|
Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
PACIFIC BRANDS WORKWEAR GROUP PTY LTD |
|
|
|
|
Registered Office : |
C/o PACIFIC BRANDS LIMITED, Level 2, 290 Burwood Road, Hawthorn, Victoria, 3122 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
13.09.2006 |
|
|
|
|
Com. Reg. No.: |
004055387 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Distribution of work wear and related accessories. |
|
|
|
|
No. of Employees : |
9,022 employees (Pacific Brand Group) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Australia - ECONOMIC OVERVIEW
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 also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia''s trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the former RUDD government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.4% during 2009 - the best performance in the OECD - by 2.7% in 2010, and by 1.8% in 2011. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.0% in 2011. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia''s economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.
|
Source : CIA |
Verified Address
Subject name :
PACIFIC BRANDS WORKWEAR GROUP PTY LTD
Other style / Business name :
CAN'T TEAR EM / HARD YAKKA / KINGGEE / NNT UNIFORMS / STUBBIES
/ STYLECORP
Business address :
26-28 King William Street
Town :
Broadmeadows
Province :
Victoria
Zip/postal code :
3047
Country :
Australia
Tel :
+61 3 92791599
Fax :
+61 3 93099640
Website :
www.pacificbrands.com.au
Registered address :
C/o PACIFIC BRANDS LIMITED
Level 2, 290 Burwood Road
Town :
Hawthorn
Province :
Victoria
Zip/postal code :
3122
Country :
Australia
Executive Summary
Date founded or registered :
13/09/2006
Legal form :
Australian Proprietary Company
Chief executive :
Matthew Claughton
Issued & paid up capital :
AUD 250,000
Sales turnover :
AUD 1,322,670,000 (Group-consolidated 12 months, 30/06/2012)
Net income :
AUD -450,847,000 (Group-consolidated 12 months, 30/06/2012)
Total fixed assets :
AUD 1,256,656,000 (Group-consolidated 12 months, 30/06/2012)
Line of business :
Distribution of work wear and related accessories.
Staff employed :
9,022 employees (Pacific Brand Group)
Company Analysis
Country risk :
Country risk is minimal
Operation trend :
Operational trend is declining
Management experience :
Management is reasonably experienced
Financial performance :
Financial performance is gradually declining
Organization structure :
Organizational structure is stable
Detrimental : No detrimental found
Payment history :
No payment delays noted
Comments :
Credit can still be considered as the Subject's group equity balance is stable.
Registry Data
Registration date :
13/09/2006
Legal form :
Australian Proprietary Company
Registration no Australia Company Number :
004055387
Registered authority :
Australian Securities and Investments Commission
Fiscal/ Tax no :
Australia Business Number: 82004055387
Registry status :
Live/Active
Previous name :
YAKKA (AUST.) PTY. LTD.
W.G.D. HOLDINGS PTY. LTD.
W. & G. DEAN PROPRIETARY LIMITED
DEAN & COMPANY PROPRIETARY LIMITED
DEAN & COMPANY LIMITED (initial)
Change of legal form :
None reported.
Key Management
Name :
Matthew Claughton
Designation :
General Manager
Appointments
Name :
David Landt Bortolussi
Designation :
Director
Appointment date :
09/06/09
Address : 24
Kent Road
Surrey Hills, VIC 3127
Australia
Biography : Born
on 30-07-1969 in Melbourne, Victoria, Australia.
Mr. David L. Bortolussi serves as Chief
Financial Officer and Operating Officer of Pacific Brands Limited since June 9,
2009. Prior to his appointment, he was at Foster's Group Limited, recently as
Chief Strategy Officer where his responsibilities included corporate strategy,
business development, financial planning and operational performance
improvement. He has experience in the consumer goods and financial sectors,
having held senior consulting roles with McKinsey & Company and
PricewaterhouseCoopers where he developed functional capabilities in strategy,
operations and finance.
At Pacific Brands, he is responsible for
Finance, Commercial, Corporate Development, Treasury, IT, Shared Services,
Risk, Legal, Sourcing & Supply Chain and other Corporate Services.
