MIRA
INFORM REPORT
|
Report Date : |
03.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
ROYAL GEMS INC |
|
|
|
|
Registered Office : |
36 NE 1st St Ste 321 Miami, FL 33132-2473 |
|
|
|
|
Country : |
United States |
|
|
|
|
Date of Incorporation : |
Not Available |
|
|
|
|
Legal Form : |
Private Independent |
|
|
|
|
LINE OF BUSINESS : |
JEWELRY,
WATCH, PRECIOUS STONE, AND PRECIOUS METAL MERCHANT WHOLESALERS |
|
|
|
|
No. of Employees : |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
United States |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and
address
Royal Gems Inc
|
|
|
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Business
Description
|
Establishments primarily engaged in the wholesale distribution of
jewelry, precious stones and metals, costume jewelry, watches, clocks,
silverware, and jewelers' findings. |
Industry
|
Industry |
Jewelry and Silverware |
|
ANZSIC 2006: |
3732 - Jewellery and Watch Wholesaling |
|
NACE 2002: |
5147 - Wholesale of other household goods |
|
NAICS 2002: |
423940 - Jewelry, Watch, Precious Stone,
and Precious Metal Merchant Wholesalers |
|
UK SIC 2003: |
51473 - Wholesale of jewellery |
|
US SIC 1987: |
5094 - Jewelry, Watches, Precious Stones,
and Precious Metals |
Key Executives
|
News
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
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Executives Report
|
String Orchestra and
New Horizons Band plan a free concert Nov. 14
Telegraph-Herald (Dubuque, IA): 03 November 2011
[What follows is the full text of the news story.]
The Dubuque
Community String Orchestra and New Horizons Band will present a free concert 7
p.m. Monday, Nov. 14, at St. Luke's United Methodist Church.
The DCSO, directed
by Tracey Rush, will perform "Royal Gems," featuring music by Vaughn
Williams and Holst. Harpist Nanette Felix will join the orchestra for
"Five Variants of Dives and Lazarus." Call the Northeast Iowa School
of Music at 563-690-0151 or visit www.nisom.com for more information.
It's tourism to a
tee
Sunday Mail (Adelaide, Australia): 18 September 2011
[What follows is the full text of the news story.]
Golf - Thailand
Thailand has the
Disneyland of golf courses but it's certainly not Mickey Mouse, writes Bernie
Pramberg
WHERE in one round
of golf can you play the back nine holes at Augusta, take on the Road Hole at
St Andrews, the Postage Stamp at Royal Troon, challenge the Blue Monster at
Doral and be intimidated by the famous island green of the 17th at Sawgrass?
Welcome to Royal
Gems Golf City, a unique new course on the outskirts of Bangkok, claimed to be
the first ``replica'' layout in Asia.
This is golf's
Disneyland a place where all manner of golfers, from weekend hackers to
accomplished players, can live their dreams.
Royal Gems might
be golf's Disneyland, but in no way is it Mickey Mouse.
In fact, the
recently opened course has already been sanctioned by the United States Golf
Association as of championship standard.
That status is not
often granted outside the US.
Of more than 250
golf courses in Thailand, new addition Royal Gems has set tongues wagging.
On a recent trip
with a group of like-minded enthusiasts, we played Royal Gems as one of six
courses in a week.
Admittedly, I
approached Royal Gems with some apprehension. Perhaps you are entitled to be a
touch cynical about a course where the front nine is modelled on world-famous
holes from Britain and America and the homeward nine is lifted from Augusta
National.
Granted, colourful
bougainvillea is substituted for azaleas around Amen Corner and there are no
towering pines, but the length, topography and water carries match the holes at
Augusta. And although it is impossible to replicate the craggy, seaside links
of Scotland or England, the imitation individual holes are credible.
Royal Gems is a lot
of fun and provokes plenty of banter at the 19th hole. Here's a place where a
hacker like me hit the flagstick and made birdie two on the Postage Stamp,
drove over the stone fence and out of bounds on the Road Hole, scrambled
regulation par on the 10th at Augusta and dunked my tee shot on the
intimidating 17th at Sawgrass. And all in about four hours.
It's not cheap at
Royal Gems, about $A150 (including carts), but the experience is recommended
for inclusion on any Thai golf itinerary.
Green fees at the
other five courses we played ranged from $50 to $90, with carts usually $20 and
the wonderful female caddies $10. The caddies are great value hard-working,
cheerful, encouraging and they read the greens astutely. Make sure you take
their advice.
They are also
resourceful, as evidenced during one round when a large, wriggling fish
(weighing about 1kg) dropped from the sky on to the fairway we were playing.
The fish,
apparently dropped by a large bird, was swooped upon by a caddy who stashed it
into a plastic bag en route to the dinner table.
A bonus at most
Thai courses is the quality of clubhouse food and service, with most meals
under $10.
Another new course
within an hour of central Bangkok is Riverdale Golf Club. Designed by
expatriate British golf pro Jon Morrow, who was responsible for highly rated
Red Mountain in Phuket, it is a ripping layout.
A seriously good
test of golf, with a 5-star clubhouse, Riverdale is an oasis on the outskirts
of Bangkok amid scraggy farmland and uninspiring industrial estates.
A two-hour drive
northeast of Bangkok is a beautiful region of Thailand that borders the UNESCO
World Heritage Khao Yai National Park, with its lush agricultural areas, dairy
farms and wineries. With an elevation above 1000m, the region is pleasantly cool
and devoid of the stifling humidity of Bangkok.
Although not
widely known as a golf destination, Khao Yai's scenery, climate and quality
provide an attractive golf option for visitors.
We stayed at the
beautiful mountain retreat of Muthi Maya, which contains 64 forest pool villas
(each 164sq m). The villas, each containing a private pool, blend well with the
natural beauty of the surrounding forests and mountains.
Attached to the
resort and accessible to guests is the Jack Nicklaus-designed KiriMaya course,
which opened about 20 years ago. Some days a mere handful of golfers use the
superbly manicured layout where the 18th hole meanders to a delightful resort
clubhouse boasting an excellent restaurant where the unlikely fusion of
Japanese-Italian food prevails.
Continuing the
Italian theme is the Toscana Valley Country Club, a 30-minute drive from
KiriMaya.
An entire valley
has been developed in Tuscan-style residential architecture with a spectacular,
undulating golf course nestled against a backdrop of cypress trees, rolling
hills, lakes, stucco and terracotta.
Nearby is another
good golf course, Rancho Charnvee, which incorporates an equestrian centre. Set
against heavily wooded mountains, Rancho Charnvee features several outstanding
short par-4 holes.
Refreshed by the
mountain air and temperate climate, we returned to Bangkok briefly before
boarding a short flight north to Chiang Mai.
We played the
stunning Chiang Mai Highlands and Alpine Chiang Mai courses and voted them top
of our Thai list on this trip.
The Highlands
course is a real gem. We played on a day of misty rain, yet the tranquillity
and beauty of the environment was not diminished.
Like many Thai
resort courses, Chiang Mai Highlands also offers luxury accommodation and a
traditional spa. For non-golfing partners on these trips, the idyllic surrounds
of most resorts with fine restaurants, spas and pool facilities make for a
relaxing break.
Alpine Chiang Mai,
in the heart of the Sam Kampaeng forest, is in a dense jungle setting and is
longer than most courses in Thailand.
Golf in Thailand
is a pleasant experience enhanced by the beautifully manicured courses and
friendly service synonymous with the local people. It is not difficult for the
independent traveller to include golf on their itinerary, but using a
golf-specialist travel company can open doors and make access to the best
courses easier.
In addition to the
Bangkok, Chiang Mai and Khao Yai regions, numerous top-class golf courses are
also open to visitors in Hua Hin, Phuket and Pattaya.
The writer was a
guest of the Tourism Authority of Thailand.
Go2
THAILAND
Getting thereThai
Airways flies to Bangkok daily from Brisbane, with connections throughout
Thailand.
Courses and fees
($A)Royal Gems, Bangkok (Par 72, 6012m): $150, cart $25, caddy $10
Riverdale, Bangkok
(Par 72, 6300m): $80, cart $22, caddy $10
Toscana Valley
Country Club, Khao Yai (Par 72, 6305m): $80 (cart included), caddy $10
Rancho Charnvee,
Khao Yai (Par 72, 6420m): $55, caddy $10
Chiang Mai Highlands,
Chiang Mai (Par 72, 6305m): $50, cart $20, caddy $10
Alpine Chiang Mai,
Chiang Mai (Par 72, 6787m): $52-$88, cart $20, caddy $10
It's tourism to a
tee
Sunday Times (Perth): 18 September 2011
[What follows is the full text of the news story.]
Thailand has the
Disneyland of golf courses but it's certainly not Mickey Mouse, writes Bernie
Pramberg
Go2
THAILAND
Getting there
Thai Airways flies
to Bangkok daily from Perth, with connections throughout Thailand.
Courses and fees
($A)
Royal Gems, Bangkok
(Par 72, 6012m): $150, cart $25, caddy $10
Riverdale, Bangkok
(Par 72, 6300m): $80, cart $22, caddy $10
Toscana Valley
Country Club, Khao Yai (Par 72, 6305m): $80 (cart included), caddy $10
Rancho Charnvee,
Khao Yai (Par 72, 6420m): $55, caddy $10
Chiang Mai
Highlands, Chiang Mai (Par 72, 6305m): $50, cart $20, caddy $10
Alpine Chiang Mai,
Chiang Mai (Par 72, 6787m): $52-$88, cart $20, caddy $10WHERE in one round of
golf can you play the back nine holes at Augusta, take on the Road Hole at St
Andrews, the Postage Stamp at Royal Troon, challenge the Blue Monster at Doral
and be intimidated by the famous island green of the 17th at Sawgrass?
Welcome to Royal
Gems Golf City, a unique new course on the outskirts of Bangkok, claimed to be
the first ``replica'' layout in Asia.
This is golf's
Disneyland a place where all manner of golfers, from weekend hackers to
accomplished players, can live their dreams but in no way is it Mickey Mouse.
In fact, the
recently opened course has already been sanctioned by the United States Golf
Association as of championship standard status not often granted outside the
US.
Of more than 250
golf courses in Thailand, new addition Royal Gems has set tongues wagging.
On a recent trip
with a group of enthusiasts, we played Royal Gems as one of six courses in a
week.
Admittedly, I
approached Royal Gems with some apprehension. Perhaps you are entitled to be a
touch cynical about a course where the front nine is modelled on world-famous
holes from Britain and America and the homeward nine is lifted from Augusta
National.
Granted, colourful
bougainvillea is substituted for azaleas around Amen Corner and there are no
towering pines, but the length, topography and water carries match the holes at
Augusta. And although it is impossible to replicate the craggy, seaside links
of Scotland or England, the imitation individual holes are credible.
Royal Gems is a
lot of fun and provokes plenty of banter at the 19th hole. Here's a place where
a hacker like me hit the flagstick and made birdie two on the Postage Stamp,
drove over the stone fence and out of bounds on the Road Hole, scrambled
regulation par on the 10th at Augusta and dunked my tee shot on the
intimidating 17th at Sawgrass. And all in about four hours.
It's not cheap at Royal
Gems, about $A150 (including carts), but the experience is recommended for
inclusion on any Thai golf itinerary.
Green fees at the
other five courses we played ranged from $50 to $90, with carts usually $20 and
the wonderful female caddies $10. The caddies are great value hard-working,
cheerful, encouraging and they read the greens astutely. Make sure you take
their advice.
They are also
resourceful, as evidenced during one round when a large, wriggling fish
(weighing about 1kg) dropped from the sky on to the fairway we were playing.
The fish,
apparently dropped by a large bird, was swooped upon by a caddy who stashed it
into a plastic bag en route to the dinner table.
A bonus at most
Thai courses is the quality of clubhouse food and service, with most meals
under $10.
Another new course
within an hour of central Bangkok is Riverdale Golf Club. Designed by
expatriate British golf pro Jon Morrow also responsible for highly rated Red
Mountain in Phuket it is a ripping layout.
A seriously good
test of golf, with a 5-star clubhouse, Riverdale is an oasis on the outskirts
of Bangkok amid scraggy farmland and uninspiring industrial estates.
A two-hour drive
northeast of Bangkok is a beautiful region of Thailand that borders the UNESCO
World Heritage Khao Yai National Park, with its lush agricultural areas, dairy
farms and wineries. With an elevation above 1000m, the region is pleasantly
cool and devoid of the stifling humidity of Bangkok.
Although not
widely known as a golf destination, Khao Yai's scenery, climate and quality
provide an attractive golf option for visitors.
We stayed at the
beautiful mountain retreat of Muthi Maya, which contains 64 forest pool villas
(each 164sq m). The villas, each containing a private pool, blend well with the
natural beauty of the surrounding forests and mountains.
Attached to the
resort is the Jack Nicklaus-designed KiriMaya course, which opened about 20
years ago. Some days a mere handful of golfers use the superbly manicured
layout where the 18th hole meanders to a delightful resort clubhouse boasting
an excellent restaurant where the unlikely fusion of Japanese-Italian food
prevails.
Continuing the
Italian theme is the Toscana Valley Country Club, a 30-minute drive from
KiriMaya.
An entire valley
has been developed in Tuscan-style residential architecture with a spectacular,
undulating golf course nestled against a backdrop of cypress trees, rolling
hills, lakes, stucco and terracotta.
Nearby is another
good golf course, Rancho Charnvee, which incorporates an equestrian centre and
features several outstanding par-4 holes.
Refreshed by the
mountain air and temperate climate, we returned to Bangkok briefly before
boarding a short flight north to Chiang Mai.
We played the
stunning Chiang Mai Highlands and Alpine Chiang Mai courses and voted them top
of our Thai list on this trip.
The Highlands
course is a real gem. We played on a day of misty rain, yet the tranquillity
and beauty of the environment was not diminished.
Like many Thai
resort courses, Chiang Mai Highlands also offers luxury accommodation and a
traditional spa. For non-golfing partners on these trips, the idyllic surrounds
of most resorts with fine restaurants, spas and pool facilities make for a
relaxing break.
Golf in Thailand
is a pleasant experience enhanced by the beautifully manicured courses and
friendly service synonymous with the local people. It is not difficult for the
independent traveller to include golf on their itinerary, but using a
golf-specialist travel company can open doors and make access to the best
courses easier.
In addition to the
Bangkok, Chiang Mai and Khao Yai regions, numerous top-class golf courses are
also open to visitors in Hua Hin, Phuket and Pattaya.
The writer was a
guest of the Tourism Authority of Thailand.
Golf Thailand It's
tourism to a tee
Sunday Mail (Brisbane, Australia): 18 September 2011
[What follows is the full text of the news story.]
Thailand has the
Disneyland of golf courses but it's certainly not Mickey Mouse, writes Bernie
Pramberg
WHERE in one round
of golf can you play the back nine holes at Augusta, take on the Road Hole at
St Andrews, the Postage Stamp at Royal Troon, challenge the Blue Monster at
Doral and be intimidated by the famous island green of the 17th at Sawgrass?
Welcome to Royal
Gems Golf City, a unique new course on the outskirts of Bangkok, claimed to be
the first ``replica'' layout in Asia.
This is golf's
Disneyland a place where all manner of golfers, from weekend hackers to
accomplished players, can live their dreams.
Royal Gems might be
golf's Disneyland, but in no way is it Mickey Mouse.
In fact, the
recently opened course has already been sanctioned by the United States Golf
Association as of championship standard.
That status is not
often granted outside the US.
Of more than 250
golf courses in Thailand, new addition Royal Gems has set tongues wagging.
On a recent trip
with a group of like-minded enthusiasts, we played Royal Gems as one of six
courses in a week.
Admittedly, I
approached Royal Gems with some apprehension. Perhaps you are entitled to be a
touch cynical about a course where the front nine is modelled on world-famous
holes from Britain and America and the homeward nine is lifted from Augusta
National.
Granted, colourful
bougainvillea is substituted for azaleas around Amen Corner and there are no
towering pines, but the length, topography and water carries match the holes at
Augusta.
And although it is
impossible to replicate the craggy, seaside links of Scotland or England, the
imitation individual holes are credible.
Royal Gems is a
lot of fun and provokes plenty of banter at the 19th hole. Here's a place where
a hacker like me hit the flagstick and made birdie two on the Postage Stamp,
drove over the stone fence and out of bounds on the Road Hole, scrambled
regulation par on the 10th at Augusta and dunked my tee shot on the
intimidating 17th at Sawgrass. And all in about four hours.
It's not cheap at
Royal Gems, about $A150 (including carts), but the experience is recommended
for inclusion on any Thai golf itinerary.
Green fees at the
other five courses we played ranged from $50 to $90, with carts usually $20 and
the wonderful female caddies $10. The caddies are great value hard-working,
cheerful, encouraging and they read the greens astutely. Make sure you take
their advice.
They are also
resourceful, as evidenced during one round when a large, wriggling fish
(weighing about 1kg) dropped from the sky on to the fairway we were playing.
The fish,
apparently dropped by a large bird, was swooped upon by a caddy who stashed it
into a plastic bag en route to the dinner table.
A bonus at most
Thai courses is the quality of clubhouse food and service, with most meals
under $10. And the locker rooms are luxurious.
Another new course
within an hour of central Bangkok is Riverdale Golf Club. Designed by
expatriate British golf pro Jon Morrow, who was responsible for highly rated
Red Mountain in Phuket, it is a ripping layout.
A seriously good
test of golf, with a 5-star clubhouse, Riverdale is an oasis on the outskirts
of Bangkok amid scraggy farmland and uninspiring industrial estates.
A two-hour drive
northeast of Bangkok is a beautiful region of Thailand that borders the UNESCO
World Heritage Khao Yai National Park, with its lush agricultural areas, dairy
farms and wineries.
With an elevation
above 1000m, the region is pleasantly cool and devoid of the stifling humidity
of Bangkok.
Although not
widely known as a golf destination, Khao Yai's scenery, climate and quality
provide an attractive golf option for visitors.
We stayed at the
beautiful mountain retreat of Muthi Maya, which contains 64 forest pool villas
(each 164sq m). The villas, each containing a private pool, blend well with the
natural beauty of the surrounding forests and mountains.
Attached to the
resort and accessible to guests is the Jack Nicklaus-designed KiriMaya course,
which opened about 20 years ago. Some days a mere handful of golfers use the
superbly manicured layout where the 18th hole meanders to a delightful resort
clubhouse boasting an excellent restaurant with an unlikely food fusion of
Japanese-Italian.
Continuing the
Italian theme is the Toscana Valley Country Club, a 30-minute drive from
KiriMaya.
An entire valley
has been developed in Tuscan-style residential architecture with a spectacular,
undulating golf course nestled against a backdrop of cypress trees, rolling
hills, lakes, stucco and terracotta.
Nearby is another
good golf course, Rancho Charnvee, which incorporates an equestrian centre. Set
against heavily wooded mountains, Rancho Charnvee features several outstanding
short par-4 holes.
Refreshed by the
mountain air and temperate climate, we returned to Bangkok briefly before
boarding a short flight north to Chiang Mai.
We played the
stunning Chiang Mai Highlands and Alpine Chiang Mai courses and voted them top
of our Thai list on this trip.
The Highlands
course is a real gem. We played on a day of misty rain, yet the tranquillity
and beauty of the environment was not diminished.
Like many Thai resort
courses, Chiang Mai Highlands also offers luxury accommodation and a
traditional spa. For non-golfing partners on these trips, the idyllic surrounds
of most resorts with fine restaurants, spas and pool facilities make for a
relaxing break.
Alpine Chiang Mai,
in the heart of the Sam Kampaeng forest, is in a dense jungle setting and is
longer than most courses in Thailand.
Golf in Thailand
is a pleasant experience enhanced by the beautifully manicured courses and
friendly service synonymous with the local people. It is not difficult for the
independent traveller to include golf on their itinerary, but using a
golf-specialist travel company can open doors and make access to the best
courses easier.
In addition to the
Bangkok, Chiang Mai and Khao Yai regions, numerous top-class golf courses are
also open to visitors in Hua Hin, Phuket and Pattaya.
The writer was a
guest of the Tourism Authority of Thailand.
Go2
THAILAND
Getting there
Several airlines
fly from Adelaide to Bangkok, with connections available throughout Thailand.
Courses and fees
($A)
Royal Gems,
Bangkok (Par 72, 6012m): $150, cart $25, caddy $10
Riverdale, Bangkok
(Par 72, 6300m): $80, cart $22, caddy $10
Toscana Valley
Country Club, Khao Yai (Par 72, 6305m): $80 (cart included), caddy $10
Rancho Charnvee,
Khao Yai (Par 72, 6420m): $55, caddy $10
Chiang Mai
Highlands, Chiang Mai (Par 72, 6305m): $50, cart $20, caddy $10
Alpine Chiang Mai,
Chiang Mai (Par 72, 6787m): $52-$88, cart $20, caddy $10
It's tourism to a
tee
Sunday Herald Sun (Australia): 18 September 2011
[What follows is the full text of the news story.]
Golf - Thailand
Thailand has the
Disneyland of golf courses but it's certainly not Mickey Mouse, writes Bernie
Pramberg
WHERE in one round
of golf can you play the back nine holes at Augusta, take on the Road Hole at
St Andrews, the Postage Stamp at Royal Troon, challenge the Blue Monster at
Doral and be intimidated by the famous island green of the 17th at Sawgrass?
Welcome to Royal
Gems Golf City, a unique new course on the outskirts of Bangkok, claimed to be
the first ``replica'' layout in Asia.
This is golf's
Disneyland a place where all manner of golfers, from weekend hackers to
accomplished players, can live their dreams.
Royal Gems might
be golf's Disneyland, but in no way is it Mickey Mouse.
In fact, the
recently opened course has already been sanctioned by the United States Golf
Association as of championship standard.
That status is not
often granted outside the US.
Of more than 250 golf
courses in Thailand, new addition Royal Gems has set tongues wagging.
On a recent trip
with a group of like-minded enthusiasts, we played Royal Gems as one of six
courses in a week.
Admittedly, I
approached Royal Gems with some apprehension. Perhaps you are entitled to be a
touch cynical about a course where the front nine is modelled on world-famous
holes from Britain and America and the homeward nine is lifted from Augusta
National.
Granted, colourful
bougainvillea is substituted for azaleas around Amen Corner and there are no
towering pines, but the length, topography and water carries match the holes at
Augusta.
And although it is
impossible to replicate the craggy, seaside links of Scotland or England, the
imitation individual holes are credible.
Royal Gems is a
lot of fun and provokes plenty of banter at the 19th hole. Here's a place where
a hacker like me hit the flagstick and made birdie two on the Postage Stamp,
drove over the stone fence and out of bounds on the Road Hole, scrambled
regulation par on the 10th at Augusta and dunked my tee shot on the
intimidating 17th at Sawgrass. And all in about four hours.
It's not cheap at
Royal Gems, about $A150 (including carts), but the experience is recommended
for inclusion on any Thai golf itinerary.
