MIRA INFORM REPORT
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Report Date : |
15.12.2012 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL JEWELLERY CONCEPTS PTY. LTD. |
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Registered Office : |
C/O R P Secretarial Services Pty Ltd, 152 Chapel Street, St Kilda, Victoria, Zip/Postal Code 3182 |
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Country : |
Australia |
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Date of Incorporation : |
19.11.2008 |
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Com. Reg. No.: |
134235608 |
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Legal Form : |
Australian
Proprietary Company |
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Line of Business : |
Import and
distribution of jewellery under the brand name Evergem |
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No. of Employees : |
10 employees |
RATING & COMMENTS
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MIRA’s 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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
Australia - ECONOMIC OVERVIEW
Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia''s trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the former RUDD government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.4% during 2009 - the best performance in the OECD - by 2.7% in 2010, and by 1.8% in 2011. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.0% in 2011. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia''s economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.
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Source : CIA |
Verified Address
Subject name :
GLOBAL JEWELLERY CONCEPTS
PTY. LTD.
Business
address : Level 1, 119 Glenferrie
Road
Town : Malvern
Province : Victoria
Zip/postal
code : 3144
Country : Australia
Tel : +61
3 90169074
Fax : +61 3 86771858
Email : admin@gjconcepts.com
Website : www.evergem.com.au
Registered
address : C/o R P SECRETARIAL SERVICES
PTY LTD
152 Chapel Street
Town : St Kilda
Province : Victoria
Zip/postal
code : 3182
Country : Australia
Executive Summary
Date founded
or registered : 19/11/2008
Legal form : Australian
Proprietary Company
Chief
executive : Arron
Zamel
Issued &
paid up capital : AUD 12
Line of
business : Import and
distribution of jewellery under the brand name Evergem.
Staff employed
: 10 employees
Company Analysis
Country risk :
Country risk
is minimal
Operation
trend : Operational
trend is steady
Management
experience : Management is
modestly experienced
Financial
performance : Financial performance
is undetermined
Organization
structure : Organizational structure is
acceptable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration
date : 19/11/2008
Legal form : Australian Proprietary Company
Registration
no Australia Company Number:
134235608
Registered
authority : Australian Securities and
Investments Commission
Fiscal/ Tax no
: Australian Business Number:
95533643302
Registry
status : Live/Active
Previous name
: None reported.
Change of
legal form : None reported.
Key Management
Name : Nicole Sarah Goldhammer
Designation : Director
Name : Kylie Zamel
Designation : Director
Name : Arron Zamel
Designation : Director
Appointments
Name : Nicole Sarah Goldhammer
Designation : Director and Company Secretary
Appointment
date : 19/11/08
Address : 12 Bent Street
Caulfield South, VIC 3162
Australia
Biography : Born on 10-05-1978 in
Adelaide, South Australia, Australia.
Name : Kylie Zamel
Designation : Director
Appointment
date : 19/11/08
Address : Unit 5, 374 Orrong Road
Caulfield North, VIC 3161
Australia
Biography : Born on 28-04-1981 in Adelaide,
South Australia, Australia.
Name : Arron Zamel
Designation : Director
Appointment
date : 19/11/08
Address : Unit 12, 84 Westbury Street
St Kilda East, VIC 3183
Australia
Biography : Born on 11-02-1984 in
Adelaide, South Australia, Australia.
Staff employed
: 10 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 : Nicole Sarah Goldhammer
Address : 12 Bent Street
Caulfield South, VIC 3162
Australia
No. of shares
: 4 Ordinary Shares
Shareholder
name : Kylie Zamel
Address : Unit 5, 374 Orrong Road
Caulfield North, VIC 3161
Australia
No. of shares
: 4 Ordinary Shares
Shareholder
name : Arron Zamel
Address : Unit 12, 84 Westbury Street
St Kilda East, VIC 3183
Australia
No. of shares
: 4 Ordinary Shares
Structure
Related
companies and corporate affiliations comments : None reported.
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 : None reported.
Legal Fillings
Bankruptcy
fillings : None reported.
Court
judgements : None reported.
Tax liens : None reported.
Others : None reported
Description
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
$12.5 million, and
-The company and any entities it controls have fewer than
50 employees at the end of the financial year.
Main
activities : The
Subject is engaged in import and distribution of jewellery under the
brand name Evergem.
Product & services :
Products
-Brooches
-Rings
-Earrings
-Pendants
-Necklaces
-Bracelets
-Bangles
Brand : EVERGEM
Purchases
International
: India
Sales
Local : Yes
International
: United Kingdom, South
Africa, New Zealand
Property &
Assets
Premises The Subject operates from premises
located at the verified heading
address consisting of an administrative office.
Branches : None reported.
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 43.879 billion
Gross domestic product – GDP : US$ 1.586 trillion
GPP (Purchasing power parity) : 954.296 billion of International dollars
GDP per capita - current prices : US$ 68,916
GDP - composition by sector : agriculture: 4% industry: 25.6% services: 70.4%
Inflation : 2009: 1.8%
2010: 2.8%
2011: 3.4%
Unemployment rate 2009: 5.6 %
2010: 5.2 %
2011:5.1 %
Public debt
(General Government gross
debt as a % GDP) 2009: 16.9%
2010: 20.4%
2011: 22.9 %
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 Commonwealth Bank (Banking), BHP Billiton (Materials), Westpac
Banking Group (Banking), Rio Tinto (Materials), National Australia Bank (Banking), ANZ Banking (Banking), Telstra (Telecommunications)
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 2009: US$46,843 million
2009: US$25,716 million
2010: US$32,472 million
FDI Outflows 2008: US$33,604 million
2009: US$ 16,160 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%
Purchase Term
International
: L/C, Telegraphic
transfer, D/P, Credit 30-120 days
Sales Term
Local : Prepayment, Bank
transfer, D/P, Credit 30-120 days
International
: Prepayment, L/C,
Telegraphic transfer, D/P, Credit 30-120 days
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
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UK Pound |
1 |
Rs.87.78 |
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Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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
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.