Name :
John Carl Pollaers
Designation :
Director
Appointment date :
03/09/12
Address : 12
Regent Street
Brighton East, VIC 3187
Australia
Biography :
Born on 25-07-1962 in Victoria Park, Western Australia, Australia.
Name :
John Charles Grover
Designation :
Company Secretary
Appointment date :
02/04/07
Address : 14
Tuxen Street
Balwyn North, VIC 3104
Australia
Biography :
Born on 22-11-1961 in Melbourne, Victoria, Australia.
Mr. John Grover
serves as General Counsel and Company Secretary of Pacific Brands Limited since
December 2003. Prior to joining Pacific Brands, he held senior corporate legal
roles with Ansell Limited (formerly Pacific Dunlop Limited) and RTZ Limited (formerly
CRA Limited). Prior to this, he had an eight year career with an Australian law
firm, which included two roles based in South East Asia.
Staff employed :
9,022 employees (Pacific Brand Group)
Composition
Authorized Capital : AUD 250,000
No of shares :
250,000 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD
250,000
Paid up capital : AUD
250,000
How listed :
Full List
Composition
Shareholder name : PACIFIC
BRANDS HOLDINGS PTY LTD
Address :
Level 2, 290 Burwood Road
Hawthorn, VIC 3122
Australia
No. of shares :
250,000 Ordinary Shares
% of shares : 100%
Structure
Name : PACIFIC
BRANDS LIMITED
Affiliation type : Ultimate Holding
Company
Address : Level 2, 290
Burwood Road
Hawthorn, VIC 3122
Australia
Comments : Pacific Brands Limited engages in
sourcing, marketing, wholesaling, and retailing consumer products. Its products include underwear,
intimate apparel, socks, hosiery, and bonds outerwear products for women, men,
and children under the Berlei, Bonds, Holeproof, Jockey, Razzamatazz, Rio, and
Voodoo brands. The company also provides industrial workwear and corporate
uniforms to employees and businesses under the Hard Yakka and KingGee, Can't
Tear ‘Em, Dowd, NNT, Stylecorp, and Stubbies brands. In addition, it offers
homewares, footwear, and outerwear products that include pillows, quilts,
bedlinen, towels, carpet underlay; women’s, men’s, and children’s footwear; casual
outerwear; and sporting outerwear and equipment under the Sheridan, Tontine,
Dunlopillo, Dunlop, Clarks, Hush Puppies, Volley, Everlast, Diesel, Mossimo,
Superdry, and Slazenger brands. The company sells its products in the
Asia-Pacific region, as well as in the United Kingdom, Europe, the Middle East,
and the United States.
Pacific Brands
Limited is headquartered in Hawthorn, Australia.
Pacific Brands Limited is listed on the
Australian Stock Exchange (ASX) and the New Zealand Stock Market (NZX).
Name : PACIFIC
BRANDS HOLDINGS PTY LTD
Affiliation type : Parent Company
Address : Level 2, 290
Burwood Road
Hawthorn, VIC 3122
Australia
Name : PACIFIC
BRANDS (ASIA) LIMITED
Affiliation type : Sister Company
Address : Langham Place,
Level 40, Office Tower
8 Argyle Street
Kowloon
Hong Kong
Name : PACIFIC
BRANDS CLOTHING PTY LTD
Affiliation type : Sister Company
Address : Level 2, 290
Burwood Road
Hawthorn, VIC 3122
Australia
Name : PACIFIC
BRANDS FOOTWEAR PTY LTD
Affiliation type : Sister Company
Address : Level 2, 290
Burwood Road
Hawthorn, VIC 3122
Australia
Related companies
and corporate affiliations comments :
Other companies of the Pacific Brands Group should be considered affiliates of
the Subject.
