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Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
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Name : |
MYER PTY LTD |
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Formerly Known As : |
MYER LIMITED |
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Registered Office : |
800 Collins Street Docklands Victoria 3008 |
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Country : |
Australia |
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Financials (as on) : |
26.01.2013 (Group Consolidated) |
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Date of Incorporation : |
09.02.1928 |
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Com. Reg. No.: |
004143239 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Department store chain, retailing a broad range of merchandise including women's, men's and children's clothing, footwear and accessories; cosmetics and fragrance; homewares; electrical; furniture and bedding; toys; books and stationery; food and confectionery; and travel goods. |
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No. of Employees : |
12,500 employees (Myer 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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
AUSTRALIA - ECONOMIC OVERVIEW
The Australian economy has experienced continuous growth and
features low unemployment, contained inflation, very low public debt, and a
strong and stable financial system. By 2012, Australia had experienced more
than 20 years of continued economic growth, averaging 3.5% a year. Demand for
resources and energy from Asia and especially China has grown rapidly, creating
a channel for resources investments and growth in commodity exports. The high
Australian dollar has hurt the manufacturing sector, while the services sector
is the largest part of the Australian economy, accounting for about 70% of GDP
and 75% of jobs. Australia was comparatively unaffected by the global financial
crisis as the banking system has remained strong and inflation is under control.
Australia has benefited from a dramatic surge in its terms of trade in recent
years, stemming from rising global commodity prices. Australia is a significant
exporter of natural resources, energy, and food. Australia's abundant and
diverse natural resources attract high levels of foreign investment and include
extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and
renewable energy sources. A series of major investments, such as the US$40
billion Gorgon Liquid Natural Gas project, will significantly expand the
resources sector. Australia is an open market with minimal restrictions on
imports of goods and services. The process of opening up has increased
productivity, stimulated growth, and made the economy more flexible and
dynamic. Australia plays an active role in the World Trade Organization, APEC,
the G20, and other trade forums. Australia has bilateral free trade agreements
(FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has
a regional FTA with ASEAN and New Zealand, is negotiating agreements with
China, India, Indonesia, Japan, and the Republic of Korea, as well as with its
Pacific neighbors and the Gulf Cooperation Council countries, and is also
working on the Trans-Pacific Partnership Agreement with Brunei Darussalam,
Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and
Vietnam
Source
: CIA
Verified Address
Subject name : MYER
PTY LTD
Business address : 800
Collins Street
Town : Docklands
Province : Victoria
Zip/postal code : 3008
Country : Australia
Tel : +61
3 86676000
Fax : +61
3 96613770
Website : www.myer.com.au
Registered address : 800
Collins Street
Town : Docklands
Province : Victoria
Zip/postal code : 3008
Country : Australia
Postal address : P.O.
Box 869J
Town : Melbourne
Province : Victoria
Zip/postal code : 3001
Country : Australia
Executive Summary
Date founded or registered : 09/02/1928
Legal form :
Australian Proprietary Company
Chief executive : Bernard
Joseph Brookes
Issued & paid up capital :
AUD 841,532,130
Sales turnover : AUD
3,119,119,000 (Group-consolidated 12 months, 28/07/2012)
Net income : AUD
141,067,000 (Group-consolidated 12 months, 28/07/2012)
Total fixed assets : AUD
1,918,193,000 (Group-consolidated 12 months, 28/07/2012)
Line of business : Department
store chain, retailing a broad range of merchandise including
women's, men's and children's clothing,
footwear and accessories; cosmetics and
fragrance; homewares; electrical; furniture
and bedding; toys; books and
stationery; food and confectionery; and
travel goods.
Staff employed : 12,500
employees (Myer Group)
Company Analysis
Country risk : Country
risk is minimal
Operation trend : Operational
trend is steady
Management experience : Management is adequately experienced
Financial performance : Financial performance is very good
Organization structure : Organizational structure is consistent
Detrimental : No detrimental 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 : 09/02/1928
Legal form : Australian
Proprietary Company
Registration no Australian
Company Number: 004143239
Registered authority :
Australian Securities and Investments Commission
Fiscal/ Tax no :
Australian Business Number: 83004143239
Registry status : Live/Active
Previous name : MYER
LIMITED
MYER STORES LIMITED
MYER SOUTHERN STORES LIMITED
MYER (BALLARAT) LIMITED
THE MYER EMPORIUM (BALLARAT) LIMITED
THE MYER EMPORIUM (BALLARAT) PROPRIETARY
LIMITED
PATERSON POWELL PROPRIETARY LIMITED
PATERSON POWELL & SANDFORD PROPRIETARY
LIMITED (initial)
Change of legal form : None
reported.
