|
Report Date : |
20.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
PROUDS JEWELLERS PTY LTD |
|
|
|
|
Registered Office : |
28 Parramatta Road, Summer Hill, New South Wales, 2130 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
31.05.2011 |
|
|
|
|
Date of Incorporation : |
27.02.1996 |
|
|
|
|
Com. Reg. No.: |
073053273 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Engaged as jewellery, watches and giftware retailer |
|
|
|
|
No. of Employees : |
2,000 Employees |
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 : |
Good |
|
Payment Behaviour : |
No complaints |
|
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) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Verified Address
Subject name : PROUDS JEWELLERS PTY LTD
Other style / Business name : PROUDS THE JEWELLERS / PROUDS, THE JEWELLERS
Business address : 28 Parramatta Road
Town : Summer Hill
Province : New South Wales
Zip/postal code : 2130
Country : Australia
Tel : +61 2 95816999
Fax : +61 2 95816953
Website : www.prouds.com.au
Registered address : 28 Parramatta Road
Town : Summer Hill
Province : New South Wales
Zip/postal code : 2130
Country : Australia
Executive Summary
Date founded or registered : 27/02/1996
Legal form : Australian Proprietary Company
Chief executive : Terence Edmond Johnstone
Issued & paid up capital : AUD 1
Sales turnover : AUD 592,223,000 (Consolidated 12 months, 31/05/2011)
Net income : AUD 18,803,000 (Consolidated 12 months, 31/05/2011)
Total fixed assets : AUD 393,900,000 (Consolidated 12 months, 31/05/2011)
Line of business : Jewellery, watches and giftware retailer.
Staff employed : 2,000 employees (Subject)
Country risk : Country risk is minimal
Operation trend : Operational trend is progressing
Management experience : Management is adequately experienced
Financial performance : Financial performance is very good
Organization structure : Organizational structure is consistent
Detrimental : No detrimental records found
Payment history : No payment delays noted
Registry Data
Registration date : 27/02/1996
Legal form : Australian Proprietary Company
Registration no Australian Company Number : 073053273
Registered authority : Australian Securities and Investments Commission
Fiscal/ Tax no : Australian Business Number: 99073053273
Registry status : Live/Active
Previous name : The Subject was previously known as PASCOES AUST. PTY LTD and changed to the current style on 01-09-1997.
Change of legal form : None reported.
Other registration : PROUDS, THE JEWELLERS is a business name owned by the Subject registered under business registration no: VIC 1360782D / TAS 115483B / QLD BN6724589 / NSW U4455241 / ACT F 00087375.
PROUDS THE JEWELLERS is a business name owned by the Subject registered under business registration no: SA BN03842617 / NT BN00859461 / WA BN09241486.
Key Management
Name : Terence Edmond Johnstone
Designation : Chief Executive Officer
Name : Bob Wright
Designation : IT Manager
Appointments
Name : Anne Norman
Designation : