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Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
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Name : |
GREGORY BROS PTY LTD |
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Registered Office : |
The |
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Country : |
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Date of Incorporation : |
16.03.1982 |
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Com. Reg. No.: |
002389817 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Retailer of jewellery, watches, precious stones and precious metals |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Australia |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Verified Address
Subject name : GREGORY BROS PTY LTD
Business address : The Trust Building, Level 5
155 King Street
Town : Sydney
Province : New South Wales
Zip/postal code : 2000
Country : Australia
Tel : +61 2 92213077
Fax : +61 2 92214560
Website : www.gregoryjewellers.com.au
Registered address : The Trust Building, Level 5
155 King Street
Town : Sydney
Province : New South Wales
Zip/postal code : 2000
Country : Australia
Executive Summary
Date founded or registered : 16/03/1982
Legal form : Australian Proprietary Company
Chief executive : Gregory Lahdo
Issued & paid up capital : AUD 12
Sales turnover : AUD 6,000,000 (Estimated Non-consolidated 12 months, 30/06/2011)
Line of business : Retailer of jewellery, watches, precious stones and precious metals.
Staff employed : 20 employees
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 fair
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount asked : Not described.
Registry Data
Registration date : 16/03/1982
Legal form : Australian Proprietary Company
Registration no Australian Company Number: 002389817
Registered authority : Australian Securities & Investments Commission
Fiscal/ Tax no : Australian Business Number: 20102419004
Registry status : Live/Active
Previous name : Z Y B F PTY LTD (initial)
Key Management
Name : Christopher Gregory
Designation : Managing Director
Name : Lahdo Gregory
Designation : Director
Name : Isak Gregory
Designation : Director
Appointments
Name : Lahdo Gregory
Designation : Director
Appointment date : 16/03/82
Address : 12 Seymour Street
Croydon Park, NSW 2133
Australia
Biography : Born on 01-01-1946 in Midyat, Turkey.
Name : Isak Gregory
Designation : Director
Appointment date : 16/03/82
Address : 10 Rose Street
Croydon Park, NSW 2133
Australia
Biography : Born on 01-01-1942 in Midyat, Turkey.
Name : Christopher Gregory
Designation : Director and Company Secretary
Appointment date : 16/03/82
Address : 37 Lucretia Avenue
Longueville, NSW 2066
Australia
Biography : Born on 01-01-1950 in Midyat, Turkey.
Staff employed : 20 employees
Composition
Authorized Capital :
AUD 12
No of shares : 12 Ordinary Shares
Share par value :
AUD 1
Issued capital : AUD 12
Paid up capital : AUD 12
How listed : Full List
Composition
Shareholder name : Lahdo Gregory
Address : 12 Seymour Street
Croydon Park, NSW 2133
Australia
No. of shares : 6 Ordinary Shares
% of shares : 50%
Shareholder name : Christopher Gregory
Address : 37 Lucretia Avenue
Longueville, NSW 2066
Australia
No. of shares : 6 Ordinary Shares
% of shares : 50%
Structure
Name : GREGORY JEWELLERS PTY LIMITED
Affiliation type : Associate
Address : 37 Lucretia Avenue
Longueville, NSW 2066
Australia
Bank Details
Name of bank : Commonwealth Bank Of Australia
Address : Australia
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 : Unsatisfied Charges:
ASIC Charge Number: 610255
Date Registered: 18-09-1997
Charge type: Both Fixed & Floating
Date Created: 08-09-1997
Chargees Name: COMMONWEALTH BANK OF AUSTRALIA
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
Description
Source of financial statement : External Sources
Financial statement date : 30/06/11
Type of accounts : Estimated key figures
Currency : Australia Dollar (AUD)
Exchange rate : 1 USD = AUD 0.98 as of 06-01-2012
Summarized Financial Information
Consolidation type : Non Consolidated
Currency : Australia Dollar (AUD)
Denomination : (x1) One
Date of financial year end : 30/06/11
Length of accounts : 12 months
Sale turnover / Income : 6,000,000
Comments : The Subject is classified as a small proprietary company by the Australian
Securities & Investments Commission hence is not required to disclose their
financial statement.
A proprietary company is defined as small for a financial year if it satisfies at least two of the following:
- The consolidated revenue for the financial year of the company and any entities it controls is less than $25 million;
-The value of the consolidated gross assets at the end of the financial year of the company and any entities it controls is less than $12.5 million, and
-The company and any entities it controls have fewer than 50 employees at the end of the financial year.
Main activities : The Subject is engaged as retailer of jewellery, watches, precious stones and precious metals.
