|
Report Date : |
21.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
COUNTRY ROAD CLOTHING PTY. LTD. |
|
|
|
|
Formerly Known As : |
THE COUNTRY ROAD CLOTHING COMPANY SHOPS PTY. LTD. |
|
|
|
|
Registered Office : |
658 Church Street Richmond Victoria 3121 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
14.03.1978 |
|
|
|
|
Com. Reg. No.: |
005419447 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Designing and retailing of apparel, homewares and related accessories. |
|
|
|
|
No. of Employees : |
2,000 (Country Road Group) |
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 |
|
Maximum Credit Limit : |
USD 2,000,000 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Australia
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Verified Address
Subject name : COUNTRY ROAD CLOTHING PTY. LTD.
Business address :
658 Church Street
Town : Richmond
Province : Victoria
Zip/postal code : 3121
Country : Australia
Tel : +61 3 92671400
Fax : +61 3 92671300
Website : www.countryroad.com.au
Registered address
: 658 Church Street
Town : Richmond
Province : Victoria
Zip/postal code : 3121
Country : Australia
Postal address : Private Bag 750
Town : Richmond
Province : Victoria
Zip/postal code : 3121
Country : Australia
Executive Summary
Date founded or
registered : 14/03/1978
Legal form : Australian
Proprietary Company
Chief executive : Howard Roy Goldberg
Issued & paid
up capital : AUD 27,500,002
Sales turnover : AUD 423,791,000 (Group
consolidated, 12 Months 30/06/2011)
Net income : AUD 18,218,000
(Group consolidated, 12 Months 30/06/2011)
Total fixed assets
: AUD 149,280,000
(Group consolidated, 12 Months 30/06/2011)
Line of business :
Designing and
retailing of apparel, homewares and related accessories.
Staff employed : 2,000 (Country Road
Group)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
progressing
Management
experience : Management is
adequately experienced
Financial
performance : Financial
performance is good
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.
Comments :
Larger credit can still be considered. The Subject is well positioned in the
market and the financial stability of the group is positive.
Registry Data
Registration date
: 14/03/1978
Legal form : Australian
Proprietary Company
Registration no
Australian Company Number: 005419447
Registered
authority : Australian Securities
and Investments Commission
Fiscal/ Tax no : Australian Business
Number: 84005419447
Registry status : Live/Active
Previous name : THE COUNTRY ROAD
CLOTHING COMPANY SHOPS PTY. LTD.
WAGGONER PTY. LTD. (initial)
Change of legal
form : None reported.
Key Management
Name : Howard Roy Goldberg
Designation : Chief Executive Officer
Name : Sophie Holt
Designation : Executive Director, Creative
Director
Name : David Andrew Thomas
Designation : Chief Financial Officer
Name : Derek Muirhead
Designation : Group General Manager -
Merchandise
Name : Jacqui Moore
Designation : Group General Manager -
Marketing
Appointments
Name : Norman William Thomson
Designation : Director
Appointment date :
31/01/06
Address : 2 Firdale Road
Newlands
Cape Town 7700
South Africa
Biography : Born on 26-06-1951 in
Pretoria, South Africa.
Mr. Norman Thomson serves as Non-Executive Director at Country
Road Ltd. Mr. Thomson was appointed to the Board on December 6,
2000. He is currently the Director of Finance and an Executive
Director of Woolworths Holdings Limited (listed on the Johannesburg
Stock Exchange). He has been with Woolworths since 1991 and has
held positions in Logistics, Foods, Operations, and Supply Chain. He
holds a Bachelor of Commerce and is a qualified accountant.
Name : David Andrew Thomas
Designation : Director
Appointment date :
05/08/09
Address : 22-23 Larnaca Court
Templestowe, VIC 3106
Australia
Biography : Born on 07-12-1976 in
Melbourne, Victoria, Australia.
