MIRA INFORM REPORT
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Report No. : |
355512 |
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Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
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Name : |
DAVID JONES LTD |
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Registered Office : |
86 to 108 Castlereagh St, SYDNEY NSW 2000 |
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Country : |
Australia |
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Financials (as on) : |
26.07.2014 |
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Year of Establishment : |
1838 |
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Legal Form : |
Australian
unlisted Public Company |
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Line of Business : |
The subject operates as a chain of department stores involved in the retail of a range of products and services including clothing, apparel, fashion accessories, children’s wear, food, toys, appliance, glasswear, homages, furniture, cutlery, perfume, home entertainment, books, handbags and Manchester. |
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No. of Employee : |
10,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Excellent |
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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 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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
Following two decades of continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system, Australia enters 2015 facing a range of growth constraints, principally driven by a sharp fall in global prices of key export commodities. Although demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports, sharp drops in current prices have already impacted growth.
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, although this trend could reverse or slow due to falling 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 entered into free trade agreements (FTAs) with the Republic of Korea and Japan, and concluded an FTA with China, in 2014, adding to existing FTAs with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, and a regional FTA with ASEAN and New Zealand. Australia continues to negotiate bilateral agreements with India and Indonesia, as well as larger agreements with its Pacific neighbors and the Gulf Cooperation Council countries, and an Asia-wide Regional Comprehensive Economic Partnership that includes the ten ASEAN countries and China, Japan, Korea, New Zealand and India. Australia is also working on the Trans-Pacific Partnership Agreement with Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
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Source
: CIA |
Company
NAME and address
DAVID JONES LTD
ACN: 000 074 573
ABN: 75 000 074
573
ADDRESS : 86 to
108 Castlereagh St, SYDNEY NSW 2000
Summary
Panel
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Established |
1838 |
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Incorporated |
1948 |
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Line of Business |
Department store chain |
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Status |
Trading |
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Chief Executive Officer |
Ian Moir |
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EXECUTIVE
SUMMARY
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David Jones Pty Ltd - consolidated |
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As at 26 July 2014 |
As at 27 July2013 |
Change (%) |
|
Revenue |
$1,929,608,000.00 |
$1,845,012,000.00 |
4.59% |
|
Profit b/tax |
$102,120,000.00 |
$131,331,000.00 |
-22.24% |
|
Profit a/tax |
$75,011,000.00 |
$95,184,000.00 |
-21.19% |
|
Net Profit Margin |
3.89% |
5.16% |
-1.27% |
The subject was delisted from the Australian Securities Exchange on 5
August 2014 following its acquisition by Woolworths Holdings Ltd of South Africa
through an Australian subsidiary Vela Investments Pty Ltd for $4 per share.
For the financial year ended 26 July 2014 the subject recorded
consolidated revenue of $1,929,608,000, which resulted in an operating profit
before tax of $102,120,000 and an operating profit after tax of $75,011,000
representing a Net Profit Margin of 3.89%.
During fiscal 2014, the subject recorded consolidated Net Cashflows from
operating activities totalling $153,867,000.
As at 26 July 2014 the subject recorded a deficiency in consolidated
Working Capital of $132,707,000 and a current ratio of 0.68 to 1.
Consolidated Net Assets totalled $791,618,000 as at 26 July 2014. After
deducting intangibles of $56,419,000 this results in a Net Worth of
$735,199,000.
