MIRA INFORM REPORT
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Report Date : |
14.05.2013 |
IDENTIFICATION DETAILS
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Name : |
BRISCOES (NEW ZEALAND) LIMITED |
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Registered Office : |
36 Taylors Road, Morningside
Auckland 1025 |
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Country : |
New Zealand |
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Financials (as on) : |
27.01.2013 |
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Date of Incorporation : |
31.05.1932 |
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Com. Reg. No.: |
69313 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The Subject engages in the retail sales of home ware, kitchen ware, furniture, electrical products, bathroom ware under the brand name BRISCOES HOMEWARE and LIVING & GIVING. |
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No. of Employees : |
1,800 employees (Briscoe Group) |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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New Zealand |
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
roughly 2% per year growth in 2010-12. 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.
|
Source
: CIA |
Verified Address
Subject name :
BRISCOES (NEW ZEALAND) LIMITED
Other style / Business name :
BRISCOES HOMEWARE / LIVING & GIVING
Business address :
36 Taylors Road
Town :
Morningside
Province :
Auckland
Zip/postal code :
1025
Country :
New Zealand
Tel :
+64 9 8153737
Fax :
+64 9 8153738
Website :
www.briscoes.co.nz
Registered address :
36 Taylors Road
Town :
Morningside
Province :
Auckland
Zip/postal code :
1025
Country :
New Zealand
Postal address :
PO Box 884, Shortland Street
Town :
Auckland Central
Province :
Auckland
Zip/postal code :
1140
Country :
New Zealand
Executive Summary
Date founded or registered :
31/05/1932
Legal form :
Private Limited Company
Chief executive :
Rodney Adrian Duke
Issued & paid up capital :
NZD 500,000
Sales turnover :
NZD 452,702,000 (Group-Consolidated 12 months, 27/01/2013)
Net income :
NZD 30,468,000 (Group-Consolidated 12 months, 27/01/2013)
Total fixed assets :
NZD 191,831,000 (Group-Consolidated 12 months, 27/01/2013)
Line of business :
The Subject engages in the retail sales of home ware, kitchen ware, furniture,
electrical
products, bathroom ware under the brand name BRISCOES HOMEWARE and LIVING & GIVING.
Staff employed :
1,800 employees (Briscoe Group)
Company Analysis
Country risk :
Country risk is minimal
Operation trend :
Operational trend is progressing
Management experience : Management is extremely 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 : 31/05/1932
Legal form : Private
Limited Company
Registration no 69313
Registered authority : New
Zealand Companies Office
Registry status : Live/Active
Previous name : BRISCOE
E.W. MILLS AND COMPANY LIMITED (until 29-09-1961)
Change of legal form : None
reported.
Key Management
Name : Rodney Adrian
Duke
Designation : Managing Director
Name : Alaister John
Wall
Designation : Deputy Managing
Director
Name : Geoffrey Peter
Scowcroft
Designation : Chief Financial
Officer
Name : Peter William
Burilin
Designation : Chief Operating
Officer
Appointments
Name : Rodney
Adrian Duke
Designation : Director
Appointment date : 12/03/92
Address : 99
Arney Road
Remuera, Auckland 1050
New Zealand
Biography : Mr. Rodney (Rod) Adrian Duke
is Executive Deputy Chairman of the Board and Group Managing Director of
Briscoe Group Ltd. He has spent all his working life in the retail sector.
After leaving school in Adelaide, he commenced work with retailers in South
Australia before moving to Waltons Ltd in Sydney in 1980. From 1981 to 1988, he
held the positions of New South Wales Manager of Homecraft/Eric Anderson
Stores, a Senior Merchandise Executive for Grace Brothers then Managing
Director of Norman Ross Ltd. In September 1988, he accepted the position of
Managing Director of Briscoes (New Zealand) Limited, at that time a subsidiary
of Hagemeyer of the Netherlands, with a mandate of returning the company to
profitability and preparing it for sale. In January 1990, he reached agreement
for the RA Duke Trust to purchase 100% of the shares of Briscoes and he has
continued to be the Group’s Managing Director. In 1996, he established, and in
subsequent years expanded, the Rebel Sport chain of sporting goods stores in
New Zealand as a business within the Briscoe Group.