Green fees at the
other five courses we played ranged from $50 to $90, with carts usually $20 and
the wonderful female caddies $10. The caddies are great value hard-working,
cheerful, encouraging and they read the greens astutely. Make sure you take
their advice.
They are also
resourceful, as evidenced during one round when a large, wriggling fish
(weighing about 1kg) dropped from the sky on to the fairway we were playing.
The fish,
apparently dropped by a large bird, was swooped upon by a caddy who stashed it
into a plastic bag en route to the dinner table.
A bonus at most
Thai courses is the quality of clubhouse food and service, with most meals
under $10. And the locker rooms are luxurious.
Another new course
within an hour of central Bangkok is Riverdale Golf Club. Designed by
expatriate British golf pro Jon Morrow, who was responsible for highly rated
Red Mountain in Phuket, it is a ripping layout.
A seriously good
test of golf, with a 5-star clubhouse, Riverdale is an oasis on the outskirts
of Bangkok amid scraggy farmland and uninspiring industrial estates.
A two-hour drive
northeast of Bangkok is a beautiful region of Thailand that borders the UNESCO
World Heritage Khao Yai National Park, with its lush agricultural areas, dairy
farms and wineries.
With an elevation
above 1000m, the region is pleasantly cool and devoid of the stifling humidity
of Bangkok.
Although not
widely known as a golf destination, Khao Yai's scenery, climate and quality
provide an attractive golf option for visitors.
We stayed at the
beautiful mountain retreat of Muthi Maya, which contains 64 forest pool villas
(each 164sq m). The villas, each containing a private pool, blend well with the
natural beauty of the surrounding forests and mountains.
Attached to the
resort and accessible to guests is the Jack Nicklaus-designed KiriMaya course,
which opened about 20 years ago. Some days a mere handful of golfers use the
superbly manicured layout where the 18th hole meanders to a delightful resort
clubhouse boasting an excellent restaurant with an unlikely food fusion of
Japanese-Italian.
Continuing the
Italian theme is the Toscana Valley Country Club, a 30-minute drive from
KiriMaya.
An entire valley
has been developed in Tuscan-style residential architecture with a spectacular,
undulating golf course nestled against a backdrop of cypress trees, rolling
hills, lakes, stucco and terracotta.
Nearby is another
good golf course, Rancho Charnvee, which incorporates an equestrian centre. Set
against heavily wooded mountains, Rancho Charnvee features several outstanding
short par-4 holes.
Refreshed by the
mountain air and temperate climate, we returned to Bangkok briefly before
boarding a short flight north to Chiang Mai.
We played the
stunning Chiang Mai Highlands and Alpine Chiang Mai courses and voted them top
of our Thai list on this trip.
The Highlands
course is a real gem. We played on a day of misty rain, yet the tranquillity
and beauty of the environment was not diminished.
Like many Thai
resort courses, Chiang Mai Highlands also offers luxury accommodation and a
traditional spa. For non-golfing partners on these trips, the idyllic surrounds
of most resorts with fine restaurants, spas and pool facilities make for a
relaxing break.
Alpine Chiang Mai,
in the heart of the Sam Kampaeng forest, is in a dense jungle setting and is
longer than most courses in Thailand.
Golf in Thailand
is a pleasant experience enhanced by the beautifully manicured courses and
friendly service synonymous with the local people. It is not difficult for the
independent traveller to include golf on their itinerary, but using a
golf-specialist travel company can open doors and make access to the best
courses easier.
In addition to the
Bangkok, Chiang Mai and Khao Yai regions, numerous top-class golf courses are
also open to visitors in Hua Hin, Phuket and Pattaya.
The writer was a
guest of the Tourism Authority of Thailand.
Go2
THAILAND
Getting there
Thai Airways flies
to Bangkok twice daily from Melbourne, with connections available throughout
Thailand.
Courses and fees
($A)
Royal Gems,
Bangkok (Par 72, 6012m): $150, cart $25, caddy $10
Riverdale, Bangkok
(Par 72, 6300m): $80, cart $22, caddy $10
Toscana Valley
Country Club, Khao Yai (Par 72, 6305m): $80 (cart included), caddy $10
Rancho Charnvee,
Khao Yai (Par 72, 6420m): $55, caddy $10
Chiang Mai
Highlands, Chiang Mai (Par 72, 6305m): $50, cart $20, caddy $10
Alpine Chiang Mai,
Chiang Mai (Par 72, 6787m): $52-$88, cart $20, caddy $10
It's tourism to a
tee Island escape Thailand
Sunday Telegraph (Sydney, Australia): 18 September 2011
[What follows is the full text of the news story.]
Thailand has the
Disneyland of golf courses but it's certainly not Mickey Mouse, writes Bernie
Pramberg
WHERE in one round
of golf can you play the back nine holes at Augusta, take on the Road Hole at
St Andrews, the Postage Stamp at Royal Troon, challenge the Blue Monster at
Doral and be intimidated by the famous island green of the 17th at Sawgrass?
Welcome to Royal
Gems Golf City, a unique new course on the outskirts of Bangkok, claimed to be
the first ``replica'' layout in Asia.
This is golf's
Disneyland a place where all manner of golfers, from weekend hackers to
accomplished players, can live their dreams.
Royal Gems might
be golf's Disneyland, but in no way is it Mickey Mouse.
In fact, the
recently opened course has already been sanctioned by the United States Golf
Association as of championship standard.
That status is not
often granted outside the US.
Of more than 250
golf courses in Thailand, new addition Royal Gems has set tongues wagging.
On a recent trip
with a group of like-minded enthusiasts, we played Royal Gems as one of six
courses in a week.
Admittedly, I
approached Royal Gems with some apprehension. Perhaps you are entitled to be a
touch cynical about a course where the front nine is modelled on world-famous
holes from Britain and America and the homeward nine is lifted from Augusta
National.
