MIRA
INFORM REPORT
|
Report Date : |
11.05.2013 |
IDENTIFICATION DETAILS
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Name : |
COUNTRY ROAD CLOTHING PTY. LTD. |
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Registered Office : |
658 Church Street, Richmond, Victoria 3121 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
14.03.1978 |
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Com. Reg. No.: |
005419447 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Designing and retailing of apparel, home-wares and related
accessories. |
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No. of Employees : |
1,360 employees (Country Road Group); 27,000 employees (Woolworths
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 : |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Australia |
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 |
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, 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 : 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
Email : customerservice@countryroad.com.au
Website : www.countryroad.com.au
Registered address : 658 Church
Street
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 : Iain
Nairn
Issued & paid up capital : AUD
27,500,002
Sales turnover : AUD
422,291,000 (Group-Consolidated, 12 months 30/06/2012)
Net income : AUD
16,103,000 (Group-Consolidated, 12 months 30/06/2012)
Total fixed assets : AUD
146,282,000 (Group-Consolidated, 12 months 30/06/2012)
Line of business : Designing
and retailing of apparel, home-wares and related accessories.
Staff employed : 1,360
employees (Country Road Group); 27,000 employees (Woolworths Group)
Company Analysis
Country risk : Country
risk is minimal
Operation trend : Operational
trend is declining
Management experience : Management
is adequately experienced
Financial performance : Financial
performance is good
Organization structure : Organizational
structure is stable
Detrimental : No detrimental found
Payment history : No
payment delays noted
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 Company Number: 005419447
Registration no Australian
Proprietary Company
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 : Iain
Nairn
Designation : Chief
Executive Officer
Name : Sophie
Holt
Designation : Creative
Director
Name : David
Andrew Thomas
Designation : Chief
Operating Officer
Name : Oliver
Kysela
Designation : Chief
Financial Officer
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 since December 6, 2000. He is currently the Group
Finance Director and an Executive Director of Woolworths Holdings Limited.
He has been with Woolworths since 1991 and
has held various positions in Logistics, Foods, Operations and Supply Chain. He
holds a Bachelor of Commerce and is a Chartered Accountant.
Name : David
Andrew Thomas
Designation : Director
and Company Secretary
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 is Chief Financial Officer
and Executive Director of Country Road Limited. Mr. Thomas was appointed as
Company's Chief Financial Officer and Company Secretary on July 24, 2009. He
joined the Company in 2002 and held various executive roles. 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 : Unit
1 'Azamara'
15 Houghton Road
Camps Bay
Cape Town 8005
South Africa
Biography : Born
on 10-12-1958 in Dunfermline, United Kingdom.
Mr. Ian Alexander Moir serves as Chairman of
the Board of Country Road Ltd since November 18, 2011. He was the Chief
Executive Officer and Executive Director of the Company from November 2000 to
December 31, 2009, and Non-Executive Director from December 31, 2009, to
November 18, 2011. 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 : Iain
Nairn
Designation : Director
Appointment date : 02/10/12
Address : 61
Spring Street East
Port Melbourne, VIC 3207
Australia
Biography : Born
on 18-12-1961 in Broxburn, Scotland.
Name : Oliver Kysela
Designation : Director
Appointment date : 02/10/12
Address : 3
Cascade Walk
MacLeod, VIC 3085
Australia
Biography : Born
on 22-10-1973 in Ivanhoe, Victoria, Australia.
Mr. Oliver Kysela is Company Secretary of Country
Road Limited. He was Company's Financial Controller from November 2001 to
December 1, 2006. He holds a Bachelor of Business (Accounting), a Graduate
Diploma in Applied Finance & Investment, and is a qualified Chartered
Accountant.
Name : Melissa
Hennessy
Designation : Company
Secretary
Appointment date : 02/10/12
Address : 144
Cochrane Street
Brighton, VIC 3186
Australia
Biography : Born
on 15-02-1976 in Melbourne, Victoria Australia.
Staff employed : 1,360
employees (Country Road Group); 27,000 employees (Woolworths Group)
Key Advisors
Auditors : ERNST
& YOUNG
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, operates a chain of retail stores under the
Woolworths and Country Road brand names. Its stores offer a selected range of
clothing, including women's, men's, and children's wear, as well as
accessories, footwear, and beauty products; home accessories and soft
furnishings, such as kitchen and bathroomware, crockery and vases, sheeting, curtaining, and furniture products;
food products; digital products; and general merchandise. The company also
provides credit offerings, such as store cards and cash cards to assist
customers to purchase merchandise in its Woolworths stores, as well as offers
personal loans, and car and home insurance products. It operates approximately
330 corporate stores and 16 franchise stores in South Africa; 60 stores in
Africa and the Middle East; and 167 retail stores or concession retail outlets
across Australia and New Zealand. Woolworths Holdings Limited was founded in
1931 and is based in Cape Town, South Africa.
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 registered on 11/04/1997 and is based in
Richmond, 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 115 owned retail stores and 76 concession outlets
under the Country Road and Trenery brand names, as well as through an online
store. The company was registered on 13/05/1987 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 corporate affiliations 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 : 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 0.98 as of 08-05-2013
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 : 30/06/12
30/06/11 24/06/12
Length of accounts : 12
months 12 months 12 months
Sale turnover / Income : 422,291,000
423,791,000 28,604,000,000
Gross profit : 246,448,000
252,535,000 10,185,000,000
Operating profit : 21,058,000
23,477,000 2,687,000,000
Profit before tax : 20,495,000
22,690,000 2,870,000,000
Net income : 16,103,000
18,218,000 2,059,000,000
Non current assets : 70,994,000
75,683,000 5,011,000,000
Current assets : 7 5,288,000
73,597,000 5,034,000,000
Inventories : 45,396,000
48,085,000 2,216,000,000
Total assets : 146,282,000
149,280,000 10,045,000,000
Current liabilities : 45,641,000
51,035,000 4,296,000,000
Non current liabilities : 6,012,000
6,521,000 1,177,000,000
Total liabilities : 51,653,000
57,556,000 5,473,000,000
Share equity : 94,629,000
91,724,000 4,572,000,000
Reserve : -4,121,000
5,087,000
Retained earning : 24,663,000
22,724,000
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,
its wholly owned subsidiaries include Country Road Clothing Pty Ltd, Country
Road Clothing (N.Z.) Ltd, Country Road Properties Pty Ltd, Country Road
Ventures Pty Ltd, Country Road Ltd and Country Road International Pty Ltd. The
Company's ultimate parent entity is Woolworths Holdings Limited. In October
2012, it acquired the Witchery Group.
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 330 owned retail stores and 118
franchised and international 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 : TRENERY
COUNTRY ROAD
Purchases
International : Contract
manufacturing conducted mainly from Asian countries
Sales
Local : Yes
International : New
Zealand
Property &
Assets
Premises : The Subject operates from
head office at the verified heading address consisting of a administrative
office and warehouse.
Branches : In addition, the Country Road
Group operates from 115 owned retail stores and 76 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$
1.586 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, 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.
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.54.54 |
|
|
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.11 |
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.