Product & services : Jewellery, watch, precious stone and precious metal
Brand : Longines, Tissot, Rado, Gucci, Omega, Oris, Baume & Mercier, Breitling & Breitling for Bentley, Cartier, Dior, IWC and Jaeger le Coultre
Purchases
International : Mainly from Asia and Europe countries
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 : In addition, the Subject operates from 14 retail stores located in Australia.
Shop 3015/3017
Westfield Bondi Junction
500 Oxford Street
Bondi Junction NSW 2022
Australia
Tel: +61 2 93898822
Shop ML 205
Centro Bankstown
Bankstown NSW 2200
Australia
Tel: +61 2 97938855
Shop 349
Castle Towers Shopping Centre Castle Hill NSW 2154
Australia
Tel: +61 2 88507080
Shop 2069
Westfield Liverpool Macquarie Street Liverpool NSW 2170
Australia
Tel: +61 2 98213311
Shop 3046, Level 3
Westpoint Shopping Centre
Blacktown NSW 2148
Australia
Tel: +61 2 96224828
Shop 454
Westfield Chatswood Anderson Street Chatswood NSW 2067
Australia
Tel: +61 2 98848900
Shop 3
67 Castlereagh St
Sydney NSW 2000
Australia
Tel: +61 2 92333510
Shop 4018
Westfield Parramatta
159-175 Church Street
Parramatta NSW 2150
Australia
Tel: +61 2 96335500
Shop 254
Westfield Burwood
90 Burwood Road
Burwood NSW 2134
Australia
Tel: +61 2 97153866
Shop 2083
Westfield Hornsby
236 Pacific Highway
Hornsby NSW 2077
Australia
Tel: +61 2 94765500
Shop 264
Westfield Penrith Henry Street Penrith NSW 2750
Australia
Tel: +61 2 47228722
Shop U59, Level 3
Macarthur Square Gilchrist Drive Ambarvale NSW 2560
Australia
Tel: +61 2 4628 4141
Shop 376, level 2
Westfield Hurstville
Hurstville NSW 2220
Australia
Tel: +61 2 95707050
Castlereagh Street
Sydney, NSW 2000
Australia
Tel: +61 2 92333510
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 43.879 billion
Gross domestic product - GDP : US$ 1.448 trillion
GPP (Purchasing power parity) : 918.529 billion of International dollars
GDP per capita - current prices : US$ 64,351
GDP - composition by sector : agriculture: 4.1% industry: 26% services: 70%
Inflation : 2008: 4.4%
2009: 1.8%
2010: 2.8%
Unemployment rate : 2008: 4.2%
2009: 5.6%
2010: 5.2%
Public debt
(General Government gross debt as a % GDP) : 2008: 11.6%
2009: 17.6%
2010: 22.3%
Government bond ratings : Standard & Poor's: AAA/Stable/A-1+
Moody's rating: Aaa
Moody's
outlook: STA
Market value of publicly traded shares : US$1.258 trillion
Largest companies in the country : Westpac Banking Group (Major Banks), BHP Billiton (Diversified Metals & Mining), Commonwealth Bank (Major Banks), National Australia Bank (Major Banks), ANZ Banking (Major Banks), Telstra (Telecommunications services), Wesfarmers (Food Retail)
Trade & Competitiveness Overview
Total exports : US$210.7 billion
Exports commodities : coal, iron ore, gold, meat, wool, alumina, wheat
Total imports : US$187.2 billion
Imports commodities : machinery and transport equipment, computers and office machines, telecommunication equipment and parts, crude oil and petroleum products
Export - major partners : Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India
5.5%, UK 4.2%
Import - major partners : China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany 5.2%, UK 4.3%, Thailand 4.2%
FDI Inflows : 2008: US$46,722 million
2009: US$22,572 million
2010: US$32,472 million
FDI Outflows : 2008: US$32,819 million
2009: US$18,426 million
2010: US$26,431 million
Best countries for doing business: 10 out of 183 countries
Global competitiveness ranking : 20 (ranking by country on a basis of 142, the first is the best)
Country and Population Overview
Total population : 22.23 million
Total area : 7,692,024 km2
Capital : Canberra
Currency : Australian dollars (AUD)
Internet users as % of total population: 76.00%
Purchase Term
International : L/C, Prepayment, D/P, Credit up to 150
days
Sales Term
Local : Credit card, Prepayment, Bank transfer
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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.51.05 |
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|
1 |
Rs.81.09 |
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Euro |
1 |
Rs.67.39 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SCs credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.