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Report Date : |
10.03.2014 |
IDENTIFICATION DETAILS
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Name : |
JUST JEANS GROUP PTY LIMITED |
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Formerly Known As : |
JUST JEANS GROUP LIMITED |
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Registered Office : |
Just Jeans Building, 658 Church Street, Richmond, Victoria, Zip code 3121 |
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Country : |
Australia |
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Financials (as on) : |
27.07.2013 |
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Date of Incorporation : |
10.08.1972 |
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Com. Reg. No.: |
004947460 |
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Legal Form : |
Australian
Proprietary Company |
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Line of Business : |
· Subject operates as a fashion apparel retailer under the brand JUST JEANS. · Subject operates as a wholly owned subsidiary of Premier Investments Limited. Subject product ranges includes :- · Fashion apparels: · Jeans · Jackets · Shirt · Polos · T-shirt · Dresses · Pants · Belts · Hats · Wallets · Sunglasses |
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No. of Employees : |
6,500
employees (Just Group) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
Good |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Australia |
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 |
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 :
JUST JEANS GROUP PTY LIMITED
Business
address : Just Jeans Building
658 Church Street
Town : Richmond
Province : Victoria
Zip/postal
code : 3121
Country : Australia
Tel : +61 3 94200200
Fax : +61 3 94260200
Email : justgroup@jjh.com.au
Website : www.justjeans.com.au
Registered
address : Just Jeans Building
658 Church Street
Town : Richmond
Province : Victoria
Zip/postal
code : 3121
Country : Australia
Postal address
: P.O. Box 2196
Town : Richmond South
Province : Victoria
Zip/postal
code : 3121
Country : Australia
Executive Summary
Date founded
or registered : 10/08/1972
Legal form : Australian
Proprietary Company
Chief
executive : Mark
McInnes
Issued & paid
up capital : AUD 12,108,447
Sales turnover
: AUD
1,018,244,000 (Group-Consolidated 12 months, 27/07/2013)
Net income : AUD 174,473,000
(Group-Consolidated 12 months, 27/07/2013)
Total fixed
assets : AUD
1,562,014,000 (Group-Consolidated 12 months, 27/07/2013)
Line of
business : Fashion
and apparel retailer.
Staff employed
: 6,500 employees
(Just Group)
Credit Risk
Interpretation
Credit risk
theory : Sound
financial and operational base for the group. Small to medium credits may
be considered with confidence that
the commitment will be sustained in almost all
cases. This is based on criterions
such as years of establishment, number of
employees, sales turnover, profit
after tax, total assets, reserve, and others.
Normal credit control policy applies.
Company Analysis
Country risk :
Country risk
is minimal
Operation
trend : Operational
trend is steady
Management
experience : Management is
adequately 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
be provided if guaranteed by ultimate holding company Premier
Investments Limited.
Registry Data
Registration
date : 10/08/1972
Legal form : Australian
Proprietary Company
Registration
no Australian
Company Number: 004947460
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no
: Australian
Business Number: 49004947460
Registry
status : Live/Active
Previous name
: JUST JEANS GROUP
LIMITED
JUST JEANS HOLDINGS LIMITED
JUST JEANS AUSTRALIA LIMITED
JUST JEANS AUSTRALIA PTY. LTD.
C.K. INVESTMENTS PTY. LTD.
JUZ TRADING PTY. LTD.
JUST JEANS (MELBOURNE) PTY. LTD.
JEAN CITY PROPRIETARY LIMITED (initial)
Change of
legal form : None reported.
Key Management
Name : Mark McInnes
Designation : Chief Executive Officer
Name : Ashley John Gardner
Designation : Chief Financial Officer
Appointments
Name : Ashley John Gardner
Designation : Director and Company Secretary
Appointment
date : 26/04/07
Address : 10 Clemac Close
Langwarrin South, VIC 3911
Australia
Biography : Born on 14/05/1971 in
Frankston, Victoria, Australia.
Ashley Gardner was appointed Chief Financial Officer in January
2007 and is responsible for the Groups Finance and IT departments
and joined the Just Group Board of Directors in April 2011 as an
Executive Director.