CORPORATE SEARCH
Company Type Australian
unlisted Public Company
Incorporation
State: NSW
Incorporation
Date: 13 AUG 1948
Registered
Office
86-108
CASTLEREAGH STREET,
SYDNEY
NSW 2000
Current Directors
Total: 7
Director Name KELLY,
GAIL PATRICIA
Appointment Date 6 Nov 2015
Date of Birth 25
Apr 1956
312 Weelmala Rd TERREY HILLS, NSW 2084
Gender FEMALE
Director Name ISAACS,
MOEGAMAT REEZA
Appointment Date 23 Jan
2015
Date of Birth 15 Nov 1968
Place of Birth CAPE
TOWN SOUTH AFRICA
Gender UNKNOWN
Resident Overseas Y
Address -
Document Number 7E6710794
Director Name ALLAWAY,
PATRICK NEWTON
Appointment Date 23 Jan
2015
Date of Birth 14
Sep 1960
Place of Birth DURBAN
SOUTH AFRICA
Gender MALE
Resident Overseas N
Address 532
BARRENJOEY RD, AVALON
BEACH NSW 2107
Document Number 7E6710794
Director Name NGUMENI,
SAMUEL DANIEL
Appointment Date 23 Jan
2015
Date of Birth 31
Jul 1968
Place of Birth ROBERTSON
SOUTH AFRICA
Gender UNKNOWN
Resident Overseas Y
Address -
Document Number 7E6710794
Director Name MCRAE,
JOHN CURTIS
Appointment Date 23 Jan
2015
Date of Birth 12
May 1960
Place of Birth SYDNEY
NSW
Gender MALE
Resident Overseas N
Address 29
STATION ST, NAREMBURN
NSW 2065
Document Number 7E6710794
Director Name THOMAS,
DAVID ANDREW
Appointment Date 13 Oct
2014
Date of Birth 07
Dec 1976
Place of Birth UPPER
FERNTREE GULLY VIC
Gender MALE
Resident Overseas N
Address 22
LARNACA CT, TEMPLESTOWE
VIC 3106
Document Number 7E6472532
Director Name MOIR,
IAN
Appointment Date 01 Aug
2014
Date of Birth 10
Dec 1958
Place of Birth DUNFERMLINE
UNITED
KINGDOM
Gender UNKNOWN
Resident Overseas Y
Address -
Document Number 7E6265502
Current Secretaries
Total: 1
Secretary Name MCRAE, JOHN
CURTIS BROWNING
Appointment Date 15 Aug
2014
Date of Birth 12
May 1960
Place of Birth SYDNEY
NSW
Address 29
STATION STREET
NAREMBURN NSW, 2065
Company Shares
Total: 537137845 Amount: $571,391,188/
Class ORDINARY SHARES [ORD]
Number of Shares Issued 537137845
Paid Capital $571,391,187.87
Total Amount Due and Payable $0.00
Shareholders
Total:
VELLA INVESTMENTS P/L – Holds 537,137,845
SECURITY
INTERESTS
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.
BUSINESS
STRUCTURE
TRADING ADDRESS 86 to 108 Castlereagh St
SYDNEY,
NSW 2000
TELEPHONE (612) 9261 5717
WEBSITE www.davidjones.com.au
BRANCHES The subject
maintains 40 department stores across Australia.
CONTROLLED
ENTITIES Aherns Holdings Pty Ltd
Ahern’s (Suburban) Pty Ltd
Akitin Pty Limited
Helland Close Pty Ltd
299-307 Bourke Street Pty Ltd
David Jones Credit Pty Limited
John Martin Retailers Pty Limited (non-operating)
David Jones Financial Services Limited
David Jones Insurance Pty Limited
David Jones Finance Pty Limited
David Jones (Adelaide) Pty Limited
Buckley & Nunn Pty Limited
David Jones Properties (South Australia) Pty Limited
David Jones Properties (Victoria) Pty Limited
David Jones Properties (Queensland) Pty Limited
Speertill Pty Ltd
David Jones Properties Pty Limited
David Jones Employee Share Plan Pty Limited
David Jones Share Plans Pty Limited
HOLDING ENTITY VELA INVESTMENTS PTY LTD –
AUSTRALIA
ULTIMATE HOLDING
ENTITY WOOLWORTHS
HOLDINGS LTD – SOUTH AFRICA
BANK Not
determined
EMPLOYEES 10,000
BACKGROUND
The subject was
incorporated in New South Wales on 13 August 1948 as David Jones Sydney P/L
changing name to David Jones (Wagga Wagga) P/L changing name on 30 July 1976 to
David Jones (Australia) P/L, before adopting the current style on 9 October
1995.