Mr. David Thomas serves as Chief Financial Officer, Company
Secretary and Executive Director at Country Road Ltd since
September 23, 2010. Mr. Thomas was appointed as Company
Secretary on July 24, 2009. He joined the Company in 2002 and held
various executive roles before being appointed as Chief Financial
Officer and Company Secretary in July 2009. He holds a Bachelor of
Commerce, CPA, Masters Degree of Business, Masters Degree of
Marketing and an Executive Certificate in Retailing.
Name : Ian Moir
Designation : Director
Appointment date :
23/10/98
Address : 11A Caraar Creek Road
Mornington, VIC 3931
Australia
Biography : Born on 10-12-1958 in
Dunfermline, United Kingdom.
Mr. Ian Moir serves as Chairman of the Board of Country Road Ltd
since November 18, 2011. Mr. Moir was appointed to the Board on
October 23, 1998. He was formerly the Chief Executive Officer of the
Company. Prior to working for the Company, he was Executive
Director and Chief Operating Officer of the Woolmark Company. He
has a Masters Degree in Business Administration, a Masters Degree
in Economics and is a qualified Chartered Accountant.
Name : Sophie Holt
Designation : Director
Appointment date :
20/10/10
Address : 3 The Avenue
Toorak, VIC 3142
Australia
Biography : Born on 08-06-1965 in
Melbourne, Victoria, Australia.
Ms. Sophie Holt serves as Executive Director and Creative Director at
Country Road Ltd since January 1, 2010. Ms. Holt was appointed to
the Board on December 29, 2009. She has been with Country Road
since 2003. Prior to joining the company, Sophie held the position of
Head of Design at Witchery.
Name : Howard Roy Goldberg
Designation : Director
Appointment date :
07/03/11
Address : 8 Amaroo Avenue
Castle Cove, NSW 2069
Australia
Biography : Born on 14-05-1952 in Cape
Town, South Africa.
Mr. Howard Goldberg has been appointed as Chief Executive Officer
and Director of Country Road Limited with effect from March 7, 2011.
Mr. Goldberg has over 30 years of senior executive management
experience in retail and wholesale manufacturing industries in
Australia. Mr. Goldberg is currently the Managing Director of the
General Pants Group. Prior to joining General Pants Group, he was
the CEO of Canterbury International Australasia and previously held
senior positions at Best and less and Pacific Brands. Mr. Goldberg
also sits on the L’Oreal Melbourne Fashion Festival Board as a
non-executive director.
Name : Paula Disberry
Designation : Director
Appointment date :
28/02/12
Address : 12 Hove Road
Camps Bay
Cape Town 8005
South Africa
Biography : Born on 15-10-1967 in Hexham,
United Kingdom.
Name : David Thomas
Designation : Company Secretary
Appointment date :
09/10/09
Address : 22-23 Larnaca Court
Templestowe, VIC 3106
Australia
Biography : Born on 07-12-1976 in
Templestowe, Victoria, Australia.
Staff employed : 2,000 (Country Road Group)
Key Advisors
Auditors : ERNST & YOUNG
Ernst & Young Building
8 Exhibition Street
Melbourne,VIC 3000
Australia
Composition
Authorized Capital
: AUD 27,500,002
No of shares : 27,500,002 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 27,500,002
Paid up capital : AUD 27,500,002
How listed : Full List
Composition
Shareholder name :
COUNTRY ROAD LIMITED
Address : 658 Church Street
Richmond, VIC 3121
Australia
No. of shares : 27,500,002 Ordinary Shares
% of shares : 100%
Structure
Name : WOOLWORTHS HOLDINGS
LIMITED
Affiliation type :
Ultimate Holding Company
Address : Woolworths House
93 Longmarket Street
Cape Town, 8001
South Africa
Comments : Woolworths Holdings Limited, an
investment holding company, provides retail and financial services in South
Africa. The company also has operations in Africa, Australia, New Zealand, and
the Middle East. Subsidiaries The company operates primarily through two
subsidiaries, Woolworths (Proprietary) Limited (Woolworths) in South Africa and
Country Road Limited (Country Road) in Australia and through a joint venture
Woolworths Financial Services (Proprietary) Limited (Woolworths Financial
Services). Woolworths Woolworths is a retail chain of stores operating under
the Woolworths brand name throughout South Africa and through franchise
operations in South Africa and selected African countries, as well as in the
Middle East. Woolworths offers customers a selected range of clothing, food,
and general merchandise. Woolworths has 250 corporate and 160 franchise stores
throughout South Africa, Africa and the Middle East. Woolworths Financial
Services Woolworths Financial Services is jointly operated with Absa Group
Limited and provides customers with a credit offering to assist them to purchase
merchandise in Woolworths stores. Country Road Country Road offers a select
range of clothing and homeware through its own dedicated retail outlets and
through concessions in large department stores in Australia and New Zealand. It
offers a range of women’s and men’s clothing in South Africa through selected
Woolworths stores. Country Road Limited has 67 retail stores and 82
concession retail
outlets across Australia and New Zealand. History Woolworths Holdings Limited
was founded in 1931.
