MIRA INFORM REPORT
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Report Date : |
21.09.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
COLES GROUP NEW ZEALAND HOLDINGS LIMITED |
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Formerly Known As : |
COLES MYER NEW ZEALAND HOLDINGS LIMITED |
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Registered Office : |
C/O Minter Ellison Rudd
Watts, Lumley Centre, |
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Country : |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
04.05.1987 |
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Com. Reg. No.: |
335513 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject owns and operates a network of discount department
stores in |
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No. of Employees : |
1,000 employees (Subject);
200,000 employees (Wesfarmers 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 : |
Regular |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
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 1.7% growth in 2010 and 2% in 2011. 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.
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Source : CIA |
Verified Address
Subject name : COLES GROUP NEW ZEALAND
HOLDINGS LIMITED
Other style / Business name :
KMART NEW ZEALAND
Business address : Hunters Plaza
Corner of Great South Road & Sutton Crescent
Town : Papatoetoe
Province : Auckland
Zip/postal code : 2025
Country : New Zealand
Tel : +64 9 2794409
Fax : +64 9 2796109
Website : www.kmart.co.nz
Registered address : C/o MINTER ELLISON RUDD WATTS
Lumley
Centre
88
Shortland Street
Town : Auckland
Central
Province : Auckland
Zip/postal code : 1010
Country : New Zealand
Postal address : P.O. Box 76121
Town : Manukau
City
Province : Auckland
Zip/postal code : 2241
Country : New Zealand
Executive Summary
Date founded or registered : 04/05/1987
Legal form : Private Limited
Company
Chief executive : Susanne Joy Smith
Issued & paid up capital
: NZD 1,800
Sales turnover : NZD 190,703,108
(Consolidated 12 months, 30/06/2011)
Net income : NZD 2,860,555
(Consolidated 12 months, 30/06/2011)
Total fixed assets : NZD 275,257,584
(Consolidated 12 months, 30/06/2011)
Line of business : Owns and operates a
network of discount department stores in New Zealand
under the name KMART.
Staff employed : 1,000 employees
(Subject); 200,000 employees (Wesfarmers 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
consistent
Detrimental : No detrimental records found
Payment history : No payment delays noted
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 : 04/05/1987
Legal form : Private Limited
Company
Registration no 335513
Registered authority : New Zealand Companies Office
Registry status : Live/Active
Previous name : COLES MYER NEW ZEALAND
HOLDINGS LIMITED (until 11-12-2006)
ON DEMAND (3) LIMITED (until 30-11-1987)
Change of legal form : None reported.
Key Management
Name : Susanne Joy Smith
Designation : General Manager
Name : Patrick Whelan
Designation : Sales
Manager
Appointments
Name : Ian Bailey
Designation : Director
Appointment date : 06/01/09
Address : 75 Dendy Road
Brighton,
VIC 3186
Australia
Name : Gaetano Alfred Gerrard
Russo
Designation : Director
Appointment date : 21/01/09
Address : 4 Myamyn Street
Armadale,
VIC 3143
Australia
Name : Susanne Joy Smith
Designation : Director
Appointment date : 23/12/08
Address : 41 Oakland Road, RD 1
Karaka,
Auckland 2580
New
Zealand
Staff employed : 1,000 employees (Subject); 200,000
employees (Wesfarmers Group)
Key Advisors
Auditors : ERNST & YOUNG
Ernst
& Young Building
8
Exhibition Street
Melbourne,
VIC 3000
Australia
Solicitors : MINTER ELLISON RUDD WATTS
Lumley
Centre
88
Shortland Street
Auckland Central, Auckland 1010, new Zealand
Composition
Authorized Capital : NZD 1,800
No of shares : 1,800 Ordinary Shares
Share par value : NZD 1
Issued capital : NZD 1,800
Paid up capital : NZD
1,800
How listed : Full List
Composition
Shareholder name : COLES GROUP INTERNATIONAL PTY LTD
Address : Level 11, Wesfarmers House
40 The
Esplanade
Perth, WA
6000
Australia
No. of shares : 1,800 Ordinary Shares
% of shares 100%
Structure
Name : WESFARMERS LIMITED
Affiliation type : Ultimate
Holding Company
Address : Level 11, Wesfarmers House
40 The
Esplanade
Perth, WA
6000
Australia
Name : COLES GROUP INTERNATIONAL PTY LTD
Affiliation type : Parent
Company
Address : Level 11, Wesfarmers House
40 The
Esplanade
Perth, WA
6000
Australia
Name : CGNZ FINANCE LIMITED
Affiliation type :
Wholly-owned Subsidiary
Address : Hunters Plaza
Corner of
Great South Road & Sutton Crescent
Papatoetoe,
Auckland 2025
New
Zealand
Name : WESFARMERS CURRAGH PTY LTD
Affiliation type : Sister
Company
Address : 'Central Plaza 1' Level 31
345 Queen
Street
Brisbane,
QLD 4000
Australia
Name : CURRAGH COAL SALES CO. PTY. LTD.
