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Report No. : |
315919 |
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Report Date : |
10.04.2015 |
IDENTIFICATION DETAILS
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Name : |
AUSTRALIAN FOOTWEAR PTY LTD |
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Registered Office : |
254 to 269
Burwood, Road Hawthorn Vic, 3122 |
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Country : |
Australia |
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Date of Incorporation : |
28.02.2014 |
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Legal Form : |
Australian Proprietary
Company |
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Line of Business : |
Subject is engaged in Distribution of footwear |
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No. of Employee : |
1,200 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Australia |
A1 |
A |
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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.
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Source
: CIA |
AUSTRALIAN FOOTWEAR
PTY LTD
ACN: 168 259 210
ABN: 40 168 259 210
Summary
Panel
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Incorporated |
2014 |
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Status |
Trading |
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Line of Business
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Distribution of footwear |
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The subject was
formed to restructure the group’s operations and take over the group operations
Williams, Mathers and Colorado effective 27 April 2014.
For the current
financial year ending 31 July 2015 the subject expects to record a break even
result on revenue of $128 million.
For the last financial year ended 31 July 2014 the group recorded a trading
loss on sales of $200 million.
The group
recorded a deficiency in Net Assets totaling $121 million at 3 July 2014.
Company Type Australian
Proprietary Company
Status Registered
Incorporation Date
28 Feb 2014
Incorporation
State VIC
Registered Office
254 to 269 BURWOOD
ROAD HAWTHORN VIC,
3122
Current Directors
Total: 1
Director Name STRETCH,
NICHOLAS KENNETH
Appointment Date
19 Oct 2014
Date of Birth 20
Aug 1960
Place of Birth
WOLLONGONG NSW
Gender MALE
Resident Overseas
N
Address 38 Martin
St, Brighton, VI 3186
Current Other
Organisation Officers Total: 1
Officer Role
Ultimate Holding Company
Officer Name
FUSION RETAIL BRANDS PTY LTD
ACN 151836083
Appointment Date -
Address -
Document Number
026085930
Company Shares
Total: 1 Amount: $1
Class ORDINARY
SHARES [ORD]
Number of Shares
Issued 1
Paid Capital $1.00
Total Amount Due
and Payable $0.00
Document Number
026085930
Current
Shareholders
Shareholder Name
FUSION RETAIL BRANDS PTYLTD
ACN 151836083
ABN 44151836083
Address LEVEL 1,
109-133 BURWOOD
ROAD HAWTHORN VIC,
3122
Class ORD
Number Held 1
Beneficially Held
Y
Fully Paid Y
Jointly Held N
Document Number
026085930
Effective 30 January 2012 the Personal Property Securities Register (PPSR) was introduced to give the different Commonwealth, State and Territory laws and registers regarding security interests in personal property under one national system.
As a result of PPS Reform a number of existing Commonwealth, State and Territory personal property security registers will close. Interests registered on existing security interest registers will be migrated to the national PPS Register. Subsequently Registered Charges are no longer lodged with the Australian Securities and Investments Commission (ASIC).
Please contact us should you require a search of the PPSR.
TRADING ADDRESS 254 to 260
Burwood Rd
HAWTHORN,
VIC 3122
POSTAL ADDRESS PO Box 690,
Richmond. VIC 3121
TELEPHONE (613)
9420 8444
(613)
9420 8432 (Kirstin Book)
FACSIMILE (613)
9420 8400
EMAIL rodney.george@fusionretailbrands.com.au
WEBSITE www.fusionretailbrands.com.au
HOLDING ENTITY FUSION RETAIL BRANDS
PTYLTD
ASSOCIATED ENTITY DIANNA FERRARI PTY LTD
TRADING STYLES WILLIAMS THE SHOEMAN
SHOE CLEARANCE STORE
LYNX SPORTS
COLORADO
MATHERS SHOES
PAIRS
SKIDS
WILLIAMS SHOES AND ACCESSORIES
BRANCHES The subject
maintains 180 retail stores
BANK COMMONWEALTH
BANK OF AUSTRALIA
EMPLOYEES 1,200
The subject was incorporated in
Victoria on 28 February 2014 under the current style.
The Holding entity was formed to acquire certain assets of the Colorado
Group, a corporation that was placed under External Administration in March
2011.
The subject was formed to restructure the group’s operations and take
over the group operations Williams, Mathers and Colorado effective 27 April
2014.
Colorado Group's former equity owner, private equity firm Affinity
Equity Partners, paid $430m for the retailer in 2006.
The group has origins that date back to 1864 with the establishment of
Williams.
The subject operates in the retail of men’s,
women’s and children’s foot wear through a chain of 195 stores.
The subject operates under the trading names,
Williams the Shoeman, Mathers Shoes and Colorado.
Activities are conducted from premises located at the above listed
trading address.
A search of of on 2 April 2015 failed to trace any litigation listed
against the subject at that date.
The subject is not required to lodge financial statements with the
Australian Securities and Investments Commission.
During the current interview conducted with the subjects Financial
Controller, Kirstin Book, she advised that the subject was formed to
restructure the group’s operations and take over the group operations Williams,
Mathers and Colorado effective 27 April 2014.
For the last financial year ended 31 July 2014 the group recorded sales
of $200 million which resulted in an operating loss of $36,000,000.
For the current financial year ending 31 July 2015 the subject expects
to record a break even result on revenue of $128 million.
Current assets include stock on hand of $28 million. Group stock is
valued at $35 million.
The group recorded a deficiency in Net Assets totaling $121 million at 3
July 2014.
Further financial details pertaining to the subject were unable to be
obtained for the current enquiry.
A trade survey on the subject traced the following accounts:
1.
(Pacific Brands) Nominated supplier declined to
provide a reference owing to company policy.
2.
(Clarks) Nominated supplier failed to respond to
correspondence despite chasing.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.26 |
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|
1 |
Rs.92.49 |
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Euro |
1 |
Rs.66.99 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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.