MIRA INFORM REPORT

Report Date :

29.12.2014

IDENTIFICATION DETAILS

Name :	COUNTRY ROAD CLOTHING PTY. LTD.
Registered Office :	658 Church Street, Cremorne, Victoria, VIC 3121
Country :	Australia
Financials (as on) :	29.06.2013 [Consolidated]
Date of Incorporation :	14.03.1978
Com. Reg. No.:	005419447
Legal Form :	Australian Proprietary Company
Line of Business :	The Subject is engaged in designing and retailing of apparel, home wares and related accessories. The brand encompasses women’s wear, menswear, accessories, children’s’ wear, baby wear and home ware.
No. of Employee :	2,177 [Subject] 28,368 [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 :	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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

IDENTIFICATION
Verified
Subject name:	COUNTRY ROAD CLOTHING PTY. LTD.
Address:	658 Church Street
Town:	Cremorne
State/province:	Victoria
Zip/postal code:	VIC 3121
Country:	Australia
Telephone:	+61 (3) 92671400
Fax:	+61 (3) 92671310
Website:	www.countryroad.com.au (Group)
EXECUTIVE SUMMARY
Date registered:	14-03-1978
Legal form:	Australian Proprietary Company
Share capital	AUD 27,500,002
Sales turnover:	AUD 711,346,000 (Parent consolidated 12 months, 29-06-2013)
Main activities:	Designing and retailing of apparel, home wares and related accessories.
Employees:	2,177 (Subject) / 28,368 (Group)
REGISTRY DATA
Key Facts
Date registered:	14-03-1978
Legal form:	Australian Proprietary Company
Registration no:	ACN: 005419447
Registry auth.	Australian Securities and Investments Commission
Tax number:	ABN: 84005419447
Registry status:	Live/Active
Previous names:	THE COUNTRY ROAD CLOTHING COMPANY SHOPS PTY. LTD. WAGGONER PTY. LTD. Present style adopted since 24/05/1982.
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Ian Moir
Job title:	Director
Name:	Matthew Keogh
Job title:	Director
Name:	Melissa Hennessy
Job title:	Director
Name:	Oliver Kysela
Job title:	Director
Key Advisors
Auditor:	ERNST & YOUNG Building 8 Exhibition Street Melbourne Vic 3000 Australia
Staff
No of employees	2,177 (Subject) / 28,368 (Group)
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Ian Moir
Board function:	Director
Date appointed:	23-10-1998
Address:	Unit 1 'Azamara' 15 Houghton Road Camps Bay 8001 South Africa
Biography:	Born: 10-12-1958 Birth Place: Dunferm Line, United Kingdom
Name:	Matthew Keogh
Board function:	Director
Date appointed:	08-09-2014
Address:	21 Palmerston Road Lysterfield, VIC 3156 Australia
Biography:	Born:05-03-1973 Birth Place: Melbourne, Victoria
Name:	Melissa Hennessy
Board function:	Director
Date appointed:	02-10-2012
Address:	144 Cochrane Street Brighton, VIC 31866 Australia
Biography:	Born: 15-02-1976 Birth Place: Melbourne, Victoria
Name:	Oliver Kysela
Board function:	Director
Date appointed:	02-10-2012
Address:	3 Cascade Walk Macleod, VIC 3085 Australia
Biography:	Born: 22-10-1973 Birth Place: Ivanhoe, Victoria
Name:	Helen Eames
Board function:	Alternate Director
Address:	40 Noone Street Clifton Hill, VIC 3068 Australia
Name:	Reeza Isaccs
Board function:	Alternate Director
Address:	1 Pitlochry Road Cape Town 7700 South Africa
Name:	Sacha Laing
Board function:	Alternate Director
Address:	27a Eastbourne Street Windsor, VIC 3181 Australia
SHARE CAPITAL
Composition
Authorised:	AUD 27,500,002
Number/type:	27,500,002 ordinary shares
Share value:	AUD 1
Issued:	AUD 27,500,002
Paid-up:	AUD 27,500,002
Shareholders/Owners
How Listed	Full List
Composition
Name:	COUNTRY ROAD GROUP PTY LTD
No. of shares:	27,500,002 ordinary shares
% of shares:	100%
Address:	658 Church Street Cremorne, VIC 3121 Australia
CORPORATE AFFILIATIONS
Structure
Name:	WOOLWORTHS HOLDINGS LIMITED
Affiliation type:	Ultimate Holding Company
Address:	Woolworths House 93 Longmarket Street Cape Town, 8001 South Africa
Name:	COUNTRY ROAD GROUP PTY LTD
Affiliation type:	Parent Company
Address:	658 Church Street Cremorne, VIC 3121 Australia
Name:	WITCHERY AUSTRALIA HOLDINGS PTY LTD
Affiliation type:	Sister Company
Address:	Australia
Name:	COUNTRY ROAD CLOTHING (N.Z.) LTD
Affiliation type:	Wholly-owned Subsidiary