Key Management
Name : Bernard
Joseph Brookes
Designation :
Managing Director
Name : Mark
Stephen Ashby
Designation : Chief
Financial Officer
Name : Gregory
James Travers
Designation : Executive
General Manager Business Services
Name : Marion
Joan Rodwell
Designation : General
Counsel and Company Secretary
Appointments
Name : Bernard Joseph Brookes
Designation : Director
Appointment date : 02/06/06
Address : 14 Haven Place
Dural, NSW 2158
Australia
Biography : Born on
08-11-1959 in Birmingham, United Kingdom.
Mr. Bernard Brookes, Bernie serves as the
Chief Executive Officer of
Myer Pty Ltd. Mr. Brookes has been the Chief
Executive Officer and
Managing Director of Myer Holdings Limited.
(formerly, NB Flinders
Pty Ltd.) since June 2, 2006. He served as
Chief General Manager of
Supermarket Buying and Marketing at
Woolworths Ltd. and served as
its Chief General Manager of Stage 3 of
Project Refresh since July
14, 2004. He has spent 34 years working
within the retail industry in
local and international roles in India and
China. Prior to joining Myer,
Mr. Brookes served as a Management Director
of Woolworths and
was a Chief Architect of Woolworths’ Project
Refresh. His
Woolworths experience also included a
variety of general
management positions in three states across
the Buying, IT,
Marketing and Operations departments. Mr.
Brookes has also held a
number of roles as president and executive
of various industry
organisations including Retail Traders
Association in Queensland and
Victoria and President of the Queensland
Grocery Association, and
he has assisted on a number of charitable
and government ventures
and committees. He has received many awards,
including Food
Week Retail Executive of the Year, National
Retail Association Food
Industry Executive of the Year and Food Week
Buyer of the Year for
four years during the 1980s and 1990s. Mr. Brookes
has been a
Director of Myer Holdings Limited, since
July 12, 2006. Mr. Brookes is
patron of the Australian Joe Berry Memorial
Award and the Australian
representative
judge of the World Retail Awards. He holds Bachelor
of Arts and
Diploma of Education degrees from Macquarie University.
Name : Mark Stephen
Ashby
Designation : Director
Appointment date : 30/06/11
Address : 1 Lakewood Court
MacLeod, VIC 3085
Australia
Biography : Born on
15-03-1960 in Melbourne, Victoria, Australia.
Mark was appointed Chief Financial Officer
(CFO) of Myer in January
2008. As CFO, Mark’s responsibilities cover
all accounting, treasury
management, taxation, compliance and
internal audit aspects of the
business. In addition Mark has
responsibility for Procurement and the
Financial Services division of Myer.Prior to
joining Myer, Mark was
CFO of Mitre 10, the Finance Director of
Motorola and a Finance
Director in a number of organisations in
retail and technology. Mark
is a fellow of CPA Australia and a member of
the Australian Institute
of Company Directors.
Name : Gregory James
Travers
Designation : Director
Appointment date : 30/06/11
Address : 24 Scott Grove
Glen Iris, VIC 3146
Australia
Biography : Born on
24-07-1958 in Adelaide, South Australia, Australia.
Greg has 29 years of industry experience and
was appointed a
Director of Strategic Planning and Human
Resources in June 2006.
In his role, Greg oversees the human
resource management of the
Company including organisational
development, recruitment and
training, employee relations, risk and
safety, the procurement function
and the development of the Company‘s
strategic planning
framework.
Previously, Greg spent 11 years with WMC
Resources, where he
held the role of Executive General Manager,
Group Services,
responsible for human resources, risk and
safety, procurement, IT,
corporate affairs and business services.
Prior to his time at WMC
Greg worked for seven years at the Pratt
Group in operations and
human resources and seven years at BHP in
various human
resources roles. Greg was previously a
Director of Australian Mines
and Metals Association and a Director of the
Institute for Public Affairs.
