MIRA INFORM REPORT

 

 

Report Date :           

01.10.2011

 

IDENTIFICATION DETAILS

 

Name :

JAMES PASCOE LIMITED

 

 

Registered Office :

29 Union Street,  Auckland Central , Province Auckland, Zip/postal code 1010

 

 

Country :

New Zealand

 

 

Date of Incorporation :

16.12.1937

 

 

Com. Reg. No.:

44107

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Chain of jewellery shops

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

Identification details  Bottom of Form

 

 

Verified Address

Subject name                :   JAMES PASCOE LIMITED

Business address          :   29 Union Street

Town                             :   Auckland Central

Province                        :   Auckland

Zip/postal code              :   1010

Country                         :   New Zealand

Tel                                :   +64 9 3778351

Fax                               :   +64 9 3776375

Email                            :   headoffice@pascoes.co.nz   

Website                        :   www.pascoes.co.nz  

 

Registered address        :   29 Union Street

Town                             :   Auckland Central

Province                        :   Auckland

Zip/postal code              :   1010

Country                         :   New Zealand

 

Postal address              :   P.O. Box 68107

Town                             :   Newton

Province                        :   Auckland

Country                         :   New Zealand

 

 

Summary details

 

Executive Summary

 

Date founded or registered                     :   16/12/1937

 

Legal form                                            :   Private Limited Company

 

Chief executive                                      :   Anne Norman

 

Issued & paid up capital                         :   NZD 1,000,000

 

Line of business                                    :   Owns and operates a chain of jewellery shops in New Zealand and

                                                            Australia. The Subject also acts as the holding company for the group

                                                            that is engaged in fashion, beauty, home-wares and furniture, jewellery.

Staff employed                                                                                               :   9,000 (Group)

 

 

 

Credit risk opinion

 

Company Analysis

 

Country risk                               :   Country risk is minimal

Operation trend                          :   Operational trend is steady

Management experience :   Management is reasonably experienced

Financial performance                :   Financial performance is undetermined

Organization structure                :   Organizational structure is stable

Detrimental                    :   No detrimental records found

Payment history                                    :   No payment delays noted

Comments                                                      :   The Subject seem well positioned and financially stable.

 

 

Statutory details

 

Registry Data

 

Registration date            :   16/12/1937

Legal form                     :   Private Limited Company

Registration no              :   44107

Registered authority       :   New Zealand Companies Office

Registry status              :   Live/Active

Previous name               :   None reported.

Change of legal form       :   None reported.

 

 

Management / directors

 

Key Management

 

Name                :           Anne Norman

Designation       :           Director

 

Name                :           David Norman

Designation       :           Director

 

Name                :           Kevin Turner

Designation       :           General Manager

 

 

 

Board of directors / other appointments

 

Appointments

 

Name                            :           David Norman

Designation                   :           Director

Appointment date           :           31/07/87

Address                        :           6 Te Kowhai Place

Remuera, Auckland, 1050

New Zealand

 

Name                            :           Anne Norman

Designation                   :           Director

Appointment date           :           31/07/87

Address                        :           6 Te Kowhai Place

Remuera, Auckland, 1050

New Zealand

 

Staff employed                                                :                       9,000 (Group)

 

 

Share capital

 

Composition

 

Authorized Capital                                 :   NZD 1,000,000

 

No of shares                                         :   1,000,000 Shares

 

Share par value                                     :   NZD 1

 

Issued capital                                       :   NZD 1,000,000

 

Paid up capital                                                                                              :   NZD 1,000,000

 

 

 

ownership / shareholders

 

How listed         :   Full List

 

Composition

 

Shareholder name          David Norman

Address                        6 Te Kowhai Place

Remuera, Auckland, 1050

New Zealand

No. of shares                 5,000 Shares

 

Shareholder name          Anne Norman

Address                        6 Te Kowhai Place

Remuera, Auckland, 1050

New Zealand

 

No. of shares                 :   5,000 Shares

 

Shareholder name          :   Jointly held by David Norman, Anne Norman, John Gregory Norman & Denham

James Shale

 

