|
Report Date : |
05.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHERIDAN AUSTRALIA PTY LIMITED |
|
|
|
|
Registered Office : |
C/O Pacific Brands Limited, Level 2, 290 Burwood Road, Hawthorn, Victoria, 3122 |
|
|
|
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Country : |
Australia |
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|
|
|
Financials (as on) : |
30.06.2013 (Group Consolidated) |
|
|
|
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Date of Incorporation : |
10.08.2000 |
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|
|
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Com. Reg. No.: |
094091380 |
|
|
|
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Legal Form : |
Australian Proprietary Company |
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|
|
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Line of Business : |
Subject
engaged in import, wholesale and retail sales of bed linen, sheets, towels,
quilt covers, underlays and accessories. |
|
|
|
|
No. of Employees : |
9,022
employees (Pacific Brand Group) |
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 : |
Good |
|
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
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 : SHERIDAN
AUSTRALIA PTY LIMITED
Business
address : Level 6, 45
Jones Street
Town : Ultimo
Province
: New
South Wales
Zip/postal
code : 2007
Country
:
Australia
Tel : +61
2 86683200
Fax : +61
2 86683311
Email :
sheridancsnz@pacbrands.com.au
Website
: www.sheridan.com.au
Registered
address : C/o PACIFIC
BRANDS LIMITED
Level 2, 290 Burwood
Road
Town :
Hawthorn
Province
:
Victoria
Zip/postal
code : 3122
Country
:
Australia
Postal
address : P.O.
Box 2075
Town :
Strawberry Hills
Province
: New
South Wales
Zip/postal
code : 2012
Country
:
Australia
Executive Summary
Date
founded or registered :
10/08/2000
Legal
form :
Australian Proprietary Company
Chief
executive : Paul
Gould
Issued
& paid up capital : AUD 2
Sales
turnover : AUD 1,273,328,000
(Group-Consolidated 12 months, 30/06/2013)
Net
income :
AUD 73,841,000 (Group-Consolidated 12 months, 30/06/2013)
Total
fixed assets : AUD
1,281,884,000 (Group-Consolidated 12 months, 30/06/2013)
Line of business :
Import, wholesale and retail sales of bed linen, sheets, towels, quilt covers,
underlays and accessories.
Staff
employed : 9,022
employees (Pacific Brand Group)
Country
risk :
Country risk is minimal
Operation
trend : Operational trend is
steady
Management
experience : Management is
adequately experienced
Financial
performance : Financial
performance is good
Organization
structure : Organizational
structure is consistent
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 :
10/08/2000
Legal
form :
Australian Proprietary Company
Registration
no Australian Company Number: 094091380
Registered
authority :
Australian Securities and Investments Commission
Fiscal/
Tax no :
Australian Business Number: 89094091380
Registry
status :
Live/Active
Previous
name :
DREAMSHEETS AUSTRALIA PTY LIMITED (initial)
Change
of legal form :
None reported.
Key Management
Name : Paul Gould
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 : 26/09/05
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 2
No of
shares : 2 Ordinary
Shares
Share
par value : AUD 1
Issued
capital : AUD 2
Paid
up capital : AUD 2
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 : 2 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 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 : 30/06/13
Type
of accounts : Full
audited
Currency
:
Australia Dollar (AUD)
Exchange
rate : 1 USD =
AUD 1.09 as of 04-09-2013
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 : 30/06/13 30/06/12
Length
of accounts : 12 months 12 months
Sale
turnover / Income : 1,273,328,000 1,322,670,000
Gross
profit : 620,813,000 613,068,000
Operating
profit : 122,136,000 -404,864,000
Profit
before tax : 101,676,000 -430,917,000
Net
income : 73,841,000 -450,847,000
Non
current assets : 666,169,000 691,574,000
Current
assets : 615,715,000 566,026,000
Inventories
: 228,682,000 244,263,000
Total
assets : 1,281,884,000 1,257,600,000
Current
liabilities : 183,361,000 209,002,000
Non current
liabilities : 361,239,000 362,120,000
Total
liabilities : 544,600,000 571,122,000
Share
equity : 737,284,000 686,478,000
Retained
earning : 7,621,000 -97,060,000
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 engages in import, wholesale and retail sales of bed linen, sheets,
towels, quilt covers, underlays and
accessories.
The
Subject operates as a wholly owned subsidiary of Pacific Brands Limited.
Pacific
Brands Limited engages in manufacturing, sourcing, marketing, and distribution
of apparel and related accessories primarily in the Asia Pacific region. The
company also markets and distributes underwear, intimates, footwear, workwear,
and bed linen in the United Kingdom, the United States, and Europe. Divisions
The company’s segments include Underwear & Hosiery; Outerwear & Sport;
Home Comfort; Footwear Marketer; and Other. Underwear & Hosiery: This
segment markets, distributes, imports, and manufactures underwear, intimate
apparel, socks, and hosiery. Outerwear & Sport: This segment markets,
distributes, imports, and manufactures casual outerwear, workwear, sports
clothing,
sports
footwear, and sporting equipment. Home Comfort: This segment markets,
distributes, imports, and manufactures mattresses, pillows, bed linen, bedding
accessory products and foam’s, and carpet underlay. Footwear: This segment
markets, distributes, imports, and manufactures footwear. Other: This segment
includes retail clearance outlets, administration functions and amortisation of
other intangible assets.
Pacific
Brands Limited is listed on the Australian Stock Exchange.
Product & services
Quilts
Quilt
covers
Pillows
Pillow
cases
Cushions
Bed
Linen
Underlays
and protectors
Towels
Bath
Robes
Bed
accessories
Brand
SHERIDAN
MILLENNIA
ABBOTSON
EVELINA
AMBROSE
DAVINA
NEWBERY
DION
ELKINS
Purchases
International
: Mainly from China, India, Vietnam,
Thailand, Romania, Belgium
Sales
Local : Yes
International
: New Zealand
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 25 factory outlet stores and 14
boutique stores in
Australia.
Furthermore, the
Subject has a distribution center located at:
18 Baker Street
Port Adelaide, SA
5015
Australia
Tel: +61 8 84484340
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 & Gaming), 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)
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%
Purchase Term
International
: L/C, Telegraphic transfer, D/P,
Credit 30-120 days
Sales Term
Local : Cash, Credit card, Bank
transfer, Credit 30-120 days
International
: 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.67.02 |
|
UK Pound |
1 |
Rs.104.31 |
|
Euro |
1 |
Rs.88.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.