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Report No. : |
321938 |
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Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
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Name : |
TARGET AUSTRALIA PTY. LIMITED |
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Registered Office : |
11th House 40/0 The Esplanade Perth, Western Australia 6000 |
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Country : |
Australia |
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Date of Incorporation : |
1925 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Chain of discount department stores |
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No. of Employee : |
24,622 |
RATING & COMMENTS
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MIRAs Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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.
SRI LANKA - ECONOMIC OVERVIEW
Sri Lanka continues to experience strong economic growth
following the end of the 26-year conflict with the Liberation Tigers of Tamil
Eelam. The government has been pursuing large-scale reconstruction and
development projects in its efforts to spur growth in war-torn and
disadvantaged areas, develop small and medium enterprises and increase
agricultural productivity. The government's high debt payments and bloated
civil service have contributed to historically high budget deficits, but fiscal
consolidation efforts and strong GDP growth in recent years have helped bring
down the government's fiscal deficit. However, low tax revenues are a major
concern. The 2008-09 global financial crisis and recession exposed Sri Lanka's
economic vulnerabilities and nearly caused a balance of payments crisis.
Agriculture slowed due to a drought and weak global demand affected exports and
trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp
depreciation, and took steps to curb imports. A large trade deficit remains a
concern, but strong remittances from Sri Lankan workers abroad help offset the
trade deficit. Government debt of about 80% of GDP remains among the highest in
emerging markets.
|
Source
: CIA |
REGISTERED NAME TARGET AUSTRALIA PTY. LIMITED
ACN: 004 250 944
ABN: 75 004 250
944
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Established |
1925 |
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Incorporated |
1947 |
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Line of Business |
chain of discount department stores |
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Status |
Trading |
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Wesfarmers Limited - consolidated |
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As at 30 June 2014 |
As at 30 June 2013 |
Change (%) |
|
Revenue |
$60,181,000,000.00 |
$57,749,000,000.00 |
4.21% |
|
Profit b/tax |
$2,544,000,000.00 |
$3,036,000,000.00 |
-16.21% |
|
Profit a/tax |
$1,605,000,000.00 |
$2,128,000,000.00 |
-24.58% |
|
Net Profit Margin |
2.67% |
3.68% |
-1.02% |
The subject is noted to have entered into a Deed of Cross Guarantee pursuant
to a Class Order with its Ultimate Holding entity Wesfarmers Limited.
For the year ended 30 June 2014, the members of the closed group which
form part of the Deed of Cross Guarantee recorded an operating profit before
tax of $3,629,000,000 and after tax and discontinued operations of
$4,135,000,000.
During fiscal 2014 the group recorded Net Cashflows from operating
activities totaling $3,226 million.
At 30 June 2014, the members of the closed group which form part of the
Deed of Cross Guarantee recorded a deficiency in Working Capital of $186
million and a current ratio of 0.98 to 1.
At the same date, the members of the closed group which form part of the
Deed of Cross Guarantee recorded Net Assets of $26,677 million. After deducting
Intangibles of $18,906 million this results in a Net Worth of $7,771 million.
Company Type Australian Proprietary Company
Incorporation Date: 12
Mar 1947
Incorporation State: Victoria
Registered Office 11TH HOUSE 40/0
THE
ESPLANADE PERTH, Western Australia 6000
Number of Shares Issued: 105,000,100
Paid Capital: $210000100
Shareholders COLES GROUP
LIMITED
Number
of Shares: 105000100
Directors MYERS,
ANDREW ROBERT
4506, 1
QUEENSBRIDGE SQ
SOUTHBANK VIC 3006
RALPH, GLENDA
28 Glenbrook Abe
MALVERN, VIC 3145
WADE, Philip
Richard
2
Caroline Apartments
3
Male St
BRIGHTON,
VIC 3186
JONES,
Richard
104, 155 BEACH ST
PORT MELBOURNE,
VIC 3207
JENKINS, Graeme
McKinlay
20 Graham St
ALBERT PARK, VIC 3206
NORMAN, Archibald
John
Resident overseas
MACHIN, Stuart
Barry
49 Mary St
ST KILDA WEST, VIC 3182
BOWEN, Terence
James
11th
House
40
The esplanade
PERTH,
WA 6000
GOYDER, Richard
James
11th
House
40
The esplanade
PERTH,
WA 6000
Secretary KRONJA, Marnie
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.
HEAD OFFICE 12 to 14
Thompson Rd
GEELONG
NORTH, VIC 3215
TELEPHONE (613)
5246 2000
FACSIMILE (613)
5246 2257
WEBSITE www.target.com.au
TRADING STYLES TARGET
TARGET
COUNTRY
BABY
TARGET
BRANCHES The
subject maintains 308 stores across Australia at 30 June 2014
HOLDING ENTITY COLES GROUP
LIMITED
ENTITY WESFARMERS
LTD
BANK NATIONAL
AUSTRALIA BANK
EMPLOYEES 24,622
The subject was incorporated in Victoria on 12 March 1947 as Lindsay
& McKenzie Pty Ltd, changing name on 18 August 1969 to Lindsays Target Pty
Ltd, adopting the current style on 14 March 1973. disclose Share Capital of
$210,000,100.
The operations of the subject were founded in 1925 by George Lindsay and
Alex Mckenzie.
By 1968, Lindsay & Mckenzie P/L had grown to 14 small stores around
Victoria.
In 1969 Myer Emporium Ltd, purchased the business, which was renamed
Lindsays Target Pty Ltd.
In 1996, Fosseys and Target merged.
In 1999, Fosseys stores were converted into Target Country.
On 7 November 2007, the majority of Coles Group Limited shareholders
voted in favour of Wesfarmers Limited acquiring Coles Group.