Affiliation type : Sister
Company
Address : 'Central Plaza 1' Level 31
345 Queen
Street
Brisbane,
QLD 4000
Australia
Name : KMART AUSTRALIA LIMITED
Affiliation type : Sister
Company
Address : Level 3, 690 Springvale Road
Mulgrave,
VIC 3170
Australia
Name : COLES GROUP LIMITED
Affiliation type : Sister
Company
Address : 800 Toorak Road
Hawthorn
East, VIC 3123
Australia
Name : TARGET AUSTRALIA PTY LTD
Affiliation type : Sister
Company
Address : 12-14 Thompson Road
North
Geelong, VIC 3215
Australia
Name : WESFARMERS RESOURCES LIMITED
Affiliation type : Sister
Company
Address : 'Central Plaza 1' Level 31
345 Queen
Street
Brisbane,
QLD 4000
Australia
Name : OAMPS (UK) LIMITED
Affiliation type : Sister
Company
Address : Windsor House
High
Street, Esher
Surrey
KT10 9RY
United
Kingdom
Related companies and corporate affiliations comments
Other companies of the
Wesfarmers Limited should be considered affiliates of the Subject
Bank Details
Name of bank : ANZ National Bank 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
: Commercial Registry Filings
Financial statement date : 30/06/11
Type of accounts : Full audited
Currency : New Zealand,
Dollar (NZD)
Exchange rate : 1 USD = NZD 1.21 as of
19-09-2012
Summarized
Financial Information
Consolidation type : Consolidated Consolidated Group Consolidated
Currency : New Zealand,
Dollar New Zealand, Dollar Australia Dollar (AUD)
(NZD) (NZD)
Denomination : (x1) One (x1) One (x1) One
Date of financial year end : 30/06/11 30/06/10 30/06/12
Length of accounts : 12 months 12 months 12 months
Sale turnover / Income : 190,703,108 179,060,531
58,080,000,000
Gross profit : 69,457,854 55,838,774
Profit before tax : 1,998,232 -13,129,598 3,044,000,000
Net income : 2,860,555 -9,196,462 2,126,000,000
Non current assets : 212,833,278 214,491,737 31,401,000,000
Current assets : 62,424,306 44,746,545 10,911,000,000
Inventories : 42,202,592 29,849,285 5,006,000,000
Total assets : 275,257,584 259,238,282 42,312,000,000
Current liabilities 29,244,931 19,532,108 10,747,000,000
Non current liabilities : 5,985,058 1,144,465
5,938,000,000
Total liabilities : 35,229,989 20,676,573 16,685,000,000
Share equity : 240,027,595 238,561,709 25,627,000,000
Reserve : 2,540,182 3,934,851 269,000,000
Retained earning : 237,485,613 234,625,058 2,103,000,000
Comments :
The consolidated financial
information above relates to the Subject and its only subsidiary CGNZ Finance
Limited.
The group’s consolidated
financial information above relates to the Subject’s Ultimate Holding Company
Wesfarmers Limited and all its subsidiaries which include the Subject.
Main activities : The Subject owns and operates a
network of discount department stores in
New
Zealand under the name KMART. The Subject’s retail sells men's,
women's
and children's wear; home; health & beauty; outdoor living;
entertainment;
toys & sporting; camping & fishing; automotive; DIY and
everyday
needs.
The Subject is part of Wesfarmers Limited, which is an Australia based
company. The Company’s principal activities are retailing operations,
including supermarkets, general merchandise and specialty department
stores; fuel, liquor and convenience outlets; retailing of home improvement
and outdoor living products and supply of building materials; retailing of
office and technology products; coal mining and production; gas processing
and distribution; insurance; industrial and safety product distribution;
chemicals and fertilizers manufacture, and investments. It operates in 10
segments: coles; home improvement and office supplies; resources;
insurance; KMART; Target; industrial and safety; energy; chemicals and
fertilizers, and other. During the fiscal year ended June 30, 2010, the
Company operated 742 supermarket stores, 766 liquor outlets and 96
hotels.
Purchases
International : Worldwide
Sales
Local : Yes
International : No exports.
Property &
Assets
Premises : The Subject operates from
head office located at the verified heading
address
consisting of administrative office.
Branches : In addition, the Subject
operates from 15 Kmart stores located in 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: 4.1.%
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$33.24billion
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 Dollar (NZD)
Internet
users as % of total population
:
83 %
Purchase Term
International : L/C, Telegraphic transfer, D/P,
Prepayment, Credit 30-120 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.34 |
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UK Pound |
1 |
Rs.87.91 |
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Euro |
1 |
Rs.70.57 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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.