Name : WOOLWORTHS INTERNATIONAL
(AUSTRALIA) PTY LIMITED
Affiliation type :
Intermediate Holding Company
Address : 658 Church Street
Richmond, VIC 3121
Australia
Comments : Woolworths International (Australia) Pty
Limited through its subsidiary retails and
markets consumer electronic products. The company was founded in 2005
and is
based in Bella Vista, Australia. Woolworths International (Australia)
Pty Limited
operates as a subsidiary of Woolworths Holdings Limited.
Name : COUNTRY ROAD LIMITED
Affiliation type :
Parent Company
Address : 658 Church Street
Richmond, VIC 3121
Australia
Comments : Country Road Limited engages in the design
and retail sale of apparel,
homewares, and related accessories in Australia, New Zealand, and South
Africa.
It offers womenswear, menswear, kidswear, gift cards, gift wraps, and
tailoring
services. Country Road Limited sells its products through 60 retail
stores and 80
concession outlets under the Country Road and Trenery brand names, as
well as
through an online store. The company was founded in 1974 and is based in
Richmond, Australia. Country Road Limited is a subsidiary of Woolworths
International (Australia) Pty Limited.
Name : COUNTRY ROAD CLOTHING (N.Z.)
LIMITED
Affiliation type :
Subsidiary
Address : 164 Queen Street
Auckland Central, Auckland, 1010
New Zealand
Name : COUNTRY ROAD PROPERTIES PTY. LTD.
Affiliation type :
Sister Company
Address : 658 Church Street
Richmond, VIC 3121
Australia
Name : COUNTRY ROAD VENTURES PTY LTD
Affiliation type :
Sister Company
Address : 658 Church Street
Richmond, VIC 3121
Australia
Name : COUNTRY ROAD INTERNATIONAL PTY.
LTD.
Affiliation type :
Sister Company
Address : 658 Church Street
Richmond, VIC 3121
Australia
Name : WOOLWORTHS (PROPRIETARY) LIMITED
Affiliation type :
Sister Company
Address : Woolworths House
93 Longmarket Street
Cape Town, 8001
South Africa
Name : WOOLWORTHS INTERNATIONAL (SA)
(PROPRIETARY) LIMITED
Affiliation type :
Sister Company
Address : Woolworths House
93 Longmarket Street
Cape Town, 8001
South Africa
Name : WOOLWORTHS DEVELOPMENTS
(PROPRIETARY) LIMITED
Affiliation type :
Sister Company
Address : Woolworths House
93 Longmarket Street
Cape Town, 8001
South Africa
Related companies
and corporateaffiliations comments : Other companies of the Woolworths Holdings
Group should be considered affiliates of the Subject.