Coles Meyer Limited, was listed on the Australian, London, New York and
New Zealand Stock Exchanges and was Australias largest non-government employer
with over 160,000 reg.
Coles Myer has origins, which date back to 1900 when Sidney and Elcon
Myer opened a small store in Bendigo, Victoria.
Wesfarmers Limited has origins which date back to 1914 and was listed on
the Australian Stock Exchange in 1984.
The subject operates a chain of discount department stores.
Products include apparel and accessories, homewares, manchester, bed
linen and dιcor, cosmetics, fragrances, health and beauty products and a full
range of toys, games and entertainment.
Activities are conducted from premises located at the above listed
trading address.
A search of of on 11 May 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.
The subject is noted to have entered into a Deed of Cross Guarantee pursuant
to a Class Order with its Ultimate Holding entity Wesfarmers Limited. The
effect of the Deed is that each party that forms part of the closed group
guarantee the debts of each other. Pursuant to the Class Order, the subject is
relieved from its requirements to lodge financial statements.
For the year ended 30 June 2014, the group recorded revenue of
$60,181,000,000 which resulted in an operating profit before tax of
$2,544,000,000 and an operating profit after tax of $1,605,000,000 representing
a Net Profit Margin of 2.67%.
For the same period, the members of the closed group which form part of
the Deed of Cross Guarantee recorded an operating profit before tax of
$3,629,000,000 and after tax and discontinued operations of $4,135,000,000.
During fiscal 2014 the operations of Target generated revenue of $3,501
million which resulted in an operating profit of $86 million.
Below is a summary of the groups consolidated income results for the
past two financial years.
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Wesfarmers Limited - consolidated |
|||
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As at 30 June 2014 |
As at 30 June 2013 |
Change (%) |
|
Revenue |
$60,181,000,000.00 |
$57,749,000,000.00 |
4.21% |
|
Profit b/tax |
$2,544,000,000.00 |
$3,036,000,000.00 |
-16.21% |
|
Profit a/tax |
$1,605,000,000.00 |
$2,128,000,000.00 |
-24.58% |
|
Net Profit Margin |
2.67% |
3.68% |
-1.02% |
During fiscal 2014 the group recorded Net Cashflows from operating
activities totaling $3,226 million.
As at 30 June 2014 Wesfarmers Limited recorded total consolidated
current assets of $9,311 million. They included inventories of $5,336 million
and receivables of $1,584 million.
Current liabilities at the same date totalled $8,229 million and
included payables of $5,417 million, interest bearing loans and borrowings of
$745 million and provisions of $1,473 million.
As at 30 June 2014, Wesfarmers Limited recorded consolidated Working
capital of $1,082 million and a current ratio of 1.13 to 1 indicating a sound
liquidity position.
At this date, the members of the closed group which form part of the
Deed of Cross Guarantee recorded a deficiency in Working Capital of $186
million and a current ratio of 0.98 to 1.
At 30 June 2014 the group access to financing facilities with a combined
limit of $4,399 million. These facilities were drawn to $242 million at this
time.
As at 30 June 2014, Wesfarmers Limited recorded consolidated Net Assets
of $25,987 million and a Debt to equity ratio of 0.53 to 1.
At the same date, the members of the closed group which form part of the
Deed of Cross Guarantee recorded Net Assets of $26,677 million. After deducting
Intangibles of $18,906 million this results in a Net Worth of $7,771 million.
For the 6 months ended 31 December 2014 the group recorded consolidated
revenue of $31,970 million which resulted in an operating profit after tax of
$1,376 million.
For this period the Target operations recorded earnings of $70 million,
which were in line with the previous corresponding year.
Other Financial Information
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Wesfarmers Limited - consolidated |
|||
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As at 30 June 2014 |
As at 30 June 2013 |
Change (%) |
|
Revenue |
$60,181,000,000.00 |
$57,749,000,000.00 |
4.21% |
|
Profit b/tax |
$2,544,000,000.00 |
$3,036,000,000.00 |
-16.21% |
|
Profit a/tax |
$1,605,000,000.00 |
$2,128,000,000.00 |
-24.58% |
|
Net Profit Margin |
2.67% |
3.68% |
-1.02% |
|
Current Assets |
$9,311,000,000.00 |
$10,586,000,000.00 |
-12.04% |
|
Non-Current Assets |
$30,416,000,000.00 |
$32,569,000,000.00 |
-6.61% |
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Total Assets |
$39,727,000,000.00 |
$43,155,000,000.00 |
-7.94% |
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Current Liabilities |
$8,229,000,000.00 |
$9,572,000,000.00 |
-14.03% |
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Non-Current Liabilities |
$5,511,000,000.00 |
$7,561,000,000.00 |
-27.11% |
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Total Liabilities |
$13,740,000,000.00 |
$17,133,000,000.00 |
-19.80% |
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Net Assets |
$25,987,000,000.00 |
$26,022,000,000.00 |
-0.13% |
|
Working Capital |
$1,082,000,000.00 |
$1,014,000,000.00 |
6.71% |
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Current Ratio |
1.13 |
1.11 |
2.31% |
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Debt to Equity |
0.53 |
0.66 |
-19.70% |
\
During the current investigation, contact with the subjects principals
was unable to be established.
As a result, details pertaining to the subjects suppliers were unable
to be obtained and a trade survey could not be conducted.
Trade payment records from further sources in the past 4 months have
traced the following data for the subject.
Total
Owing: $2,545,405
Total
Past Due: $86,717
Within terms: $2,458,688
1 30 days past due: $35,016
31 60 days past due: $46,628
61 90 days past due: $5,073
91+ days: $0
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.643.84 |
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|
1 |
Rs.100.65 |
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Euro |
1 |
Rs.72.88 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
SDA |
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
SCs 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.