Address:	New Zealand
Name:	COUNTRY ROAD INTERNATIONAL PTY LTD
Affiliation type:	Wholly-owned Subsidiary
Address:	Australia
Name:	COUNTRY ROAD PROPERTIES PTY LTD
Affiliation type:	Wholly-owned Subsidiary
Address:	Australia
Name:	COUNTRY ROAD VENTURES PTY LTD
Affiliation type:	Wholly-owned Subsidiary
Address:	Australia
Comments	Subject is a member of WOOLWORTHS Group and COUNTRY ROAD Group of companies. Companies under the group will be considered as affiliates. A list of major affiliated companies is attached to this report.
BANKING & FINANCING
Bankers
Bank name:	NATIONAL AUSTRALIA BANK LIMITED
Address:	Australia
Comments	It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.
FINANCIAL ACCOUNTS
Description
Required to file:	No
Source:	Commercial Registry Filings
Presentation:	Attached to this report / Summarised below
Date of accounts:	26-06-2013
Type of accounts:	Full audited
Currency:	Australian Dollar (AUD)
Exchange rate:	USD 1 = AUD 1.23 as of 19-12-2014
Summarised
	26-06-2013		26-06-2012
Consolidation:	Parent consolidated		Parent consolidated
Period:	12 months		12 months
Sales turnover:	711,346,000		422,291,000
Gross profit:	444,983,000		246,448,000
Profit before tax:	55,864,000		20,495,000
Profit after tax:	41,149,000		16,103,000
Non-current assets:	235,083,000		70,994,000
Current assets:	200,618,000		75,288,000
Total assets:	435,701,000		146,282,000
Current liabilities:	116,554,000		45,641,000
Non-cur. liabilities:	82,438,000		6,012,000
Total liabilities:	198,992,000		51,653,000
Shareholders' equity:	236,709,000		94,629,000
Comments	The above parent consolidated figures relate to the Subject's Parent Company COUNTRY ROAD GROUP PTY LTD and its subsidiaries. The Subject is part of a tax consolidated group and does not file individual financial statements.
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in designing and retailing of apparel, home wares and related accessories. The brand encompasses women’s wear, menswear, accessories, children’s’ wear, baby wear and home ware.
History	The Company began as a niche women's shirting business in 1974 and soon became Australia's first lifestyle brand, renowned for simply stylish, high-quality apparel, accessories, and home wares. The 1980s and 1990s saw them significantly expand their Australian store base and wholesale business, whilst also entering the US and Asian markets. Our innovative Country Road superstore concept was developed and, for the first time, Australians could access all four key product areas – women’s wear, menswear, accessories, and home wares - in one integrated lifestyle destination. The 1990s were, however, lean years. The US business failed. In Australia, the brand became less competitive and ultimately unprofitable. With a bold new vision for the brand, Woolworth Holdings Ltd South Africa secured a controlling interest in Country Road in 1998 and they began to re-build the business from the bottom up. they exited the US and Asian markets, reduced their prices, and established a more fashionable offering in step with changing consumer trends. In 2004 the company re-launched with a new modern identity. Over the next 3 years their store base began to expand rapidly. They ceased wholesaling and entered Australia's two major department stores on a concession basis. Children’s wear and baby wear ranges were introduced, completing their lifestyle offer.
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.
PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Exports:	Credits 30 days net
Debt Collections / Judgements	No negative information was found.
Payment Experience
Payment behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.
INVESTIGATIVE NOTES
Sources:		Interviews and material provided by the Subject Other official and local business sources
ATTACHMENTS
Attachments:		Parent consolidated financial statements List of affiliated companies

Parent consolidated financial statements

List of affiliated companies

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	TPT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.