Granted, colourful
bougainvillea is substituted for azaleas around Amen Corner and there are no
towering pines, but the length, topography and water carries match the holes at
Augusta.
And although it is
impossible to replicate the craggy, seaside links of Scotland or England, the
imitation individual holes are credible.
Royal Gems is a lot
of fun and provokes plenty of banter at the 19th hole. Here's a place where a
hacker like me hit the flagstick and made birdie two on the Postage Stamp,
drove over the stone fence and out of bounds on the Road Hole, scrambled
regulation par on the 10th at Augusta and dunked my tee shot on the
intimidating 17th at Sawgrass. And all in about four hours.
It's not cheap at
Royal Gems, about $A150 (including carts), but the experience is recommended
for inclusion on any Thai golf itinerary.
Green fees at the
other five courses we played ranged from $50 to $90, with carts usually $20 and
the wonderful female caddies $10. The caddies are great value hard-working,
cheerful, encouraging and they read the greens astutely. Make sure you take
their advice.
They are also
resourceful, as evidenced during one round when a large, wriggling fish
(weighing about 1kg) dropped from the sky on to the fairway we were playing.
The fish,
apparently dropped by a large bird, was swooped upon by a caddy who stashed it
into a plastic bag en route to the dinner table.
A bonus at most
Thai courses is the quality of clubhouse food and service, with most meals
under $10. And the locker rooms are luxurious.
Another new course
within an hour of central Bangkok is Riverdale Golf Club. Designed by
expatriate British golf pro Jon Morrow, who was responsible for highly rated
Red Mountain in Phuket, it is a ripping layout.
A seriously good
test of golf, with a 5-star clubhouse, Riverdale is an oasis on the outskirts
of Bangkok amid scraggy farmland and uninspiring industrial estates.
A two-hour drive
northeast of Bangkok is a beautiful region of Thailand that borders the UNESCO
World Heritage Khao Yai National Park, with its lush agricultural areas, dairy
farms and wineries.
With an elevation
above 1000m, the region is pleasantly cool and devoid of the stifling humidity
of Bangkok.
Although not
widely known as a golf destination, Khao Yai's scenery, climate and quality
provide an attractive golf option for visitors.
We stayed at the
beautiful mountain retreat of Muthi Maya, which contains 64 forest pool villas
(each 164sq m). The villas, each containing a private pool, blend well with the
natural beauty of the surrounding forests and mountains.
Attached to the
resort and accessible to guests is the Jack Nicklaus-designed KiriMaya course,
which opened about 20 years ago. Some days a mere handful of golfers use the
superbly manicured layout where the 18th hole meanders to a delightful resort
clubhouse boasting an excellent restaurant with an unlikely food fusion of
Japanese-Italian.
Continuing the
Italian theme is the Toscana Valley Country Club, a 30-minute drive from
KiriMaya.
An entire valley
has been developed in Tuscan-style residential architecture with a spectacular,
undulating golf course nestled against a backdrop of cypress trees, rolling
hills, lakes, stucco and terracotta.
Nearby is another
good golf course, Rancho Charnvee, which incorporates an equestrian centre. Set
against heavily wooded mountains, Rancho Charnvee features several outstanding
short par-4 holes.
Refreshed by the
mountain air and temperate climate, we returned to Bangkok briefly before
boarding a short flight north to Chiang Mai.
We played the
stunning Chiang Mai Highlands and Alpine Chiang Mai courses and voted them top
of our Thai list on this trip.
The Highlands
course is a real gem. We played on a day of misty rain, yet the tranquillity
and beauty of the environment was not diminished.
Like many Thai
resort courses, Chiang Mai Highlands also offers luxury accommodation and a
traditional spa. For non-golfing partners on these trips, the idyllic surrounds
of most resorts with fine restaurants, spas and pool facilities make for a
relaxing break.
Alpine Chiang Mai,
in the heart of the Sam Kampaeng forest, is in a dense jungle setting and is
longer than most courses in Thailand.
Golf in Thailand
is a pleasant experience enhanced by the beautifully manicured courses and
friendly service synonymous with the local people. It is not difficult for the
independent traveller to include golf on their itinerary, but using a
golf-specialist travel company can open doors and make access to the best
courses easier.
In addition to the
Bangkok, Chiang Mai and Khao Yai regions, numerous top-class golf courses are
also open to visitors in Hua Hin, Phuket and Pattaya.
The writer was a
guest of the Tourism Authority of Thailand.
Go2
THAILAND
Getting there
Thai Airways flies
to Bangkok three times daily from Sydney, with connections throughout Thailand.
Courses and fees
($A)
Royal Gems, Bangkok
(Par 72, 6012m): $150, cart $25, caddy $10
Riverdale, Bangkok
(Par 72, 6300m): $80, cart $22, caddy $10
Toscana Valley
Country Club, Khao Yai (Par 72, 6305m): $80 (cart included), caddy $10
Rancho Charnvee,
Khao Yai (Par 72, 6420m): $55, caddy $10
Chiang Mai
Highlands, Chiang Mai (Par 72, 6305m): $50, cart $20, caddy $10
Alpine Chiang Mai,
Chiang Mai (Par 72, 6787m): $52-$88, cart $20, caddy $10
The Charms of the
City of Angels
New Straits Time (Malaysia): 16 September 2011
[What follows is the full text of the news story.]
THE Land of Smiles
is all about the adventure of discovery, and within its capital Bangkok itself,
there are so much to do and see that your time here will surely not disappoint.
There are many
things about this place, some are wonderful and some eccentric. The sumptuous
Thai food, the luxury hotels, the stunning temples, and, not too far from the
city, access to gorgeous white sand beaches - these qualities are the charms of
Bangkok.
Underwater
Adventure
Two stories
underneath the glitzy Siam Paragon shopping mall lies an aquatic wonderland
three times the size of an Olympic swimming pool. This underground aquarium is
one of the largest in Southeast Asia and is also where 30,000 curious looking
creature call home.
