|
Report No. : |
345204 |
|
Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
COUNTRY ROAD CLOTHING PTY LTD |
|
|
|
|
Formerly Known As : |
COUNTRY ROAD CLOTHING COMPANY SHOPS P/L |
|
|
|
|
Registered Office : |
658 Church St, Cremorne, VIC
3121 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
28.06.2014 |
|
|
|
|
Year of Establishment : |
1974 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
The subject operates as a chain of retail stores involved in the sale
of men’s and women’s clothing, homewares and fashion accessories. |
|
|
|
|
No. of Employee : |
2,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
A1 |
A1 |
|
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, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
|
Source
: CIA |
NAME GIVEN COUNTRY ROAD AUSTRALIA TRENERY
SPECIAL NOTE
A search of failed to trace any registered entity under the given style. The main trading entity in Australia Country Road Clothing Pty Ltd. It also trades as Trenery. The following report was subsequently conducted on this entity.
COUNTRY ROAD CLOTHING
PTY LTD
ACN: 005 419 447
ABN: 84 005 419
447
Summary
Panel
|
||
|
Established |
1974 |
|
|
Incorporated |
1978 |
|
|
Line of Business |
Apparel retailers |
|
|
Chief Executive Officer |
Iain Nairn |
|
|
Adverse Listings |
|
|
On 4 September 2014 the Holding entity Country Road Group Pty Ltd
(formerly Country Road Ltd) was delisted from the Australian Securities
Exchange following its compulsory acquisition by Woolworths Holdings Ltd in
South Africa.
The subject is noted to have entered into a Deed of Cross Guarantee
pursuant to a Class Order with its Holding entity Country Road Limited.
For the financial year ended 28 June 2014 the Group recorded
consolidated revenue of $855,341,000, which resulted in an operating profit
before tax of $93,449,000 and an operating profit after tax of $68,856,000
representing a Net Profit Margin of 8%.
For the same period, the parties which make of the ‘closed group’ that
for part of the Deed of Cross Guarantee recorded an operating profit before tax
of $90,467,000 and an operating profit after tax of $70,277,000.
As at 29 June 2014, the closed group recorded Working Capital of
$58,213,000 and a current ratio of 1.58 to 1.
At this date, the closed group recorded Net Assets of $208,478,000. After
deducting intangibles of $148,036,000 this results in a Net Worth of
$60,442,000.
Company Type Australian Proprietary
Company
INCORPORATED 14
March 1978
REGISTERED ADDRESS 658
Church St
CREMORNE,
VIC 3121
SHARECAPITAL $27,500,002
SHAREHOLDERS COUNTRY
ROAD GROUP PTY LTD Holds 27,500,002
Directors DU
TOIT, PETRUS JACQUES
23 Cromwell Pl
SOUTH YARRA, VIC 3141
Appointed: 17.08.2015
DOB: 17.06.1977
KEOGH, MATTHEW – Appointed: 8 September 2014
Resident overseas
MOIR, IAN
Appointment Date: 23 Oct 1998
Date of Birth: 10 Dec 1958
Gender: Male
Resident overseas
Secretary HENNESSY, Melissa
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 658
Church St
RICHMOND,
VIC 3121
TELEPHONE (613) 9267 1400
FACSIMILE (613)
9267 1312
WEBSITE www.countryroad.com.au
EMAIL countryroad@customerservice.com.au
TRADING STYLES COUNTRY
ROAD
TRENERY
HOLDING ENTITY COUNTRY
ROAD GROUP PTY LTD – Australia
ULTIMATE HOLDING
ENTITY Woolworths
Holdings Limited – South Africa
CONTROLLED
ENTITIES Country Road Clothing
(N.Z.) Ltd – New Zealand
Country Road Properties Pty Ltd – Australia
Country Road Ventures Pty Ltd– Australia
Country Road Ltd – United Kingdom
Country Road International Pty Ltd – Australia
Country
Road (Hong Kong) Ltd – Hong Kong
BRANCHES The
subject maintains 144 branches across Australia
BANK NATIONAL
AUSTRALIA BANK
EMPLOYEES 2,000
The subject was incorporated in Victoria on 14 March 1978 as Waggoner
P/L, changing name on 21 April 1978 to The Country Road Clothing Company Shops
P/L, before adopting the current style on 24 May 1982.
Group operations were established as a new venture in 1974.
In the 1980’s and 1990’s the subject expanded the Australian base and
wholesale markets and entered the US and Asian markets.
In the later 1990’s the US operations failed and the Australian
operations became unprofitable.
The subject was listed on the Australian Stock Exchange on 2 July 1987.
Woolworth Holdings Ltd of South Africa secured a controlling interest in
the subject in 1998 and the business was re-built from the bottom up.
In the first half of 2010 the Group introduced the new brand ‘Trenery’
which was launched on 3 September 2009.
On 4 September 2014 the Holding entity Country Road Group Pty Ltd
(formerly Country Road Ltd) was delisted from the Australian Securities
Exchange following its compulsory acquisition by Woolworths Holdings Ltd in
South Africa.
The subject operates as a chain of retail stores involved in the sale of
men’s and women’s clothing, homewares and fashion accessories.
Activities are conducted from premises located at the above listed
trading address.
A search of records failed to trace any litigation listed against the
subject at that date.