Operations were
founded in 1838 by Mr David Jones, a Welsh-born immigrant, when he opened
"large and commodious premises" on the corner of George and Barrack
Streets on 24 May 1838.
David Jones
eventually retired and left the management of the store to his business
partners. Unfortunately, the store failed and the assets of David Jones were
assigned to Trustees. He came back out of retirement, borrowed heavily, and
with the help of new partners and his son Edward Lloyd, managed to recreate the
store's success.
By 1887, in a rebuilt
George Street store, (which boasted the city's first hydraulic lift) the
business had expanded to include furniture and furnishings and David Jones'
mail order department which sent parcels to all corners of Australia.
IN the 1920s,
now a public company, the subject announced plans to build another city store.
A block of land had been purchased on Market Street between Elizabeth and
Castlereagh
When it opened
in 1927, this grand department store, which remains the flagship of the company
to this day, single-handedly moved the hub of Sydney's retailing to Hyde Park.
The company grew
from 3 to eight stores by 1959, and in the next 20 years would expand to
Queensland, ACT, Victoria and South Australia, creating a national retail chain
which today numbers 35 stores.
The subject was
delisted from the Australian Securities Exchange on 5 August 2014 following its
acquisition by Woolworths Holdings Ltd in South Africa through an Australian
subsidiary Vela Investments Pty Ltd.
OPERATIONS
The subject operates as a chain of department stores involved in the retail of a range of products and services including clothing, apparel, fashion accessories, children’s wear, food, toys, appliance, glasswear, homages, furniture, cutlery, perfume, home entertainment, books, handbags and Manchester.
Activities are
conducted from premises located at the above listed trading address.
ADVERSE
A search of of traced the following litigation listed against the
subject at that date.
Court Writs
Total: 1 Amount: $2,945
Action Date 07 Oct 2013
Amount $2,945.00
Creditor ASGHAR JAMIL
Plaint Number 16366/13/WPER
Court Type Magistrates Court
Role in Court Action Principal
Co-Borrower -
Status Outstanding
Status Date -
Writ Type SUMMONS
Court Actions
Total: 2 Amount: $5,066
Action Date 07 Nov 2013
Amount $3,014.00
Creditor ASGHAR JAMIL
Plaint Number 16366/13/WPER
Court Type Magistrates Court
Role in Court
Action Principal
Co-Borrower -
Status Outstanding
Status Date -
Action Date 22 Mar 2013
Amount $2,052.00
Creditor NOKRA HOLDINGS PTY LTD
Plaint Number 00037314/13/2NWT
Court Type Local Court
Role in Court Action Principal
Co-Borrower -
Status Outstanding
Status Date -
FINANCES
The subject was delisted from the Australian Securities Exchange on 5
August 2014 following its acquisition by Woolworths Holdings Ltd of South
Africa through an Australian subsidiary Vela Investments Pty Ltd for $4 per
share.
During the current investigation contact with the subject’s financial
controller was unable to be established. As a result, current financial details
were unable to be obtained.
For the financial year ended 26 July 2014 the subject recorded
consolidated revenue of $1,929,608,000, which resulted in an operating profit
before tax of $102,120,000 and an operating profit after tax of $75,011,000
representing a Net Profit Margin of 3.89%.