Bank Details
Name of bank : National Australia Bank 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: 101770
Date Registered: 29-08-1979
Date Created: 04-07-1979
Chargees Name:
Name: INTERNATIONAL LEASING COMPANY (PTY) LTD
Name: ANGLO-AFRICAN SHIPPING COMPANY (U.K.) LTD
Name: CREDFIN (PTY) LTD
Name: T.I.I.C. (PROPRIETARY LTD
Name: DOMINION SHIPPERS LIMITED
Name: AFFILIATED EXPORTERS INCORPORATED
Name: TRADE & INDUSTRY ACCEPTANCE CORPORATION (AUSTRALIA)
PTY LTD
Name: INTERNATIONAL ACCEPTANCES (PROPRIETARY) LTD
Name: ANGLO AFRICAN SHIPPING CO 1936 PTY LTD
Name: ANGLO AFRICAN SHIPPING CO OF NEW YORK INCORPORATED
Name: ANGLO-AFRICAN FACTORS (PROPRIETARY LTD
Name: CREDFIN ACCEPTANCES (PROPRIETRY) LTD
Name: DAN PERKINS INTERNATIONAL LEASING (PROPRIETARY) LTD
Name: TIAC SECURITIES (PROPRIETARY) LTD
Name: COMBINED LEASING COMPANY (PROPRIETARY) LTD
Name: DAN PERKINS INSTALMENT SALES (PROPRIETARY) LTD
Name: GREEN BROTHERS LIMITD
Name: TRADE & INDUSTRY ACCEPTANCE CORPORATION LTD
Name: INTERNATIONAL SHIPPING COMPANY PTY.LIMITED
Name: FEDERATED SHIPPERS LTD
Name: FEDERATED MERCHANDISING CORPORATION LTD
Name: ELEPHANT TRADING COMPANY (RHODESIA) LTD
Name: ELEPHANT TRADING (SA) HOLDINGS LTD.
Name: LANDAU AND COETSEE (S.A) LIMITED
Name: EMPIRE STATE BUYING CORPORATION
Name: COMARKET AGENCIES LTD
Name: LANDAU & COETSEE (PVT) LTD
Name: AFFILIATED EXPORTERS (LONDON) LTD
ASIC Charge Number: 101910
Date Registered: 07-08-1980
Date Created: 24-07-1980
Chargees Name:
Name: DOMINION SHIPPERS LIMITED
Name: AFFILIATED EXPORTERS INCORPORATED
Name: TRADE & INDUSTRY ACCEPTANCE CORPORATION (AUSTRALIA)
PTY LTD
Name: COMMONWEALTH INTERNATIONAL SHIPPERS (U.K.) LIMITED
ASIC Charge Number: 101999
Date Registered: 28-09-1981
Date Created: 01-09-1981
Chargees Name: PERPETUAL TRUSTEES VICTORIA LIMITED
ASIC Charge Number: 820615
Date Registered: 10-09-2001
Charge type: Both Fixed & Floating
Date Created: 30-08-2001
Chargees Name: NATIONAL AUSTRALIA BANK LIMITED
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 : 30/06/11
Type of accounts :
Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.94 as of
19-03-2012
Summarized Financial Information
Consolidation type
: Group Consolidated Group Consolidated Group Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar (AUD) South
Africa, Rand (ZAR)
Denomination : (x1) One (x1) One (x1) One
Date of financial
year end : 30/06/11 30/06/10 26/06/11
Length of accounts
: 12 months 12 months 12 months
Sale turnover /
Income : 423,791,000 381,219,000 25,841,000,000
Gross profit : 252,535,000 216,430,000 8,899,000,000
Operating profit :
23,477,000 18,056,000 2,122,000,000
Profit before tax
: 22,690,000 17,459,000 2,306,000,000
Net income : 18,218,000 12,331,000 1,647,000,000
Non current assets
: 75,683,000 75,879,000 4,115,000,000
Current assets : 73,597,000 53,315,000 4,950,000,000
Inventories : 48,085,000 39,113,000 1,892,000,000
Total assets : 149,280,000 129,194,000 9,065,000,000
Current
liabilities : 51,035,000 40,223,000 3,512,000,000
Non current
liabilities : 6,521,000 4,179,000 1,460,000,000
Total liabilities
: 57,556,000 44,402,000 4,972,000,000
Share equity : 91,724,000 84,792,000 4,093,000,000
Reserve : -5,087,000 -196,000
Retained earning :
22,724,000 10,901,000
Comments : The group’s consolidated financial
information in AUD above relates to the
Subject’s Parent Company Country Road Limited and all its subsidiaries
which
include the Subject.