Bank Details
Name of bank :
National Australia Bank
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 :
30/06/12
Type of accounts :
Full audited
Currency :
Australia Dollar (AUD)
Exchange rate :
1 USD = AUD 0.96 as of 04-02-2013
Summarized
Financial Information
Consolidation type :
Group Consolidated Group Consolidated
Currency :
Australia Dollar (AUD) Australia
Dollar (AUD)
Denomination :
(x1) One (x1) One
Date of financial year end :
30/06/12 30/06/11
Length of accounts : 12 months 12 months
Sale turnover / Income :
1,322,670,000 1,614,598,000
Gross profit :
613,068,000 753,088,000
Operating profit :
-404,864,000 -62,254,000
Profit before tax :
-430,917,000 -97,886,000
Net income :
-450,847,000 -131,485,000
Non current assets :
690,630,000 1,186,934,000
Current assets :
566,026,000 635,141,000
Inventories :
244,263,000 262,479,000
Total assets :
1,256,656,000 1,822,075,000
Current liabilities :
206,246,000 240,703,000
Non current liabilities :
361,729,000 396,473,000
Total liabilities :
567,975,000 637,176,000
Share equity : 688,681,000 1,184,899,000
Retained earning :
-97,060,000 -247,149,000
Comments :
The group’s consolidated financial information above relates to the Subject’s
Ultimate Holding Company Pacific Brands
Limited and all its subsidiaries which include the Subject.
Main activities :
The Subject is engaged in distribution of work wear and related accessories.
The Subject is ultimately owned by Pacific
Brands Limited.
Pacific Brands Limited engages in sourcing,
marketing, wholesaling, and retailing consumer products. Its products include
underwear, intimate apparel, socks, hosiery, and bonds outerwear products for
women, men, and children under the Berlei, Bonds, Holeproof, Jockey,
Razzamatazz, Rio, and Voodoo brands. The company also provides industrial
workwear and corporate uniforms to employees and businesses under the Hard
Yakka and KingGee, Can't Tear ‘Em, Dowd, NNT, Stylecorp, and Stubbies brands.
In addition, it offers homewares, footwear, and outerwear products that include
pillows, quilts, bedlinen, towels, carpet underlay; women’s, men’s, and
children’s footwear; casual outerwear; and sporting outerwear and equipment
under the Sheridan, Tontine, Dunlopillo, Dunlop, Clarks, Hush Puppies, Volley,
Everlast, Diesel, Mossimo, Superdry, and Slazenger brands. The company sells
its products in the Asia-Pacific region, as well as in the United Kingdom,
Europe, the Middle East, and the United States.
Pacific Brands Limited is headquartered in
Hawthorn, Australia.
Pacific Brands Limited is listed on the
Australian Stock Exchange (ASX).
Product & services :
Industrial workwear
Protective clothing
Corporate uniforms
Footwear
Headgear
Eyewear
Brand :
CAN'T TEAR EM
HARD YAKKA
KINGGEE
NNT UNIFORMS
STUBBIES
STYLECORP
Purchases
International :
Mainly from Asia
Sales
Local :
Yes
International :
Oceania
Key events :
23 October 2012
Pacific Brands CEO John Pollaers’ new
‘heroes’ John Pollaers, the new CEO at the clothing and footwear wholesaler
Pacific Brands, told LeadingCompany today about his plans to make designers the
“heroes” of the brands in his company's stable. Many of these brands are iconic
– Bonds, Berlie, Holeproof, Hard Yakka, King Gee and Sheridan sheets.
Pollaers talked with long-suffering
shareholders at today’s annual general meeting about his impressions of his
“exciting first 50 days” as CEO of Pacific Brands. “Most of our well-known and
respected brands are in better shape than I expected,” Pollaers told
shareholders. Speaking after the meeting to LeadingCompany, Pollaers elaborated
on the points he made in his presentation to shareholders about his plans to
revive the company.
The current state of play Pollaers has no
good financial news to revive the spirits of shareholders, who’ve been driven
close to despair by the $450.7 million loss announced in the full-year
financial results in August. Year to date, group sales are down.
Pollaers’ spirits, however, are high and at
the meeting he wanted to pass on some of this fervour to shareholders. “Short
term, the trading environment remains challenging,” Pollaers said. “But now I
want to share with you why I took on the role as your CEO and why I am
optimistic about the future.”
Pollaers has visited every major business
site in Australia, China, Hong Kong and Indonesia. He has examined the supply
chain and caught up with suppliers.
