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Report Date : |
16.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
FACTORY X PTY. LTD. |
|
|
|
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Registered Office : |
C/O B.
Woodland & Associates Pty. Ltd. 150 Union
Street, Windsor, Victoria, Zip/Postal Code 3181 |
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|
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Country : |
Australia |
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|
|
Financials (as on) : |
30.06.2011 (Consolidated) |
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|
|
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Date of Incorporation : |
09.04.1997 |
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|
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Com. Reg. No.: |
078151667 |
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|
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Subject owns and operates clothing retail stores across Australia and New Zealand |
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No. of Employees : |
800 |
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 |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 :
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.
150 Union Street
Town : Windsor
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 48,654.81
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
Organization
structure : Organizational
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 Australian
Company Number: 078151667
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no
: Australian
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 48,654.81
No of shares :
9,250 AH Class Shares /
10,000 CM Class Shares / 7,500 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 48,654.81
Paid up
capital : AUD
48,654.81
How listed : Full List
Composition
Shareholder
name : A.C.N. 068 893 112 PTY LTD
Address : C/o B. WOODLAND &
ASSOCIATES PTY. LTD.
150 Union Street
Windsor, 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.
150 Union Street
Windsor, 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 : 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
RELATED COMPANIES & CORPORATE
AFFILIATIONS
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 : 23-41 Nuffield Street
Newmarket, Auckland 1050
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 1.05
as of 16-10-2013
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 30-06-2013 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$
46.714 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 : 2010:
2.8%
2011: 3.4%
2012: 2.7%
Unemployment
rate : 2010:
5.2%
2011: 5.1%
2012: 5.2%
Public debt
(General
Government gross debt as
a % GDP) 2010:
20.4%
2011: 22.9%
2012: 24%
Government
bond ratings : Standard
& Poor's: AAA
Moody's rating: Aaa
Moody's outlook: STA
Market value
of publicly traded shares : US$1.198
trillion
Largest
companies in the country : Qantas
Airways (Airline),Coca-Cola Amatil (Beverages), CSL (Biotechs),
Brambles (Business & Personal
Services),Crown Ltd (Casinos &
aming), Amcor (Containers & Packaging),Suncorp-Metway (Diversified
Insurance), BHP Billiton (Diversified Metals & Mining),Newcrest Mining
(Diversified Metals & Mining), Orica (Diversified Metals & Mining),
Iluka Resources (Diversified Metals & Mining), Origin Energy (Electric
Utilities), AGL Energy (Electric Utilities), Wesfarmers (Food Retail), Woolworths
(Food Retail), Metcash (Food Retail), Macquarie Group (Investment services),
AMP (Investment services), Challenger Ltd (Investment services), Fortescue
Metals Group (Iron & Steel), Bluescope Steel (Iron & Steel),
Commonwealth Bank (Major Banks), Westpac Banking Group (Major Banks), National
Australia Bank (Major Banks), ANZ (Major Banks), Woodside Petroleum (Oil &
Gas Operations), Santos (Oil & Gas Operations), Caltex Australia (Oil &
Gas Operations), WorleyParsons (Oil Services & Equipment), Toll Holdings
(Other Transportation), Transurban Group (Other Transportation), QBE Insurance
Group (Property & Casualty Insurance), Insurance Australia Group (Property
& Casualty Insurance), QR National (Railroads), Westfield Group (Real
Estate), Stockland Australia (Real Estate), Westfield Retail Trust (Real
Estate), Lend Lease (Real Estate), CFS Retail Property Trust (Real Estate),
Goodman Group (Real Estate), Bendigo & Adelaide Bank (Regional Banks), Bank
of Queensland (Regional Banks), Incitec Pivot (Specialized Chemicals), Telstra
(Telecommunications Services)
Trade &
Competitiveness Overview
Total exports
: US$263.9
billion
Exports
commodities : Coal, iron ore,
gold, meat, wool, alumina, wheat, machinery and transport
equipment
Total imports
: US$239.7
billion
Imports
commodities : Machinery and
transport equipment, computers and office machines,
telecommunication equipment and parts; crude oil and
petroleum products
Export - major
partners : China 27.4%, Japan
19.2%, South Korea 8.9%, India 5.8%
Import - major
partners : China 18.5%, US
11.4%, Japan 7.9%, Singapore 6.3%, Germany 4.7%
FDI Inflows : 2009: US$26,554
million
2010: US$35,556 million
2011: US$41,317 million
FDI Outflows :
2009: US$16,693
million
2010: US$12,791 million
2011: US$19,999 million
Best countries
for doing business : 10 out of 185 countries
Global
competitiveness ranking : 20 (ranking by country on a basis of 144, the first
is the best)
Country and
Population Overview
Total
population : 22.68
million
Total area : 7,692,024 km2
Capital : Canberra
Currency : Australian
dollars (AUD)
Internet users
as % of total
Population 79%
PAY
Purchase Term
International
: L/C, Telegraphic
transfer, D/P, Credit 30-120 days
Sales Term
Local : Cash, Credit card
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
NT HISTORY
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
UK Pound |
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.