Name : Marion Joan
Rodwell
Designation : Company Secretary
Appointment date : 02/04/08
Address : 339 Danks Street
Middle Park, VIC 3206
Australia
Biography : Born on
28-01-1963 in Melbourne, Victoria, Australia.
Marion has 22 years of commercial experience
and was appointed
General Counsel and Company Secretary in
2008. As General
Counsel Marion manages the legal function of
Myer, incorporating
internal legal advice for the Company and
management of the legal
group. In addition, Marion is Company
Secretary of all companies in
the Myer Group.
She has extensive corporate, commercial, litigation
and governance
experience having held General Counsel and
Company Secretary
roles in the financial services, gaming and
retail industries over many
years. Previously Marion held the role of
General Counsel and
Company Secretary of Tattersall’s and prior
to that, she was general
counsel and Company Secretary of IOOF.
Marion was heavily
involved in the IPO of Tattersall’s in 2005
and has negotiated
numerous joint venture and supply
arrangements within Australia and
internationally.
Marion holds a Bachelor of Laws, Bachelor of
Economics and is a
member of the Law Institute of Victoria and
the Australian Corporate
Lawyers
Association.
Staff employed : 12,500 employees (Myer Group)
Key Advisors
Auditors : PRICEWATERHOUSECOOPERS
Level 19, Freshwater Place
2 Southbank Boulevard
Southbank, VIC 3006
Australia
Composition
Authorized Capital : AUD
841,532,130
No of shares : 26,465
Cumulative Non Participating Non Redeemable Preference Shares /
958,200 Ordinary Shares / 100 Redeemable A Preference
Shares / 8,410,000
Redeemable Preference Shares
Share par value : AUD 2
for Cumulative Non Participating Non Redeemable Preference Share /
AUD 0.5 for Ordinary Share / AUD 1 for
Redeemable A Preference Share / AUD
100 for Redeemable Preference Share
Issued capital : AUD
841,532,130
Paid up capital : AUD
841,532,130
How listed : Full
List
Composition
Shareholder name : MYER
GROUP PTY LTD
Address : 800
Collins Street
Docklands, VIC 3008
Australia
No. of shares : 26,465
Cumulative Non Participating Non Redeemable Preference Shares /
958,200 Ordinary Shares / 100 Redeemable A
Preference Shares / 5,910,000
Redeemable Preference Shares
Shareholder name : THE MYER
EMPORIUM PTY LTD
Address : 800
Collins Street
Docklands, VIC 3008
Australia
No. of shares : 2,500,000
Redeemable Preference Shares
Structure
Name :
MYER HOLDINGS LIMITED
Affiliation type : Ultimate
Holding Company
Address : 800
Collins Street
Docklands, VIC 3008
Australia
Comments : Myer
Holdings Limited engages in the operation of department stores in Australia.
The company offers approximately 600,000
product lines across 11 product
categories comprising 2,400 brands. Its
product categories include womenswear,
menswear, youth fashion, childrenswear,
intimate apparel, homewares, electrical
goods, toys, fashion accessories, and
general merchandise, as well as beauty,
fragrance, and cosmetics. The company also
provides retail customer loyalty
programs. It operates approximately 67
stores under the MYER brand name.
Myer Holdings Limited was founded in 1900
and is based in Docklands, Australia.
Name : MYER
GROUP PTY LTD
Affiliation type : Parent
Company
Address : 800
Collins Street
Docklands, VIC 3008
Australia
Name : THE
MYER EMPORIUM PTY LTD
Affiliation type : Minority
Shareholder
Address : 800
Collins Street
Docklands, VIC 3008
Australia
Name : MYER
GROUP FINANCE LIMITED
Affiliation type : Sister
Company
Address : 800 Collins
Street
Docklands, VIC 3008
Australia
Name : MYER
SOURCING ASIA LTD
Affiliation type :
Sister Company
Address : 13/F
Gloucester Tower, The Landmark
15 Queen’s Road
Central
Hong Kong
Name : MYER
TRAVEL PTY LTD
Affiliation type : Sister
Company
Address : 800
Collins Street
Docklands, VIC 3008
Australia
Name : BOOGIE
& BOOGIE PTY LTD
Affiliation type : Sister
Company
Address : Studio
5, 32 Ralph Street
Alexandria, NSW 2015
Australia
Name : WAREHOUSE
SOLUTIONS PTY LTD
Affiliation type : Sister
Company
Address : 800
Collins Street
Docklands, VIC 3008
Australia
Name : NB
COLLINS PTY LTD
Affiliation type : Sister
Company
Address : 800
Collins Street
Docklands, VIC 3008
Australia
Name : NB
RUSSELL PTY LTD
Affiliation type : Sister
Company
Address : 800
Collins Street
Docklands, VIC 3008
Australia
Related companies and corporate
affiliations comments: Other
companies of the Myer 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 : None
reported.