Ashley has impeccable finance, retail and fashion credentials
including previous positions of CFO and Executive Director at
Country Road.
Ashley holds a Bachelor of Commerce (Hons) from the University of
Melbourne and is also a qualified Chartered Accountant.
Name : David Alan Bull
Designation : Director
Appointment
date : 22/07/09
Address : 95 Finch Street
Malvern East, VIC 3145
Australia
Biography : Born on 28/08/1962 in
Melbourne, Victoria, Australia.
David became Director of Fast Fashion in July 2009 and is
responsible for two of our fast fashion brands being Dotti and
Portmans.
David held the position of Merchandising Director - Casualwear
since
December 2006 to July 2009 responsible for the Just Jeans, Jay
Jays
and Dotti Casualwear Brands. Previously David was the General
Manager Merchandising Casualwear since September 2005 having
been General Manager Merchandising for Just Jeans since July 2002.
Name : Mark McInnes
Designation : Director
Appointment
date : 04/04/11
Address : 19 Hamilton Road
Malvern, VIC 3144
Australia
Biography : Born on 06/05/1965 in
Melbourne, Victoria, Australia.
Mark McInnes was appointed Chief Executive Officer of Premier
Investments Ltd. and Chief Executive Officer of Just Group, on
April
4, 2011.
Mark is an experienced retailer with over 25 years of success in
retail,
including his most recent position as Chief Executive Officer of
David
Jones Ltd. In his time as CEO of David Jones, Mark turned the
company into a fashion and financial success and generated in
excess of $2 billion dollars of Shareholder value. When he became
CEO of David Jones, the share price was $1.03 and when he left it
was $4.44. In addition, the dividend per share had grown from 6c a
share to 28c a share.
Mark holds a Master of Business Administration from Melbourne
University.
Name : Colette Mary Garnsey
Designation : Director
Appointment
date : 17/10/12
Address : 34 Beresford Road
Bellevue Hill, NSW 2023
Australia
Biography : Born on 07/02/1960 in Sydney,
New South Wales, Australia.
Ms Garnsey was recently appointed Core Brands Director at Premier
Investments, previously Group General Manager at Pacific Brands.
She has had over 30 years’ experience in retail and was formerly
in
senior management at David Jones Limited for over 20 years, most
recently holding the position of Group General Manager. She is a
board member of Australian Wool Innovation Limited (since 2011),
the L’Oréal Melbourne Fashion Festival (since 2006), a Committee
member of the TCF Innovation Council (since 2010) and a judge of
the Veuve Clicquot Business Woman of the Year.
Ms Garnsey has also had five years manufacturing, wholesale and
distribution experience and spent three years in consultancy
across
design, retail and manufacturing for various companies within the
textile, clothing and retail industries in addition to spending three
years as an Advisory Board member of the CSIRO TCF&L Sector
Advisory Committee.
Staff employed
: 6,500 employees
(Just Group)
Key Advisors
Auditors : ERNST &
YOUNG
8 Exhibition Street
Melbourne, VIC 3000
Australia
Composition
Authorized
Capital : AUD 12,108,447
No of shares :
63,633,334 Ordinary Shares
Share par
value : No par value
Issued capital
: AUD 12,108,447
Paid up capital : AUD 12,108,447
How listed : Full List
Composition
Shareholder
name : JUST GROUP LIMITED
Address : Just Jeans Building
658 Church Street
Richmond, VIC 3121
Australia
No. of shares
: 63,633,334 Ordinary Shares
% of shares : 100%
Structure
Name : PREMIER INVESTMENTS
LIMITED
Affiliation
type : Ultimate
Holding Company
Address : Level 53, 101 Collins
Street
Melbourne, VIC 3000
Australia
Comments : Premier Investments Limited is
an Australian public company limited by shares. It
has been listed on the Australian Securities Exchange (ASX) since
15 December
1987. Premier was established as an investment company to maximise
growth in
capital returns to shareholders through the acquisition of
controlling or strategic
shareholdings in premier Australian companies with a particular
concentration on
the areas of retailing, importing and distributing.