“I have completed a thorough review of each
business with management taking me through the current state of play, their
business plans, and discussing the opportunities in front of them – and I am
pleased to say there are a great many opportunities available to the company,
and of course there are some challenges,” Pollaers said.
From beer to bras Pollaers was seen by some
as a controversial appointment, coming as he does from outside the clothing and
footwear sector. His predecessor, Sue Morphett, had 16 years with Pacific
Brand, including the last five years in the top job.
Pollaers was, for a short time, the CEO of
the beer maker, Foster’s Group, before Foster’s was bought out by SABMiller.
His history is in the liquor industry. Prior to Fosters, he was with cocktail
maker, Diageo.
Analysts, however, point to Pollaers’ “big
brand” experience, working in difficult market conditions and experience with
wholesale and retail. Pollaers tells LeadingCompany his understanding of
consumer products and of turnarounds is applicable to his current role. “I have
more than 20 years in consumer products, and that means really working back
from consumer through to retail. I have done seven or eight turnarounds over
that time. Facing these circumstances is something I am very used to.”
Pollaers’ strategy
1. Shift the focus to customers and
consumers With the internal pain behind the company (staff sacked, brands
jettisoned, writedowns taken), Pollaers will turn his attention to the market.
Work with retailers on the presentation and position of Pacific Brands products
in store will lead to some growth in the brands, he says.
In promoting the brands, Pollaers will
elevate the design, research and development capability of Pacific Brands. “The
amount of technical innovation that happens is very impressive, and we need to
invest more in communicating those things,” he tells Leading Company.
Pollaers wants to work faster, too. “From
here on in we will be more ambitious, tenacious and relentless in our
execution.
2. More retail and online
Pollaers sees online sales and social media
as a key plank in rebuilding customers’ enthusiasm for the brands. While this
has traditionally been seen as problematic for wholesalers – putting them in
competition with the retailers that are their customers – Pollaers says it is integral
to modern wholesaling.
“The reality for any brand business globally
now is that you need excellence in wholesale, direct retail and online sales
capability. It is not a question of trading one off against the other, but
rather ensuring we have amazing wholesale relationships that bring our brands
to life; a direct retail presence that demonstrates the quality of our entire
range; and online capability that keeps our brands relevant and accessible in
Australia and internationally."
3. Expand overseas
China is no longer just a place for
manufacturers to outsource to; it is also
a big market opportunity.
Pollaers tells LeadingCompany that the first
two planks of the strategy are the immediate focus, but overseas markets “will
evolve”. He says: “The most significant focus is investing and getting retail
and online strengthened because its takes longer to expand the sales and
distribution networks into other markets.
“But Sheridan is a good example. It already
has China and Hong Kong among its top five customers, and has significant
presence in retail through concession stores and dedicated outlets. The
question we can explore is, couldn’t we do that with other brands?”
The brands mentioned are Bonds, Sheridan and
“workwear”.
4. Stay ahead in supply chain
There is not much more efficiency to be had
in supply chain, says Pollaers, after his own first-hand examination of the
systems at Pacific Brands. The answer is a watching brief on supply chain
management. “The days of massive cost reductions through outsourcing are over
for most manufacturers, but there are always areas for continued improvement.”
5. “Breakthrough performance”
Last, but most critical to success is
fostering the talents of the company's people, says Pollaers. He plans to
foster a “breakthrough performance environment”, a leadership model that is
promoted as a way to improve innovation. “Having had the opportunity to meet
many people in our company, I can see that we have both great depth and
diversity of talent. I have no doubt that this talent will thrive when we
provide the right coaching, mentoring, feedback and end-to-end accountability.”
Pollaers saw a “strong desire to work better
as a team” and plans to encourage greater ambition and performance. “We will
build on the solid experience in the business and expand our risk taking and
innovation capability. Commercial and sensible risk-taking needs to be
encouraged and to become part of the culture at all levels.”
Source :
www.leadingcompany.com.au
Property &
Assets
Premises : The Subject
operates from premises located at the verified heading address consisting of an
administrative office and warehouse.
Branches :
None reported.
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, 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.52.97 |
|
|
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.