|
Report Date : |
28.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
FACTORY X PTY.
LTD. |
|
|
|
|
Registered Office : |
C/o B. WOODLAND
& ASSOCIATES PTY. LTD. 18 St Edmonds
Road Prahran Victoria 3181 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
30.06.2011 (Consolidated) |
|
|
|
|
Date of Incorporation : |
09.04.1997 |
|
|
|
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Com. Reg. No.: |
078151667 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Operator of clothing retail stores. |
|
|
|
|
No. of Employees : |
800 employees |
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 |
|
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 – 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 |
|
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 : FACTORY X PTY. LTD.
Business address :
61 Church Street
Town : Abbotsford
Province : Victoria
Zip/postal code : 3067
Country : Australia
Tel : +61 3 94290000
Fax : +61 3 84200333
Registered address
: C/o B. WOODLAND & ASSOCIATES
PTY. LTD.
18 St Edmonds Road
Town : Prahran
Province : Victoria
Zip/postal code : 3181
Country : Australia
Executive Summary
Date founded or
registered : 09/04/1997
Legal form : Australian
Proprietary Company
Chief executive : David Patrick Heeney
Issued & paid
up capital : AUD 398,654.81
Sales turnover : AUD 100,289,939
(Consolidated 12 months, 30/06/2011)
Net income : AUD 8,013,744
(Consolidated 12 months, 30/06/2011)
Total fixed assets
: AUD 52,357,432
(Consolidated 12 months, 30/06/2011)
Line of business :
Operator of clothing
retail stores.
Staff employed : 800 employees
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
Organisation
structure : Organisational structure is stable
Detrimental : No
detrimental found
Payment history : No payment delays noted
Registry Data
Registration date
: 09/04/1997
Legal form : Australian
Proprietary Company
Registration no Australia Company
Number: 078151667
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australia Business Number:
51078151667
Registry status : Live/Active
Previous name : None reported.
Change of legal
form : None reported.
Key Management
Name : David Patrick Heeney
Designation : Managing Director
Name : Ken Song
Designation : Chief Financial Officer
Appointments
Name : John Cain
Designation : Director
Appointment date :
09/04/97
Address : 17 Mayfield Street
Abbotsford, VIC 3067
Australia
Biography : Born on 03-12-1962 in
Melbourne, Victoria, Australia.
Name : David Patrick Heeney
Designation : Director and Company Secretary
Appointment date :
09/04/97
Address : 17 Mayfield Street
Abbotsford, VIC 3067
Australia
Biography : Born on 24-03-1963 in Melbourne,
Victoria, Australia.
Staff employed : 800 employees
Key Advisors
Auditors : SAWARD DAWSON
20 Albert Street
Blackburn, VIC 3130
Australia
Composition
Authorized Capital
: AUD 398,654.81
No of shares : 9,250 AH Class Shares / 10,000 CM
Class Shares / 10,000 FOC Class Shares /
10,000 JL Class Shares / 10,000 LG Class Shares / 58 Ordinary Shares /
9,003
Ordinary1 Shares
Share par value : No par value
Issued capital : AUD 398,654.81
Paid up capital : AUD 398,654.81
How listed : Full
List
Composition
Shareholder name : A.C.N. 068 893 112 PTY LTD
Address : C/o B. WOODLAND &
ASSOCIATES PTY. LTD.
18 St Edmonds Road
Prahran, VIC 3181
Australia
No. of shares : 750 AH Class Shares / 833 CM Class
Shares / 833 FOC Class Shares / 833 Jl
Class Shares / 833 LG Class Shares / 45 Ordinary Shares / 949 Ordinary1
Shares
Shareholder name :
GAMBIT ENTERPRISES PTY. LTD.
Address : C/o B. WOODLAND &
ASSOCIATES PTY. LTD.