For many years, Premier’s principal investment was a significant
shareholding in
Coles Myer Limited (subsequently renamed Coles Group). Premier
disposed of
this investment to an entity associated with Wesfarmers Limited in
April 2007.
In August 2008 Premier was successful in obtaining control of the
Just Group.
Premier now owns the brands Just Jeans, Jay Jays,
Portmans, Jacqui E, Peter
Alexander, Dotti and Smiggle.
Name : JUST GROUP LIMITED
Affiliation
type : Parent
Company
Address : Just Jeans Building
658 Church Street
Richmond, VIC 3121
Australia
Name : JUST GROUP
INTERNATIONAL PTY LTD
Affiliation
type : Wholly-owned
Subsidiary
Address : Just Jeans Building
658 Church Street
Richmond, VIC 3121
Australia
Name : JUST JEANS PTY. LTD.
Affiliation
type : Wholly-owned
Subsidiary
Address : Just Jeans Building
658 Church Street
Richmond, VIC 3121
Australia
Name : SMIGGLE PTY LTD
Affiliation
type : Wholly-owned
Subsidiary
Address : Just Jeans Building
658 Church Street
Richmond, VIC 3121
Australia
Related companies and corporate affiliations comments
Other
companies of the Just Group and Premier Investments Group should be considered
affiliates of the Subject.
Bank Details
Name of bank :
Commonwealth Bank
of Australia
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 : 27/07/13
Type of
accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate
: 1 USD = AUD 1.10
as of 09-03-2014
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 : 27/07/13 28/07/12
Length of
accounts : 12 months 12
months
Sale turnover
/ Income : 1,018,244,000 870,986,000
Profit before
tax : 245,956,000 92,767,000
Net income : 174,473,000
68,248,000
Non current
assets : 1,139,739,000 1,102,826,000
Current assets
: 422,275,000 396,730,000
Inventories : 83,959,000 71,092,000
Total assets : 1,562,014,000 1,499,556,000
Current
liabilities : 89,588,000
73,448,000
Non current
liabilities : 172,060,000 176,302,000
Total
liabilities : 261,648,000
249,750,000
Share equity :
1,300,366,000 1,249,806,000
Reserve : 16,789,000 83,256,000
Retained
earning : 674,962,000 557,935,000
Comments : The group’s consolidated
financial information above relates to the Subject’s
Ultimate Holding Company Premier Investments Limited and all its
subsidiaries
which include the Subject.
Main
activities : The Subject
operates as a fashion apparel retailer under the brand JUST
JEANS.
The Subject operates as a wholly owned subsidiary of Premier
Investments
Limited.
Premier Investments Limited (Premier) operates a number of
speciality
retail fashion chains within the speciality retail fashion markets
in Australia,
New Zealand and via a joint venture entity in South Africa. The
Company
operates in two segments: investments and retail. The investments
segment is managed and operated through the Company. The retail
segment operates through subsidiaries established in their
respective
markets. The Company’s brands include JUST JEANS, JAY JAYS,
JACQUI E, PETER ALEXANDER, DOTTI and SMIGGLE.
Product & services :
· Fashion apparels:
· Jeans
· Jackets
· Shirt
· Polos
· T-shirt
· Dresses
· Pants
· Belts
· Hats
· Wallets
· Sunglasses
Brand :
· JUST JEANS
· LEVI'S® JEANS
· CALVIN KLEIN JEANS
· RIDERS BY LEE JEANS
· MAVI JEANS
Purchases
International
: Mainly from India, China,
Italy, Turkey
Sales
Local : Yes
International
: New Zealand, South Africa
Property &
Assets
Premises : The Subject operates from
premises at the verified heading address
consisting of an administrative office and warehouse.
Branches : In addition, the Subject
operates from over 250 retail outlets located across
Australia and New Zealand.
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%
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,
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.60.99 |
|
UK Pound |
1 |
Rs.102.07 |
|
Euro |
1 |
Rs.84.53 |
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 |
|
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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.