Address                        David Norman, Anne Norman & John Gregory Norman

6 Te Kowhai Place

Remuera, Auckland, 1050

New Zealand

 

Denham James Shale

804/10 Middleton Road Remuera, Auckland New Zealand

No. of shares                 247,500 Shares

 

Shareholder name          Jointly held by David Norman, Anne Norman, James Myles Norman & Denham

James Shale

 

Address                        David Norman, Anne Norman, James Myles Norman

6 Te Kowhai Place

Remuera, Auckland, 1050

New Zealand

 

Denham James Shale

804/10 Middleton Road

Remuera, Auckland

New Zealand

 

No. of shares                 247,500 shares

 

Shareholder name          Jointly held by David Norman, Anne Norman, Ella Victoria Norman & Denham

James Shale

 

Address                        David Norman, Anne Norman, Ella Victoria Norman

6 Te Kowhai Place

Remuera, Auckland, 1050

New Zealand

 

Denham James Shale

804/10 Middleton Road Remuera, Auckland New Zealand

No. of shares                 247,500 shares

 

Shareholder name          Jointly held by David Norman, Anne Norman & Denham James Shale

 

Address                        David Norman, Anne Norman

6 Te Kowhai Place

Remuera, Auckland, 1050

New Zealand

 

Denham James Shale

804/10 Middleton Road Remuera, Auckland

New Zealand

 

 

Related companies & corporate Affiliations

 

Structure

 

 

Name                :   FARMERS FINANCE LIMITED

Affiliation type    :   Wholly-owned Subsidiary

Address            :   New Zealand

 

Name                :   ORMISTON PARK ESTATE LIMITED

Affiliation type    :   Wholly-owned Subsidiary

Address            :   New Zealand

 

Name                :   HECTOR PASKEL LIMITED

Affiliation type    :   Wholly-owned Subsidiary

Address            :   New Zealand

 

Name                :   STEVENS HOMEWARES LIMITED

Affiliation type    :   Wholly-owned Subsidiary

Address            :   New Zealand

 

Name                :   THE FARMERS' TRADING COMPANY LIMITED

Affiliation type    :   Wholly-owned Subsidiary

Address          :   New Zealand

 

Comments        :   Department store.

 

Name                :   F T C PROPERTIES LIMITED

Affiliation type    :   Wholly-owned Subsidiary

Address            :   New Zealand

 

Name                :   105 THE TERRACE LIMITED

Affiliation type    :   Wholly-owned Subsidiary

Address            :   New Zealand

 

Name                :   GOLDMARK JEWELLERS LIMITED

Affiliation type    :   Wholly-owned Subsidiary

Address            :   New Zealand

 

Name                :   29 UNION STREET LIMITED

Affiliation type    :   Associate

Address            :   New Zealand

 

Name                :   ALPHA JEWELLERY AND WATCHES LIMITED

Affiliation type    :   Wholly-owned Subsidiary

Address          :   New Zealand

 

Related companies and corporate affiliations comments

Other companies of the Pascoe Group should be considered affiliates of the Subject.

 

 

Bank & mortgages

 

Bank Details

 

Name of bank    :   ASB Bank New Zealand

Address            :   New Zealand

Account details  :   Current Account

 

Name of bank    :   Bank of New Zealand

Account details  :   Current Account

 

 

Comments                                            :   It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

 

Mortgages                                                          :   None reported.

 

Legal Fillings

Bankruptcy fillings          :   None reported.

Court judgements           :   None reported.

Tax liens                       :   None reported.

Others                          :   None reported.

 

 

 

financials data

 

Description

 

Comments                                            :   Private Companies in New Zealand are not required to file accounts unless classified as "Large", which at the moment means that two out of the following

- The company has a sales turnover of over NZD 20,000,000;

- The company has total assets of over NZD 10,000,000;

- The company employs 50 people or more.

The Subject meet the criteria of being a large Private Company however is still exempted from revealing their financial information.