Name : Geoffrey
Peter Scowcroft
Designation : Director
Appointment date : 07/05/03
Address : 35A
Churchouse Road
Greenhithe, Auckland 0632
New Zealand
Biography : Geoff began his career in
finance with an accounting role with Associated Wholesalers Ltd. After
completing a B.Com degree at Auckland University he then spent 15 years with
the major food retailing group Woolworths (NZ) Ltd. His last position there was
as Financial Controller where he was responsible for all Finance functions
including Company Secretary and Treasury duties.
Geoff joined Briscoes as Chief Financial
Officer in October 2002 with responsibility for Finance, IT and Administration.
Name : Alaister
John Wall
Designation : Director
Appointment date : 12/03/92
Address : 24
Seaview Road
Remuera, Auckland 1050
New Zealand
Biography : Mr. Alaister John Wall is
Deputy Managing Director and Executive Director of Briscoe Group Ltd. He joined
Briscoes (New Zealand) Limited in 1970. During his 33 years with the Group, he
held a variety of accounting and administration positions before being
appointed Group Accountant in 1981, then Finance Director and Company Secretary
in 1987. Since 1987, he has managed the legal, financial accounting and
financing functions of the Group, including the expansion of the network of
Briscoes stores, the establishment and development of Rebel Sport into the New
Zealand market and the restructure of the Group in preparation for the public
Share offer.
Staff employed : 1,800
employees (Briscoe Group)
Composition
Authorized Capital : NZD
500,000
No of shares : 500,000
Shares
Share par value : NZD 1
Issued capital : NZD
500,000
Paid up capital : NZD
500,000
How listed : Full
List
Composition
Shareholder name : BRISCOE
GROUP LIMITED
Address : 36
Taylors Road
Morningside, Auckland 1025
New Zealand
No. of shares : 500,000
Shares
% of shares : 100%
Structure
Name : NATIONAL
AUSTRALIA BANK LIMITED
Affiliation type : Ultimate Holding Company
Address : 500 Bourke
Street
Melbourne, VIC 3000
Australia
Comments : National Australia Bank Limited, together with
its subsidiaries, provides various banking and financial products and services.
The company’s deposit products include term deposits, transaction accounts,
savings accounts, and investment accounts, as well as specialized accounts,
such as farm management accounts and foreign currency accounts. Its loan
portfolio comprises home loans; personal loans, including car loans and debt
consolidated loans; personal overdrafts; and business loans, business
overdrafts, invoice finance, vehicle and equipment finance, international and
domestic trade finance, and agribusiness loans and finance. In addition, the
company offers insurance products consisting of home, car, landlords, travel,
mortgage protection, personal loan cover, credit card cover, life, business insurance,
asset protection, revenue protection, ownership protection, income protection,
employees protection, and agricover insurance; and margin lending, investment
funds, superannuation investments, and pensions. Further, it provides business,
payment, charge, credit, and access cards; and online trading, financial
advisory, online and mobile banking, payments and merchants, and risk
management solutions. Additionally, the company offers international banking,
investment banking, wealth management, funds management, and trustee and
nominee services. It operates approximately 1,750 stores and service centers.
The company has operations primarily in Australia, New Zealand, Asia, the
United Kingdom, and the United States. National Australia Bank Limited is based
in Melbourne, Australia.
Name : NATIONAL WEALTH
MANAGEMENT HOLDINGS LIMITED
Affiliation type : Superior Holding Company
Address : Ground Floor,
MLC Building
105–153 Miller Street
North Sydney, NSW 2060
Australia
Comments : National Wealth Management Holdings Ltd.
primarily engages in the provision of various life insurance products. It also
offers funds management products and financial advisory services. The company
is based in North Sydney, Australia.
National Wealth Management Holdings Limited
operates as a subsidiary of National Australia Bank Limited.
Name : JBWERE (NZ)
NOMINEES LIMITED
Affiliation type : Intermediate
Holding Company
Address : Level 38, Vero
Centre
48 Shortland Street
Auckland Central, Auckland 1010
New Zealand
Name : BRISCOE GROUP LIMITED
Affiliation type : Parent Company
Address : 36 Taylors Road
Morningside, Auckland 1025
New Zealand
Comments : Briscoe Group
Limited is a New Zealand-based, non-trading holding company.