The group’s consolidated financial information in ZAR above relates to
the
Subject’s Ultimate Holding Company Woolworths Holdings Limited and all
its
subsidiaries which include the Subject.
Main activities : The Subject is engaged in
designing and retailing of women's clothing,
footwear & accessories; men's clothing, footwear & accessories;
children's
clothing; homewares and related accessories.
Besides the Subject's retail outlets, it also sells its products online
and
offers additional services such as gift cards, gift wraps, gift
registry,
tailoring and delivery services.
The Subject is part of Country Road Limited which is an Australia-based
company engaged in the apparel and accessories retail industry. The
Company's principal activities are the designing and retailing of
apparel
homewares and related accessories through its network of retail stores
and
online store. During the fiscal year ended June 30, 2011, the Company
opened three new Country Road and seven new Trenery retail stores
across Australia and New Zealand, along with four new concession stores
in Myer, Canberra City, Australian Capital Territory. In addition, two new
concession stores were opened in Gauteng in South Africa. As of June 30,
2011, the Company had seven wholly owned subsidiaries, namely Country
Road Clothing Pty Ltd, Country Road Clothing (N.Z.) Ltd, Country Road
Properties Pty Ltd, Country Road Ventures Pty Ltd, Country Road Ltd,
Country Road International Pty Ltd and Country Road (Hong Kong) Ltd.
The Company's ultimate parent entity is Woolworths Holdings Limited.
Woolworths Holdings Limited is an investment holding company and one of
the top 100 companies listed on the Johannesburg Securities Exchange in
South Africa. Its core business focus is the provision of retail and
financial
services to upper and middle income groups mainly in South Africa but
also
in Africa, Australia, New Zealand and the Middle East. It operates
internationally through the following subsidiaries: Woolworths
(Proprietary
Limited) and Country Road Limited. Woolworths (Proprietary) Limited - a
respected chain of over 330 retail stores (including more than 150
franchise stores), offering a range of quality clothing, food, homeware,
beauty and financial services under its own brand name in South Africa,
Africa and the Middle East.
Brand : Country Road
Purchases
Local : Yes
International : Contract manufacturing conducted
mainly from Asian countries
Sales
Local : Yes
International : New Zealand
Property &
Assets
Premises : The Subject operates from
head office located at the verified heading
address consisting of administrative office and warehouse.
Branches : In addition, the Subject operates from 60 retail stores and
80 concession outlets located throughout Australia and New Zealand.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign
exchange & gold : US$ 43.879
billion
Gross domestic
product - GDP : US$ 1.448
trillion
GPP (Purchasing
power parity) : 918.529
billion of International dollars
GDP per capita -
current prices : US$ 64,351
GDP - composition
by sector : agriculture:
4.0%
industry: 26%
services: 70%
Inflation :
2008: 4.4%
2009: 1.8%
2010: 2.8%
Unemployment rate
: 2008: 4.2%
2009: 5.6%
2010: 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 tradedshares : US$1.258
trillion
Largest companies
in the country : Westpac Banking
Group (Major Banks), BHP Billiton (Diversified Metals & Mining),
Commonwealth Bank (Major Banks), National Australia Bank (Major Banks), ANZ
Banking (Major Banks), Telstra (Telecommunications services), Wesfarmers (Food
Retail)
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 : machinery and
transport equipment, computers and office machines,
telecommunication
equipment and parts, crude oil and petroleum products
FDI Inflows : 2008: US$46,722
million
2009: US$22,572 million
2010: US$32,472 million
FDI Outflows : 2008: US$32,819
million
2009: US$18,426 million
2010: US$26,431 million
Best countries for
doing business : 10 out of 183 countries
Global
competitiveness ranking : 20 (ranking by country on a basis of 142, 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: 76.00%
Purchase Term
International :
L/C, Telegraphic transfer, Credit up to 120 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.25 |
|
|
1 |
Rs.79.76 |
|
Euro |
1 |
Rs.66.52 |
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.