Your underwater
journey starts with a prelude of the'Weird and Wonderful'zone, where a
collection of rare and bizarre looking creatures such as the striped frogfish,
garden eels as well as gigantic spider crabs are displayed in their tanks.
Visitors can also
study and observe the life on the edge in the'Rocky Shore'zone where penguins
and other marine mammals learns on how to survive under constant change in the
unpredictable environment.
Visitors can
choose from observing the marine creatures from a glass-bottom boat, and for
the more adventurous ones they can opt to put on a diving suit and 180-degree
helmet and dive into the big blue with the predators and their prey.
Blending history
and celebrities
From its roots in
the French Revolution right up to the present day, Madame Tussauds has
represented all the biggest names in the world in a form of a life-like wax
figures.
Located on the 6th
floor of Siam Discovery, Madame Tussauds Bangkok was officially opened on
December 4th, 2010. The 500-million baht attraction is the tenth Madame
Tussauds to open worldwide and the first in Southeast Asia.
This attraction
first introduces visitors to the local culture and Thai royalty to the monarchy
through the Royal Room. The wax figures of selected Thai royalties are
displayed here as well as the facts and information on the Thai Royalty.
Madame Tussauds
Bangkok is a fully interactive and unique visitor experience, using the state
of the art technology, dramatic backdrops to showcase a range of incredibly
life-like figures, including our own Tun Dr. Mahathir Mohamad.
It offers a host a
fun ways to interact with the stars, be it being photographed with the Obamas
in the oval office, penalty shoot with Steven Gerard and even be a scientific
genius with Einstein!
Maze of goods
Chatuchak Market
is the one particular place in Bangkok which surpasses almost all others of its
kind across the globe. Huge, chaotic and confusing, infused with tempting
scents, vibrant colours and the strains of music ranging from classical Thai to
dub reggae, Bangkok's weekend Chatuchak Market is the market to end all
markets. It is a no-brainer that it attracts more than 200,000 shoppers during
the weekends.
Spanning an
incredible 35 acres of shopping haven, the stalls in Chatuchak Market are
tucked into tiny narrow lane loaded with goods. From the 8,000 stalls available
here, you can find almost everything ranging from customised motorcycle
helmets, a pampered puppy, imitation designer apparel and accessories,
shark's-tooth amulet, or something else entirely in a selection of colours,
sizes and prices.
Though wandering
is half the fun, shoppers might find themselves lost in the huge market.
Divided into 27 colourcoded sections, shoppers can just go ahead and find for
what they're looking for. It is crucial to embrace the art of bargaining and it
can become one of the most enjoyable elements of the entire experience.
Teeing up in
Bangkok
There are many
golfing attractions in Bangkok at The Royal Gems Golf Club is among the best. Located
about 50 minutes drive from capital Bangkok, The Royal Gems is one of
Thailand's golf courses to be officially accepted as a member of the United
States Golf Association.
The honor is only
granted to clubs after certifying that their layout and facilities meet the
championship standards.
Designed by Garry
Roger Baird, it plays to 7,107 yards and feature a handful of lakes, narrow
fairways, deep rough, large bunkers and fast greens. Although it is relatively
flat, each hole has been individually sculpted and offers its own variety of
challenges.
The par-5 holes
are testing, while three of the four par-3 holes require the tee shot to be hit
directly over the water hazard in order to reach the green. Each hole is framed
by trees to catch the occasional wayward shots.
Meanwhile, the
Rose Garden Golf Club is one of the oldest and well-known golf courses in
Thailand. Located about an hour from Bangkok center, the par-72, 18-hole
championship course measures up to 7085-yard in length. It was voted among the Top
24 best courses in the world.
Designed by local
Visuth Junnanont, the relatively wellmaintained layout meanders amongst mature
trees and thick vegetation. It lives up to its name in substance as well as
tranquility where golfers can enjoy the breath-taking sights of trees and
flowers in full bloom when they visit here from January to April.
The course is
mostly leveled, with narrow tree-lined fairways and heavily-bunkered greens.
Accurate shots are crucial in order to score well. The positioning of water
hazards around the course does not only challenge the keen golfers, but also
heightens the beauty of the golf course.
( END )
A Block Abuzz With
the Business of Gold
New York Times: 18 August 2011
[What follows is the full text of the news story.]
On Tuesday
morning, Arnie and Laura Goldstein, a retired couple from Rego Park, Queens,
took some gold jewelry they had been saving for years to the incredible trinket
bazaar that is the diamond district in Midtown Manhattan.
''Things I don't
wear anymore,'' Mrs. Goldstein said, folding a stick of chewing gum into her
mouth and eyeing a daunting array of hawkers on the block of West 47th Street
between Fifth Avenue and Avenue of the Americas.
Mr. Goldstein, a
retired New York City schoolteacher, said they hoped to get about $7,500 for
the pieces. ''We've been holding on to them for years,'' he said.
''Years,'' Mrs.
Goldstein added.
''And now that the
gold price is up,'' Mr. Goldstein said, ''we figured we'd come in and see what
we could get.''
The price of gold
is indeed up. It soared to an all-time high last week, not adjusted for
inflation: over $1,800 an ounce for pure 24-karat gold. The spike has set off a
flurry of sales in the diamond district, which has become flooded with people
like the Goldsteins looking to sell high.
''This is a gold
rush,'' said Ernie Velez, 48, a jeweler and an owner of Universal Refinery, a
glass-counter booth in one of the many mini-mall exchanges on the block where
jewelry is bought and sold. Mr. Velez, an immigrant from Ecuador, said things
could get even busier.
''A lot of folks
are selling, but also a lot of people think the price will keep going up,'' he
said as jewelers brought small piles of gold jewelry to his counter for
estimates. Mr. Velez's men rasped the pieces on smooth test stones and then
dabbed nitric acid on the rubbed-off gold to determine its purity.