On 4 September 2014 the Holding entity Country Road Group Pty Ltd
(formerly Country Road Ltd) was delisted from the Australian Securities
Exchange following its compulsory acquisition by Woolworths Holdings Ltd in
South Africa.
Lonergan Edwards and Associates valued the shares in Country Road
between $14.92 and $16.22 – at least 78¢, or 4.6 per cent, below Woolworths’s
$17-a-share offer.
Woolworths launched the $213 million mop-up bid last month when Mr Lew,
who owns 11.88 per cent of Country Road, emerged with 9.9 per cent stake in
David Jones. Woolworths feared Mr Lew would block the David Jones deal unless
it bought him out of Country Road at a massive premium.
Country Road shares were trading at $4.83 in January but jumped to $9.50
in February and to $15.40 in early April, a week before Woolworths revealed its
$2.2 billion offer for David Jones.
During the current investigation contact with the subject’s financial
controller was unable to be established. Despite messages being left no reply
has been received.
The subject is noted to have entered into a Deed of Cross Guarantee
pursuant to a Class Order with its Holding entity Country Road Limited. The
effect of the Deed is that each party that forms part of the closed group
guarantee the debts of each other.
From the most recently lodged financial statements, it is noted that for
the financial year ended 28 June 2014 the Group recorded consolidated revenue
of $855,341,000, which resulted in an operating profit before tax of
$93,449,000 and an operating profit after tax of $68,856,000 representing a Net
Profit Margin of 8%.
For the same period, the parties which make of the ‘closed group’ that for
part of the Deed of Cross Guarantee recorded an operating profit before tax of
$90,467,000 and an operating profit after tax of $70,277,000.
Below is a summary of the Group’s consolidated income results for the
past two financial years.
|
Country Road Limited - consolidated |
|||
|
|
As at 28 June 2014 |
As at 29 June 2013 |
Change (%) |
|
Revenue |
$855,341,000.00 |
$711,346,000.00 |
20.24% |
|
Profit b/tax |
$93,449,000.00 |
$55,864,000.00 |
67.28% |
|
Profit a/tax |
$68,856,000.00 |
$41,149,000.00 |
67.33% |
|
Net Profit Margin |
8.05% |
5.78% |
2.27% |
During fiscal 2014, the Group recorded consolidated Net Cashflows from
operating activities totalling $97,099,000.
On 1 August 2012 it was announced that the subjects holding entity Witchery
Holdings Pty Ltd (including the subjects operations and the associated entity
Mimco P/L) would be acquired by Country Road Limited. The acquisition was
completed on 2 October 2012.
As at 29 June 2014 the Group recorded consolidated total current assets
of $199,897,000. They included cash of $83,933,000, receivables of $13,727,000
and inventories of $100,695,000.
Current liabilities at the same date totalled $146,738,000 and included
payables of $82,479,000 and provisions of $26,634,000.
As at 29 June 2014, the Group recorded consolidated Working Capital of
$53,159,000 and a current ratio of 1.36 to 1 indicating satisfactory liquidity
levels.
For the same period, the closed group recorded Working Capital of
$58,213,000 and a current ratio of 1.58 to 1.
The Group has access to financing facilities which have a combined limit
of $137,513,000 at 28 June 2014. These facilities were drawn to $77,109,000 at
this time.
Net Assets totalled $226,763,000 as at 28 June 2014. At this date, the
Group further recorded a Debt to Equity ratio of 1.02 to 1. After deducting
intangibles of $72,528,000 this results in a Net Worth of $154,235,000.
At this date, the closed group recorded Net Assets of $208,478,000.
After deducting intangibles of $148,036,000 this results in a Net Worth of
$60,442,000.
|
Country Road Limited - consolidated |
|||
|
|
As at 28 June 2014 |
As at 29 June 2013 |
Change (%) |
|
Revenue |
$855,341,000.00 |
$711,346,000.00 |
20.24% |
|
Profit b/tax |
$93,449,000.00 |
$55,864,000.00 |
67.28% |
|
Profit a/tax |
$68,856,000.00 |
$41,149,000.00 |
67.33% |
|
Net Profit Margin |
8.05% |
5.78% |
2.27% |
|
Current Assets |
$199,897,000.00 |
$200,618,000.00 |
-0.36% |
|
Non-Current Assets |
$257,434,000.00 |
$235,083,000.00 |
9.51% |
|
Total Assets |
$457,331,000.00 |
$435,701,000.00 |
4.96% |
|
Current Liabilities |
$146,738,000.00 |
$116,554,000.00 |
25.90% |
|
Non-Current Liabilities |
$83,830,000.00 |
$82,438,000.00 |
1.69% |
|
Total Liabilities |
$230,568,000.00 |
$198,992,000.00 |
15.87% |
|
Net Assets |
$226,763,000.00 |
$236,709,000.00 |
-4.20% |
|
Working Capital |
$53,159,000.00 |
$84,064,000.00 |
-36.76% |
|
Current Ratio |
1.36 |
1.72 |
-20.86% |
|
Debt to Equity |
1.02 |
0.84 |
20.95% |
During the current investigation, contact with the subject’s principals
was unable to be established.
Subsequently details pertaining to the company’s 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:
$26,405
Total Past Due:
$13,515
Average Late
Payment Days: 15
Within terms: $12,890
1 – 30 days past due: $4,514
31 – 60 days past due: $8,753
61 – 90 days past due: $165
91+ days: $83
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
ASH |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.