The Company provides management services to
its subsidiaries. The Company is organized into two segments: homeware and
sporting goods. As of January 27, 2013, the Group had 58 Briscoes Homeware and
Living & Giving stores and 32 Rebel Sport stores. The Company's wholly
owned subsidiaries include Briscoes (New Zealand) Limited, which is engaged in
homeware retail; The Sports Authority Limited (trading as Rebel Sport), which
is engaged in sporting goods retail; Rebel Sport Limited, which is engaged in
name protection, and Living and Giving Limited, which is engaged in name
protection.
Name : THE SPORTS
AUTHORITY LIMITED
Affiliation type : Sister Company
Address : 36 Taylors Road
Morningside, Auckland 1025
New Zealand
Comments : Trading as Rebel
Sport.
Related companies and corporate affiliations comments : Other companies of the Briscoe
Group should be considered affiliates of the Subject.
Bank Details
Name of bank : Bank of
New Zealand
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 :
Public Record Sources
Financial statement date :
27/01/13
Type of accounts :
Full audited
Currency :
New Zealand, Dollar (NZD)
Exchange rate :
1 USD = NZD 1.21 as of 13-05-2013
Summarized
Financial Information
Consolidation type :
Group Consolidated Group Consolidated
Currency :
New Zealand, Dollar (NZD) New
Zealand, Dollar (NZD)
Denomination : (x1) One (x1)
One
Date of financial year end : 27/01/13
29/01/12
Length of accounts : 12
months 12
months
Sale turnover / Income : 452,702,000
438,037,000
Gross profit : 181,104,000
173,104,000
Operating profit : 40,970,000
36,666,000
Profit before tax : 42,672,000
38,363,000
Net income : 30,468,000
27,529,000
Non current assets : 47,107,000
47,168,000
Current assets : 144,724,000
160,137,000
Inventories : 64,573,000
62,057,000
Total assets : 191,831,000 207,305,000
Current liabilities : 62,675,000
65,521,000
Non current liabilities : 575,000
572,000
Total liabilities : 63,250,000
66,093,000
Share equity : 128,581,000
141,212,000
Retained earning : 85,977,000
99,223,000
Comments : The group
consolidated financial information above relates to the Subject’s Parent
Company Briscoe Group Limited and all its subsidiaries which include the
Subject.
Main activities : The Subject engages in the retail
sales of home ware, kitchen ware, furniture, electrical products, bathroom ware
under the brand name BRISCOES HOMEWARE and LIVING & GIVING.
The Subject is a wholly owned subsidiary of Briscoe
Group Limited a New Zealand retail chain with 90 stores throughout New Zealand
under the brand name BRISCOES HOMEWARE, LIVING & GIVING and REBEL SPORT.
Briscoe Group Limited is a New
Zealand-based, non-trading holding company. The Company provides management
services to its subsidiaries. The Company is organized into two segments:
homeware and sporting
goods. As of January 27, 2013, the Group had
58 Briscoes Homeware and Living & Giving stores and 32 Rebel Sport stores.
The Company's wholly owned subsidiaries include Briscoes (New Zealand) Limited,
which is engaged in homeware retail; The Sports Authority Limited (trading as
Rebel Sport), which is engaged in sporting goods retail; Rebel Sport Limited,
which is engaged in name protection, and Living and Giving Limited, which is
engaged in name protection.
Product &
services : The product line of the
Subject includes home furnishings, bathroom and bedroom products, cushions and
floor coverings, indoor and outdoor
furniture,
gardening accessories etc.
Purchases
International : Mainly
from Asia, Europe
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 a network of approximately 58 retail
stores under the
brand name BRISCOES HOMEWARE and LIVING & GIVING.
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%
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$33.24
billion
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 dollars (NZD)
Internet users as % of total
Population : 83%
Purchase Term
International : L/C,
Telegraphic transfer, D/P, D/A, 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.54.91 |
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|
1 |
Rs.84.44 |
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Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.