Outside, Ramon
Barrenechea, 59, of Staten Island, was capitalizing on the rush in his own way.
Mr. Barrenechea, an immigrant from Peru, makes his own flat test stones by hand
and was selling them for more than $50.
The diamond
district does not particularly need a gold rush to invigorate its sidewalks.
The block always percolates with business and energy.
About $24 billion
is exchanged each year in sales in and around the district, among roughly 3,000
businesses, said Michael Toback, an executive board member of the 47th Street
Business Improvement District and an owner of Myron Toback, a jewelry supply
and refinery business on the block.
Amid all this
industry, the district can be one of the strangest places in the city. Near
Fifth Avenue on Tuesday, a scruffy bear of a man with no shirt on was scooping
up rainwater and giving himself a cat bath as passers-by stared.
Hawkers from
kosher delis handed out menus. One could hear New York accents, as well as
Russian and also Yiddish, spoken by the many Hasidic men who work here, in
black hats and coats.
Some of the most
colorful characters were the hawkers: street-savvy men hired by jewelry dealers
to spot potential customers on the block and coax them into their shops. The
surging price of gold has cranked up the metabolism of these figures: the
swaggering, smooth-talking sidewalk representatives for the many businesses.
''We've had a lot
more action the past couple weeks,'' said a 51-year-old hawker named Al, who
wore a ''We Buy Gold'' sign around his neck and courted customers by showing a
piece of paper listing the latest prices for 24-karat and lesser gold.
''Business has been good.''
Al would not give his
last name (''I got grandkids -- I don't want them to know I do this'') but said
he tells customers that gold prices were so high that he was selling rings off
his fingers.
''I tell people,
'I had a ring I bought for $40 back in the day, and I just sold it for $200,'
'' he said.
Not all hawkers
were as cheerful, complaining that sales were not brisk enough, even as they
still quoted prices as high as $1,790 an ounce on Wednesday morning.
''A lot of people
know what they have, and they're waiting to see if they can sit on it longer,
for a better offer,'' said Denis Garasimov, who said he was hawking for Diamond
District Gold Buyers. ''It's a straight-out gamble right now.''
Victor Velez, 38,
an immigrant from the Dominican Republic who held a laminated ''We Buy Gold''
sign, nodded as he handed out cards for the Royal Gems Corporation.
''A lot of people
are holding on to it because they are seeing how high it can go,'' Mr. Velez
said.
When the
Goldsteins first set foot on the block, they were approached by a hawker named
Anthony Palmer, 47, of Springfield Gardens, Queens. Mr. Palmer, who works a
small patch of sidewalk near Avenue of the Americas, said he earns $100 a day
from the company he works for, and sometimes receives tips from customers happy
with the price they get for their gold.
''You see there's
no other hawkers in this spot but me -- this is my fiefdom,'' he said. ''That's
how it works. We respect each other's space. When you get rogue hawkers cutting
in, sometimes you got to be forceful.''
The surge in gold
prices is attracting more traffic, he said, but when it comes to selling gold,
personal needs often trump market price.
''It really ebbs
and flows on people's own economics,'' he said. ''You get desperate people at
the beginning and the end of the month, when they're facing their bills.''
PHOTOS: As
pedestrian traffic in the diamond district of Manhattan increases with the
price of gold, hawkers representing buyers are stationed on West 47th Street.;
Hadid Khan, below, of Universal Refinery on West 47th Street, tests the purity
of gold items brought in for sale. The price of an ounce of 24-karat gold
topped $1,800 last week. (PHOTOGRAPHS BY NICOLE BENGIVENO/THE NEW YORK TIMES)
Standard & Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our
opinion that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term
rating is negative. We could lower the long-term rating to 'AA' within the next
two years if we see that less reduction in spending than agreed to, higher
interest rates, or new fiscal pressures during the period result in a higher
general government debt trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The transfer and
convertibility (T&C) assessment of the U.S.--our assessment of the
likelihood of official interference in the ability of U.S.-based public- and
private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially Paragraphs 36-41).
Nevertheless, we view the U.S. federal government's other economic, external,
and monetary credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political
brinksmanship of recent months highlights what we see as America's governance
and policymaking becoming less stable, less effective, and less predictable
than what we previously believed. The statutory debt ceiling and the threat of
default have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the differences
between political parties have proven to be extraordinarily difficult to
bridge, and, as we see it, the resulting agreement fell well short of the
comprehensive fiscal consolidation program that some proponents had envisaged
until quite recently. Republicans and Democrats have only been able to agree to
relatively modest savings on discretionary spending while delegating to the
Select Committee decisions on more comprehensive measures. It appears that for
now, new revenues have dropped down on the menu of policy options. In addition,
the plan envisions only minor policy changes on Medicare and little change in
other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011, especially Paragraphs 36-41). In our
view, the difficulty in framing a consensus on fiscal policy weakens the
government's ability to manage public finances and diverts attention from the
debate over how to achieve more balanced and dynamic economic growth in an era
of fiscal stringency and private-sector deleveraging (ibid). A new political
consensus might (or might not) emerge after the 2012 elections, but we believe
that by then, the government debt burden will likely be higher, the needed
medium-term fiscal adjustment potentially greater, and the inflection point on
the U.S. population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and Medicare.
We understand that this fall-back mechanism is designed to encourage Congress
to embrace a more balanced mix of expenditure savings, as the committee might
recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the CBO's
latest "Alternate Fiscal Scenario" of June 2011, updated to include
the CBO assumptions contained in its Aug. 1 letter to Congress. In general, the
CBO's "Alternate Fiscal Scenario" assumes a continuation of recent
Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
On Monday, we
will issue separate releases concerning affected ratings in the funds,
government-related entities, financial institutions, insurance, public finance,
and structured finance sectors.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.35 |
|
|
1 |
Rs.80.50 |
|
Euro |
1 |
Rs.69.14 |
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.