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 : 28/07/12
Type of accounts : Full
audited
Currency : Australia
Dollar (AUD)
Exchange rate : 1
USD = AUD 0.97 as of 17-04-2013
Summarized
Financial Information
Consolidation type : Group
Consolidated Group Consolidated Group Consolidated
Currency : Australia
Dollar (AUD) Australia Dollar (AUD) Australia Dollar (AUD)
Denomination : (x1)
One (x1) One (x1) One
Date of financial year end : 26/01/13
28/07/12 28/07/11
Length of accounts :
6 months 12 months 12 months
Sale turnover / Income : 1,732,481,000 3,119,119,000 3,158,774,000
Gross profit : 714,020,000 1,288,421,000 1,271,630,000
Profit before tax : 127,359,000
204,868,000 224,657,000
Net income : 89,151,000
141,067,000 159,665,000
Non current assets : 1,458,255,000
1,476,721,000 1,531,211,000
Current assets : 565,801,000
441,472,000 442,920,000
Inventories : 363,072,000
385,702,000 381,261,000
Total assets : 2,024,056,000 1,918,193,000 1,974,132,000
Current liabilities : 599,139,000
502,869,000 548,360,000
Non current liabilities : 510,395,000
537,644,000 64,442,000
Total liabilities : 1,109,534,000
1,040,513,000 1,112,802,000
Share equity : 914,522,000
877,680,000 861,330,000
Retained earning : 398,777,000
363,357,000 349,396,000
Comments : The group’s
consolidated financial information above relates to the Subject’s
Ultimate Holding Company Myer Holdings
Limited and all its subsidiaries which
include the Subject.
Main activities : The Subject is
engaged in operation of Myer department stores in
Australia. It offers womenswear, menswear,
youth fashion, childrens wear,
beauty, fragrance and cosmetics, homewares,
electrical goods, toys,
fashion accessories and general merchandise
products.
The Subject has stores in Western Australia,
South Australia, Queensland,
New South Wales, Australian Capital
Territory, Victoria, and Tasmania in
Australia.
The Subject operates as a subsidiary of Myer
Group Pty. Ltd. and is
ultimately owned by Myer Holdings Limited, a
public listed company on
Australia Stock Exchange.
Myer is Australia’s largest department store
group and offers more than
600,000 product lines comprising 2,400
brands sourced from over 800
suppliers globally. Myer Holdings Limited
operates 67 stores across
Australia generating total sales of over
$3.1 billion in 2012.
Product & services : Womenswear
Menswear
Youth fashion
Childrens wear
Intimate apparel
Beauty, fragrance and cosmetics
Homewares
Electrical goods
Toys
Fashion accessories
General merchandise
Brand : MYER
Purchases
International : Worldwide
Sales
Local : Yes
International : No exports.
Property &
Assets
Premises : The Subject
operates from premises at the verified heading address
consisting of an
administrative office.
Branches : In addition, the
Subject operates from 67 department stores located at
across Australia.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange & gold : US$ 43.879 billion
Gross domestic product - GDP : US$
1.586 trillion
GPP (Purchasing power parity) : 954.296
billion of International dollars
GDP per capita - current prices : US$
68,916
GDP - composition by sector :
agriculture: 4%
industry: 25.6%
services: 70.4%
Inflation : 2009:
1.8%
2010: 2.8%
2011: 3.4%
Unemployment rate : 2009:
5.6%
2010: 5.2%
2011: 5.1%
Public debt
(General Government gross debt as
a % GDP): 2009:
16.9%
2010: 20.4%
2011: 22.9%
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 : 2008:
US$46,843 million
2009: US$25,716 million
2010: US$32,472 million
FDI Outflows :
2008: US$33,604 million
2009: US$16,160 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%
Purchase Term
International : L/C, Prepayment, 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.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
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.