 

 

Operation details

 

Main activities                                       :   The Subject owns and operates a chain of jewellery shops in New Zealand and Australia. It offers diamond and gold earrings, pendants, bangles, bracelets, and rings, as well as a selection of gemstone jewellery; gold chains and charms; and jewellery for everyday wear. The company also provides gent's jewellery; watches; and giftware products, including display pieces, wall clocks, barometers, and jewellery boxes/cases. In addition, it offers jewellery repair/resizing, watch repair and battery replacement, and jewellery valuation services, as well as quotations for lost, damaged, and jewellery items.

 

In addition, the Subject also acts as the holding company for the group that is engaged in fashion, beauty, home-wares and furniture, jewellery.

 

 

Purchases

International                                          :   Mainly from Asia, Europe, Africa

 

Sales

Local                                                    :   Yes

 

International                                          :   No exports.

 

Property & Assets

Premises                                              :   The Subject operates from premises located at the verified heading address consisting of administrative office.

Branches                                              :   The Subject operates from retail stores located at Whangarei, Auckland, Hamilton, Rotorua, Mt Maunganui, Palmerston North, Napier/Hastings, New Plymouth, Wellington, Nelson/Richmond, Christchurch, Timaru, Dunedin, and Invercargill, New Zealand; and Australia.

 

Summarized country risk

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                          Reserve Bank of New Zealand

Reserve of foreign exchange & gold         US$ 18.421 billion

Gross domestic product - GDP               US$ 140,434 billion

 

GPP (Purchasing power parity)               119.791 billion of International dollars

 

GDP per capita - current prices               US$ $32,145

 

GDP - composition by sector                  agriculture: 4.6% industry: 23.7% services: 71.7%

Inflation :                                               2008: 4%

2009: 2.1%

2010: 2.5%

 

Unemployment rate                                2008 1.2 %

2009 6.2 %

2010 6.2 %

Public debt

(General Government gross

debt as a % GDP)                                  2008: 20.4 %

2009: 26.2%

2010:   31 %

 

Government bond ratings                        Standard & Poor's: AA+/Stable/A-1+

Moody's rating: Aaa

Moody's outlook: STA

 

Market value of publicly traded shares      US$ 67.061 Billion

 

Largest companies in the country            : Telecom of New Zealand, Transpower, Fletcher Building,Infratil

 

 

Trade & Competitiveness Overview

Total exports                             US$29.53 billion

Exports commodities                 dairy products, meat, wood and wood products, fish, machinery

Total imports                             US$31.11 billion

Imports commodities                  machinery and equipment, vehicles and aircraft, petroleum,

electronics,textiles, plastics

Export - major partners               Australia 22%, US 11.5%, Japan 9.2%, China 5.3%, UK 4.6%

 

Import - major partners               Australia 20.7%, China 13.4%, US 9.7%, Japan 9.5%, Singapore 4.9%,

Germany 4.7%

FDI Inflows                                2007: US$3,441 million

2008: US$4,993 million

2009: US$348 million

 

FDI Outflows                              2007: US$3,703 million

2008: US$-239 million

2009: US$-406 million

 

Best countries for doing business            :   3 out of 183 countries

 

Global competitiveness ranking               :   23 (ranking by country on a basis of 133, the first is the best)

 

 

Country and Population Overview

Total population                                    : 4.37 million

Total area                                             : 270,467 km2

Capital                                                 :   Wellington

Currency                                                                                                      :   New Zealand

Internet users as % of total population     :  84.38 %

 

 

Payment history

 

Purchase Term

International                                          :   L/C, Telegraphic transfer, Credit up to 150 days

 

Sales Term

Local                                                    :   Credit card, Cash

 

Trade Reference/ Payment Behaviour

Comments                                            :   As local and international trade references were not supplied, the

                                                            Subject's payment track record history cannot be appropriately

                                                            determined but based on our research, payments are believed to be

                                                            met without delay.

 

Investigation Note

 

Sources                                               :   Interviews and material provided by the Subject

 

:   Other official and local business sources

 

 

DIAMOND INDUSTRY – INDIA

 

-          From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-          The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-          The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-          Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-          Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-          The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

-          Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-          Excerpts from Times of India dated 30th October 2010 is as under –

 

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

-          Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.93

UK Pound

1

Rs.76.52

Euro

1

Rs.66.65

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.