAS, David Andrew
22 Larnaca Ct
TEMPLESTOWE, VIC 3106
THOMPSON, NORMAN
Appointment Date: 05 Feb 2003
Date of Birth: 26 Jun 1951
Resident Overseas: Yes
SUSMAN, SIMON NORMAN
Appointment Date: 06 Dec 2000
Date of Birth: 01 May 1950
Gender: Unknown
Address:
Resident Overseas: Yes
MOIR, IAN
Appointment Date: 23 Oct 1998
Date of Birth: 10 Dec 1958
Gender: Male
Address: 11A Caraar Creek Rd Mornington VIC 3931 Australia
Resident Overseas: No
Secretary THOMAS,
David Andrew
22 Larnaca Ct
TEMPLESTOWE, VIC 3106
REGISTERED
CHARGES None on record
TRADING ADDRESS 658
Church St
RICHMOND,
VIC 3121
TELEPHONE (613) 9267 1400
FACSIMILE (613)
9267 1312
HOLDING
ENTITY COUNTRY
ROAD LTD
BRANCHES The group maintains
over 60 retail stores and 80 concession
outlets.
BANK NATIONAL
AUSTRALIA BANK
EMPLOYEES 2,000
(group)
The subject was incorporated in Victoria on 14 March 1978 as Waggoner P/L, changing name on 21 April 1978 to The Country Road Clothing Company Shops P/L, before adopting the current style on 24 May 1982.
Group operations were established as a new venture in 1974.
In the 1980’s and 1990’s the subject expanded the Australian base and wholesale markets and entered the US and Asian markets.
In the later 1990’s the US operations failed and the Australian operations became unprofitable.
The subject was listed on the Australian Stock Exchange on 2 July 1987.
Woolworth Holdings Ltd of South Africa secured a controlling interest in the subject in 1998 and the business was re-built from the bottom up.
The subject operates as a chain of retail stores involved in the sale of men’s and women’s clothing, homewares and fashion accessories.
Activities are conducted from premises located at the above listed trading address.
A search of failed to trace any litigation listed against the subject at that date.
The subject is noted to have entered into a Deed of Cross Guarantee pursuant to a Class Order with its Holding entity Country Road Limited. The effect of the Deed is that each party that forms part of the closed group guarantee the debts of each other.
From the most recently lodged financial statements, it is noted that for the financial year ended 30 June 2010 the group recorded revenue of $381,219,000, which resulted in an operating profit before tax of $17,459,000 and an operating profit after tax of $12,331,000 representing a Net Profit Margin of 3.2%.
For the same period, the parties which make of the ‘closed group’ that for part of the Deed of Cross Guarantee recorded an operating profit before tax of $16,464,000 and an operating profit after tax of $11,637,000.
Below is a summary of the group’s income results for the past two financial years.
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Country Road Ltd - Consolidated |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
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Revenue |
$381,219,000 |
$347,547,000 |
9.69% |
|
Profit b/tax |
$17,459,000 |
$21,888,000 |
-20.23% |
|
Profit a/tax |
$12,331,000 |
$15,649,000 |
-21.20% |
|
Net Profit Margin |
3.23% |
4.50% |
-1.27% |
In the first half of 2010 the Group introduced the new brand ‘Trenery’ which was launched on 3 September 2009.
During this period the Group invested over $13 million in capital programs which included four new country road stores and the launch of Trenery with six stores.
During fiscal 2010, the group recorded Net Cashflows from operating activities totalling $1,246,000.
As at 30 June 2010 the group recorded total current assets of $53,315,000. They included cash of $2,466,000, receivables of $7,438,000 and inventories of $39,113,000.
Current liabilities at the same date totalled $40,223,000 and included payables of $27,743,000 and provisions of $7,569,000.
As at 30 June 2010, the group recorded Working Capital of $13,092,000 and a current ratio of 1.3 to 1 indicating satisfactory liquidity levels.
For the same period, the closed group recorded Working Capital of $6,583,000 and a current ratio of 1.14 to 1.
The Group has access to financing facilities which have a combined limit of $20,000,000. These facilities were drawn to $3,000,000 at 30 June 2010.
Net Assets totalled $84,792,000 as at 30 June 2010. At this date, the group further recorded a Debt to Equity ratio of 0.52 to 1.
At this date, the closed group recorded Net Assets of $76,243,000.
For the six months ended 31 December 2010 the group recorded revenue of $217.8 million which resulted in an operating profit before tax of $13.2 million and an operating profit after tax of $9.4 million.
Despite the difficult trading conditions the group was still able to improve overall profitability for the first half.
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Country Road Ltd - Consolidated |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
|
Revenue |
$381,219,000 |
$347,547,000 |
9.69% |
|
Profit b/tax |
$17,459,000 |
$21,888,000 |
-20.23% |
|
Profit a/tax |
$12,331,000 |
$15,649,000 |
-21.20% |
|
Net Profit Margin |
3.23% |
4.50% |
-1.27% |
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Current Assets |
$53,315,000 |
$70,140,000 |
-23.99% |
|
Non Current Assets |
$75,879,000 |
$71,528,000 |
6.08% |
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Total Assets |
$129,194,000 |
$141,668,000 |
-8.81% |
|
Current Liabilities |
$40,223,000 |
$63,242,00 |
-36.40% |
|
Non Current Liabilities |
$4,179,000 |
$3,445,000 |
21.31% |
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Total Liabilities |
$44,402,000 |
$66,687,000 |
-33.42% |
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Net Assets |
$84,792,000 |
$74,981,000 |
13.08% |
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Working Capital |
$13,092,000 |
$6,898,000 |
89.79% |
|
Current Ratio |
1.33 |
1.11 |
19.51% |
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Debt to Equity |
0.52 |
0.89 |
-41.12% |
During the current investigation, contact with the subject’s principals was unable to be established.
Subsequently details pertaining to the company’s suppliers were unable to be obtained and a trade survey could not be conducted.
The subject was incorporated in Victoria on 14 March 1978 as Waggoner P/L, changing name on 21 April 1978 to The Country Road Clothing Company Shops P/L, before adopting the current style on 24 May 1982.
Group operations were established as a new venture in 1974.
The subject is noted to have entered into a Deed of Cross Guarantee pursuant to a Class Order with its Holding entity Country Road Limited.
For the financial year ended 30 June 2010 the group recorded revenue of $381,219,000, which resulted in an operating profit before tax of $17,459,000 and an operating profit after tax of $12,331,000 representing a Net Profit Margin of 3.2%.
For the same period, the parties which make of the ‘closed group’ that for part of the Deed of Cross Guarantee recorded an operating profit before tax of $16,464,000 and an operating profit after tax of $11,637,000.
As at 30 June 2010, the closed group recorded Working Capital of $6,583,000 and a current ratio of 1.14 to 1.
At this date, the closed group recorded Net Assets of $76,243,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.94 |
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UK Pound |
1 |
Rs.78.25 |
|
Euro |
1 |
Rs.65.39 |
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.