The growth in sales for the year was attributable to the opening of two
new stores
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David Jones Pty Ltd - consolidated |
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As at 26 July 2014 |
As at 27 July2013 |
Change (%) |
|
Revenue |
$1,929,608,000.00 |
$1,845,012,000.00 |
4.59% |
|
Profit b/tax |
$102,120,000.00 |
$131,331,000.00 |
-22.24% |
|
Profit a/tax |
$75,011,000.00 |
$95,184,000.00 |
-21.19% |
|
Net Profit Margin |
3.89% |
5.16% |
-1.27% |
On 12 August 2013 the Company entered into an agreement with Dick Smith
Electronics Pty Limited (Dick Smith) for Dick Smith o operate the Company’s electronics
business under a Retail Brand Management Agreement (RBMA) with effect from 1
October 2013.
Under the terms of this agreement the Company will sell certain assets,
including inventory, to Dick Smith.
During fiscal 2014, the subject recorded consolidated Net Cashflows from
operating activities totalling $153,867,000.
As at 26 July 2014 the subject recorded consolidated total current
assets of $281,569,000. They included cash of $8,922,000, receivables of
$19,986,000 and inventories of $232,028,000.
Current liabilities at the same date totalled $414,275,000 and included
payables of $295,293,000 and provisions of $23,821,000.
As at 26 July 2014 the subject recorded a deficiency in consolidated
Working Capital of $132,707,000 and a current ratio of 0.68 to 1.
At 26 July 2014 the subject maintained access to financing facilities
with a combined limit of $406,319,000. These facilities were drawn to
$93,930,000 at this time.
Consolidated Net Assets totalled $791,618,000 as at 26 July 2014. At
this date, the subject further recorded a Debt to Equity ratio of 0.57 to 1.
After deducting intangibles of $56,419,000 this results in a Net Worth of
$735,199,000.
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David Jones Pty Ltd - consolidated |
|||
|
|
As at 26 July 2014 |
As at 27 July2013 |
Change (%) |
|
Revenue |
$1,929,608,000.00 |
$1,845,012,000.00 |
4.59% |
|
Profit b/tax |
$102,120,000.00 |
$131,331,000.00 |
-22.24% |
|
Profit a/tax |
$75,011,000.00 |
$95,184,000.00 |
-21.19% |
|
Net Profit Margin |
3.89% |
5.16% |
-1.27% |
|
Current Assets |
$281,568,000.00 |
$294,705,000.00 |
-4.46% |
|
Non Current Assets |
$961,499,000.00 |
$943,080,000.00 |
1.95% |
|
Total Assets |
$1,243,067,000.00 |
$1,237,785,000.00 |
0.43% |
|
Current Liabilities |
$414,275,000.00 |
$301,830,000.00 |
37.25% |
|
Non Current Liabilities |
$37,174,000.00 |
$134,859,000.00 |
-72.43% |
|
Total Liabilities |
$451,449,000.00 |
$436,689,000.00 |
3.38% |
|
Net Assets |
$791,618,000.00 |
$801,096,000.00 |
-1.18% |
|
Working Capital |
($132,707,000.00) |
($7,125,000.00) |
1762.55% |
|
Current Ratio |
0.68 |
0.98 |
-30.39% |
|
Debt to Equity |
0.57 |
0.55 |
4.62% |
NEWS
30.10.2015
The subject is investing in more full-time
staff and training sales assistants in the lost art of old-fashioned department
store service.
Cutting the ribbon on the chain's newest
store at QIC's Eastland centre on Thursday, Ian Moir, chief executive of David
Jones' South African owner Woolworths Holdings, said David Jones was investing
in 1500 new full-time staff and focused on finding the right people with the
right look to sell its brands.
TRADE
SURVEY
Trade payment from
further sources in the past 4 months have traced the following data for the
subject.
Total Owing: $33,941
Total Past Due: $4,331
Average Late Payment Days: 17
All Industries Late Payment Days: 8
Within terms:
$29,609
1 – 30 days past
due: $3,834
31 – 60 days
past due: $0
61 – 90 days
past due: $0
91+ days: $497
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.65 |
|
UK Pound |
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.72.33 |
|
AUD |
1 |
Rs. 47.38 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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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 |
|
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.