18 St Edmonds Road
Prahran, VIC 3181
Australia
No. of shares : 750 AH Class Shares / 833 CM Class
Shares / 833 FOC Class Shares / 833 Jl
Class Shares / 833 LG Class Shares / 1,007 Ordinary1 Shares
Shareholder name :
Alannah Hill
Address : Unit 7, 91-97 Fitzroy
Street
St Kilda, VIC 3182
Australia
No. of shares : 2,500 AH Class Shares
Shareholder name :
David Patrick Heeney
Address : 17 Mayfield Street
Abbotsford, VIC 3067
Australia
No. of shares : 5,250 AH Class Shares / 5,834 CM
Class Shares / 5,834 FOC Class Shares /
5,834 Jl Class Shares / 5,834 LG Class Shares / 7,047 Ordinary1 Shares
Shareholder name :
Kelly Ann Murphy
Address : 320 Gore Street
Fitzroy, VIC 3065
Australia
No. of shares : 2,500 CM Class Shares
Shareholder name :
Emma Angela Chapman
Address : 82 Victoria Street
Coburg, VIC 3058
Australia
No. of shares : 2,500 FOC Class Shares
Shareholder name :
Karl Bartl
Address : 39 Clifton Street
Richmond, VIC 3121
Australia
No. of shares : 2,500 Jl Class Shares
Shareholder name :
GORMAN SERVICES PTY LTD
Address : 117-119 George Street
Fitzroy, VIC 3065
Australia
No. of shares : 2,500 LG Class Shares
Shareholder name : John Cain
Address : 17 Mayfield Street
Abbotsford, VIC 3067
Australia
No. of shares : 13 Ordinary Shares
Structure
Name : FACTORY X PROPERTIES
PTY LTD
Affiliation type :
Wholly-owned
Subsidiary
Address : 61 Church Street
Abbotsford, VIC 3067
Australia
Name : FACTORY X LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : C/o MARLEY LOFT LIMITED
Level 6, 130 Broadway
Newmarket, Auckland 1023
New Zealand
Bank Details
Name of bank : Australia And New
Zealand Banking Group 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 : Commercial Registry
Filings
Financial
statement date : 30/06/11
Type of accounts :
Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.95 as of
25-03-2013
Summarized Financial Information
Consolidation type
: Consolidated Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar (AUD)
Denomination : (x1) One (x1) One
Date of financial
year end : 30/06/11 30/06/10
Length of accounts
: 12 months 12 months
Sale turnover /
Income : 100,289,939 82,522,324
Profit before tax
: 11,481,025 10,926,670
Net income : 8,013,744 7,486,953
Non current assets
: 23,029,516 21,312,827
Current assets : 29,327,916 21,497,200
Inventories : 22,371,891 16,973,893
Total assets : 52,357,432 42,810,027
Current
liabilities : 26,655,976
21,751,948
Non current
liabilities : 6,158,569 6,841,183
Total liabilities
: 32,814,545
28,593,131
Share equity : 19,542,887 14,216,896
Reserve : 888,845 926,597
Retained earning :
18,631,325 13,267,582
Comments : The consolidated financial information
above relates to the Subject and its
subsidiaries. The Subject's latest audited financial information is not
available with
Australian Securities and Investments Commission.
The representative contacted Mr. Ken Song advised that the Subject's
estimated
turnover for financial year end 30-06-2012 was AUD 120 million.
Main activities : The Subject owns and operates
clothing retail stores across Australia and
New Zealand.
The Subject owns popular fashion brands such as Alannah Hill, Gorman,
Princess Highway, Revival, Dangerfield & Jack London.
Product &
services : Clothing:
Dresses
Knitwear
Tops
Skirts
Pants And Shorts
Jackets And Coats
Fashion Accessories:
Bags
Belts
Jewellery
Shoes
Tights And Socks
Scarves & Beanies
Sunglasses
Brand : Alannah Hill
Gorman
Revival
Dangerfield
Jack London
Princess Highway
Purchases
International :
India, China, Vietnam
Sales
Local : Yes
International :
New Zealand, Asia
Property & Assets
Premises : The Subject operates from premises
located at the verified heading
address consisting of a administrative office and distribution center.
Branches : In addition, the Subject operates from
130 owned stores located across
Australia and New Zealand.
Other property :
Total NBV of property, plant and equipment as of 30-06-2011 was AUD
20,947,035.
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 :
Prepayment, Telegraphic transfer, D/P, Credit 30-120 days
Sales Term
Local : Cash,
Credit card
International :
Prepayment, Telegraphic transfer, 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.54.27 |
|
|
1 |
Rs.82.49 |
|
Euro |
1 |
Rs.69.88 |
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.