No easy task to only name 3 top blogs

What a horrid decision to try and pick only 3...At one point I thought I would have an all girls list but Adrian saved the day!!

I'll start with Rae Horton who I'm sure most people will agree did an amazing job on her blog spending considerable time researching every nook and cranny about her company. One thing Rae looked into was the directors and the decision to review the board which gave her some interesting things to write about. I thought Rae's blog was well set out, visually appealing and well researched.
  http://raehorton.blogpot.com.au

My next favourite blog was Lauren Newton. Lauren put a more personal approach to her blog connecting with her company on a different level. It made for enjoyable easy reading. Although our companies were not similar I did connect with Lauren in the sense I also found my company Credit Corp hard to get terribly excited about. Laurens blog was easy to navigate and written in a style I enjoyed. Well done!












http://laurennewtonacct11059.blogspot.com.au/

Saving the best till last... Adrain Zaknic. Awesome blog right from the beginning. I could tell early in the piece Adrain was focused on researching the information available for his company and what a fantastic way he presented it. My company probably connected with Adrains the most from the readings I was able to ascertain that both companies came out fighting after the 2009 crash and both looked at expansion into the international market as one of its strategic plans. The other similarity I found was Adrains company Clarksons also felt that focusing on their reputation would allow them to not only maintain their clientele base but also expand it.

http://cplccqu.blogspot.com.au

 

Links to intesting webistes pertaining to Credit Corp

I spoke earlier about Credit Corp diversifying in the Australian Market by offering loans to consumers with bad credit.

Check out their website designed to target this market

http://www.ccfs.com.au

I have also had a look at the information offered on this company from the ASX

http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=CCP

3 Assets 3 Liabilites 3 items of Equity .... Credit Corp

                                                  Assets

Cash                                   ....   monetary item            
Trade and other receivables  ....   items billed to customers      
Purchased debt ledgers         ....   acquisition of unpaid debts
  
                                                Liabilities

Trade and other payables     ....   items owed to suppliers
Derivative                           ....   contract
Current tax liabilities            ....   liability of tax

                                            Items of Equity

Issued capital                      ....   Value of shares issued to shareholders
Reserves                             ....   Shareholders equity
Retained earnings                ....   credit corps accumulated earnings not
                                                  distributed to shareholders

Credit Corp.. My KCQ's

Time to be brutally honest. Did I carry around the annual report of my company around for 3 weeks like a new born baby...yes. Having never studied a day in 25 years, did I find it hard to understand the financial position of the company...yes. But in saying the above I have managed to grasp the strategic plan of where the companies been and wether or not it reached its targets.

The key objective for Credit Corp is LONG TERM sustainable growth and how it was going to implement and obtain it. To obtain its goals it implemented a 5 year strategic plan.

                                                   "THE PLAN"
2009 Operational focus
2010 Profitable growth
2011 Analytics and flexibility
2012 Strategic expansion
2013 Organic Transformation

                                                    "Areas of Growth"

Credit Corp recognised two areas of sustainable growth in the debt buying market.
1.) International expansion (expanding into the lucrative debt buying market in the USA in 2013)
2.) Domestic diversion (entering into the loans market targeting consumers with bad credit)

Whilst domestically they have gained a share in the loans market and maintained a return the expansion into the US market has been successful but not without its challenges.

Credit Corp entered into the debt buying market in the USA with  41 FTE staff now securing a second site with the potential to employee 200 staff. With the recent economic climate one of the challenges Credit Crop faces in the US is the regulators of debt sellers holding the seller accountable for the debts sold to debt buyers. With an increase in litigation for inappropriate collection practises and some buyers pursuing the collection of debts through the courts this has caused an increase in scrutiny by federal and state governments. Hence reducing debt sale in the USA and increasing the cost of purchasing debts.

"Meeting the challenge"

Credit Corp pins its strategy to the concept of being ethical, flexible and its limited use of pursuing debts through the courts. This concept has enable their clients to maintain their reputation and increased credit corps clientele base. Time will only tell if this is enough to achieve its required rate of return.

"Meet the Team"

Does Credit Corp have the team behind them with the skills required to maintain long term growth?
It was no surprise to find nearly all of the board members have accounting/banking/investment back grounds. Chairman Donald Mclay holds a bachelor in Commerce degree and is a chartered accountant to say a few of his titles. Most of the boards members have served for over 6 years being 2007-2008 when the company went through changes in the CEO, Chairman and several non executive directors.

                                                                      "Dirt Digging"

Whilst Credit Corp now claims to model it's business around its ethical behaviour and need to uphold it's reputation. Did this model arise from mistakes of the past? Is it coincidence that in 2008 a class action was brought about against Credit Corp for unethical behaviour and in 2008 the 5 year plan was formed around ethical behaviour? Whilst I couldn't answer my questions from the several annual reports aka marketing brochures I found, other material made for interesting reading!

 

Class Action

http://www.climecapital.com.au/credit-corp-class-action-update/

Miss leading conduct

http://www.investogain.com.au/company/credit-corp-group-limited


In all of this has Credit Corp managed to meet its key objectives of long term sustainable growth? The "Bottom Line" in the annual reports shows a modest growth across all 4 years.

Would I personally sink my hard earned cash into this business? Based on it's financial figures...Yes

Please feel free to check out the website for Credit Corp if you get a minute

http://www.creditcorp.com.au/consumers/

Introducing Credit Corp Group

Hi again,

Over the coming weeks I will blogging about a company that is performing well in the Australian market. In fact its Australia's largest debt collection agency.. Credit Corp Group. I look forward to reviewing its financial reports and discussing those with you.

A little bit about this company to start.

In a nut shell Credit Corp purchase debts from Australian and New Zealand major banks, finance companies, telecommunications and utility providers. It has a strong financial position having met its strategic plan for the past 5 years. I have found their website to be a wealth of information for corporate clients
http://www.creditcorp.com.au/corporate/
or for consumers
http://www.creditcorp.com.au/consumers/
I look forward to reporting to you the further I delve into this company.

Enjoy your week
cheers steph

Welcome to my Blog

I'm thrilled to be part of the team studying Using Accounting for Decision Making at CQU. Best wishes to every one for a successful semester. I look forward to chatting with you all and learning about your companies and sharing information about mine.