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Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
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Name : |
COUNTRY ROAD
CLOTHING PTY. LTD. |
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Formerly Known As : |
THE COUNTRY
ROAD CLOTHING COMPANY SHOPS 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) : |
29.06.2013 |
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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 : |
Design and
retail of apparel, home-wares and related accessories |
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No. of Employees |
3,370 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Australia |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
Subject name :
COUNTRY ROAD CLOTHING PTY. LTD.
Other style /
Business name : COUNTRY ROAD / TRENERY
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 711,346,000
(Group-Consolidated, 12 months 29/06/2013)
Net income : AUD 41,149,000
(Group-Consolidated, 12 months 29/06/2013)
Total fixed
assets : AUD
435,701,000 (Group-Consolidated, 12 months 29/06/2013)
Line of
business : Design and
retail of apparel, home-wares and related accessories.
Staff employed
: 3,370 employees
(Country Road Group); 26,908 employees (Woolworths Group)
Company Analysis
Country risk :
Country risk
is minimal
Operation
trend : Operational
trend is progressing
Management
experience : Management is
adequately experienced
Financial
performance : Group
Financial performance is very 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 : 14/03/1978
Legal form :
Australian Proprietary Company
Registration
no Australian Company Number: 005419447
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.
Other
registration : The
Subject owns the following business names:
TRENERY
COUNTRY ROAD
SECOND BEST
DYNAMITE APPAREL
DYNAMITE DENIM
DYNAMITE
COUNTRY ROAD WEEKENDER
DYNAMITE
DYNAMITE CLOTHING
THE CHAPEL STREET CAFE
CAFE COUNTRY ROAD
COUNTRY ROAD EYEWEAR
CR EYEWEAR
Key Management
Name : Iain
Nairn
Designation :
Chief Executive Officer
Name : Sophie
Holt
Designation :
Creative Director
Name : Oliver
Kysela
Designation :
Chief Financial Officer
Appointments
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 : 47 South Wharf Drive
Docklands, VIC 3008
Australia
Biography : Born on 18-12-1961 in
Broxburn, Scotland, United Kingdom.
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
: 3,370 employees (Country Road Group);
26,908 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
operates a chain of retail stores. The companys
stores offer a selected range of clothing, including womens, mens, and
childrens
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. It operates approximately 330 corporate stores
and 17
franchise stores in South Africa, 49 stores operated on Engen
forecourts, and 65
stores in Africa and the Middle East under the Woolworths brand; 163
retail stores
and concession retail outlets in Australia and New Zealand under the
Country
Road and Trenery brands; and 291 retail stores and concession retail
outlets in
Australia and New Zealand under the Witchery and Mimco brands.
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 founded in 2005
and is
based in Bella Vista, 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 designs
and retails apparel, home ware, and related
accessories in Australia, New Zealand, and South Africa. It offers
clothing
products, such as dresses, jackets and coats, jeans, knitwear, pants,
skirts,
shorts, shirts, suits, sweats, swimwear, and T-shirts and tops;
accessories,
including belts, handbags, cosmetic bags, hats and gloves, hosiery,
scarves and
sarongs, tote bags, wallets and leather goods, socks, and ties;
footwear; and
sleepwear for women, men, and children. The company also provides bed
and
bath products, which include bed covers and blankets, bed linen, and
towels and
mats; home accessories comprising baskets, candles and holders,
cushions,
frames, throws and blankets, and vases and decorators; tableware
consisting of
cutlery, dining, glasses, serving, tea towels and accessories, and
table linen and
accessories; and beach towels. It operates retail stores under the
Country Road,
Witchery, Mimco, and Trenery names, as well as operates online stores.
The
company was founded in 1974 and is headquartered in Richmond,
Australia.
Country Road Limited is a subsidiary of Woolworths International
(Australia) Pty
Limited.
Name : COUNTRY
ROAD CLOTHING (N.Z.) LIMITED
Affiliation
type : Wholly-owned Subsidiary
Address : 164 Queen Street
Auckland Central, Auckland 1010
New Zealand
Name : COUNTRY ROAD PROPERTIES PTY. LTD.
Affiliation
type : Wholly-owned Subsidiary
Address : 658 Church Street
Richmond, VIC 3121
Australia
Name : COUNTRY ROAD INTERNATIONAL PTY.
LTD.
Affiliation
type : Wholly-owned Subsidiary
Address : 658 Church Street
Richmond, VIC 3121
Australia
Name : COUNTRY ROAD INTERNATIONAL PTY.
LTD.
Affiliation
type : Wholly-owned Subsidiary
Address : 658 Church Street
Richmond, VIC 3121
Australia
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 : 29/06/13
Type of
accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate
: 1 USD = AUD 1.07
Summarized Financial Information
Consolidation type : Group Consolidated Group Consolidated Group
Consolidated
Currency : Australia Dollar (AUD) Australia Dollar South Africa, Rand (ZAR)
(AUD)
Denomination : (x1) One (x1)
One (x1) One
Date of financial year end : 29/06/13 3 0/06/12
30/06/13
Length of
accounts : 12 months 12 months 12 months
Sale turnover
/ Income : 711,346,000 422,291,000 35,399,000,000
Gross profit :
444,983,000 246,448,000 13,553,000,000
Profit before
tax : 55,864,000 20,495,000 3,647,000,000
Net income : 41,149,000 16,103,000 2,638,000,000
Non current
assets : 235,083,000 70,994,000
6,778,000,000
Current assets
: 200,618,000 75,288,000 5,347,000,000
Inventories : 77,747,000 45,396,000 2,901,000,000
Total assets :
435,701,000 146,282,000 12,188,000,000
Current
liabilities :
116,554,000 45,641,000 4,376,000,000
Non current
liabilities : 82,438,000 6,012,000 1,908,000,000
Total
liabilities : 198,992,000
51,653,000 6,284,000,000
Share equity : 236,709,000 94,629,000
5,904,000,000
Retained
earning : 65,812,000 24,663,000
Comments : The group consolidated financial
information in AUD above relates to the Subject's
Parent Company Country Road Limited and all its subsidiaries which
includes the
Subject.
The group consolidated financial information in ZAR above relates to
the Subject's
Ultimate Holding Company Woolworths Holdings Limited and all its
subsidiaries
which includes the Subject.
Main activities
: The Subject engages in
design and retail 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 via
online and
offers additional services such as gift cards, gift wraps, gift
registry,
tailoring and delivery services.
The Subject is a wholly owned subsidiary of Country Road Limited which
is
an Australia-based company engaged in the apparel and accessories
retail
industry.
The Subject's ultimate holding company is Woolworths Holdings Limited.
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.
Product & services : Fashion apparels
Fashion accessories
Homewares
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 the verified heading address consisting of an
administrative
office and warehouse.
Branches : In
addition, the Subject operates from 136 Country Road retail stores and
13 Trenery
retail stores.
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
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%
Purchase Term
International :
L/C, D/P, Telegraphic Transfer, Credit Up To 120 Days
Sales Term
Local : Cash,
Credit Card
International
: Telegraphic Transfer, Credit Up To 120 Days
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.59.34 |
|
|
1 |
Rs.99.18 |
|
Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
Report Prepared
by : |
NIS |
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 |
|
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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 |
-- |
|
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.