MIRA INFORM REPORT

Report No. :	330596
Report Date :	10.07.2015

IDENTIFICATION DETAILS

Name :	COUNTRY ROAD CLOTHING PTY. LTD.

Registered Office :	658 Church Street Cremorne Victoria VIC 3121

Country :	Australia

Financials (as on) :	28.06.2014 (Parent Consolidated Financial)

Date of Incorporation :	14.03.1978

Com. Reg. No.:	ACN: 005419447

Legal Form :	Australian Proprietary Company

Line of Business :	Manufacture and retail sales of clothing apparels.

No. of Employee :	2,177 (Subject) / 28,368 (Group)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Australia

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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 Darussalam, Canada, Chile, Japan, 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 855,341,000 (Parent consolidated 12 months, 28-06-2014) ZAR 28,460,000,000 (Group consolidated 6 months, 28-12-2014)
Main activities:	Manufacture and retail sales of clothing apparels.
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:	1) THE COUNTRY ROAD CLOTHING COMPANY SHOPS PTY. LTD. 2) WAGGONER PTY. LTD. The Subject changed to the present style on 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:	Oliver Kysela
Job title:	Director

Name:	Helen Eames
Job title:	Alternate Director

Name:	Reeza Isaccs
Job title:	Alternate Director

Name:	Sacha Laing
Job title:	Alternate Director

Name:	Melissa Hennessy
Job title:	Company Secretary

Key Advisors

Auditor:

ERNST & YOUNG

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:	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
Date appointed:	08-09-2014
Address:	40 Noone Street Clifton Hill, VIC 3068 Australia
Biography:	Born: 25/01/1964 Birth place: Melbourne, Victoria

Name:	Reeza Isaccs
Board function:	Alternate Director
Date appointed:	08-09-2014
Address:	1 Pitlochry Road Cape Town 7700 South Africa
Biography:	Born: 15/11/1968 Birth place: Cape Town, South Africa

Name:	Sacha Laing
Board function:	Alternate Director
Date appointed:	08-09-2014
Address:	27a Eastbourne Street Windsor, VIC 3181 Australia
Biography:	Born: 09/02/1972 Birth place: Sydney, New South Wales

Name:	Melissa Hennessy
Board function:	Company Secretary
Date appointed:	02-10-2012
Address:	144 Cochrane Street Brighton, VIC 3186 Australia
Biography:	Born: 15/02/1976 Birth place: Melbourne, Victoria

SHARE CAPITAL

Composition
Authorised:	AUD 27,500,002
Number/type:	27,500,002 ORD 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 ORD 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

Comments	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:	Group Consolidated Statements
Presentation:	Attached to this report / Summarised below
Date of accounts:	28-06-2014
Type of accounts:	Full audited (Unaudited - 6 months group consolidated)
Currency:	Australian Dollar (AUD), South African Rand (ZAR)
Exchange rate:	USD 1 = AUD 1.31 as of 02-07-2015 USD 1 = ZAR 12.34 as of 02-07-2015

SUMMARISED
	28-06-2014	29-06-2013	28-12-2014
Currency:	Australian Dollar (AUD)	Australian Dollar (AUD)	South African Rand (ZAR)
Consolidation:	Parent consolidated	Parent consolidated	Group consolidated
Period:	12 months	12 months	6 months

Sales turnover:	855,341,000	711,346,000	28,460,000,000
Gross profit:	532,032,000	444,983,000	11,481,000,000
Operating profit:			3,014,000,000
Profit before tax:	93,449,000	55,864,000	2,331,000,000
Profit after tax:	68,856,000	41,149,000	1,647,000,000
Non-current assets:	257,434,000	235,083,000	33,086,000,000
Current assets:	199,897,000	200,618,000	10,852,000,000
Inventories:	100,695,000	77,747,000	5,676,000,000
Total assets:	457,331,000	435,701,000	43,938,000,000
Current liabilities:	146,738,000	116,554,000	10,312,000,000
Non-cur liabilities:	83,830,000	82,438,000	19,599,000,000
Total liabilities:	230,568,000	198,992,000	29,911,000,000
Shareholders' equity:	226,763,000	236,709,000	14,027,000,000

Comments	The above parent consolidated figures relate to the Subject's Parent Company COUNTRY ROAD GROUP PTY LTD and its subsidiaries. The above group consolidated figures relate to the Subject's Ultimate Holding Company WOOLWORTHS HOLDINGS LIMITED and its subsidiaries.

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.
Brands:	COUNTRY ROAD MIMCO TRENERY WITCHERY

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:	L/Cs Credits 30 days net

Sales Terms
Local:	Cash Credits 14-30 days
Exports:	L/Cs 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:

Group consolidated financial statements

List of affiliated companies

PARENT CONSOLIDATED FINANCIAL STATEMENT

ULTIMATE GROUP CONSOLIDATED FINANCIAL tatement

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.51
UK Pound	1	Rs.97.85
Euro	1	Rs.70.50

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SDA

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.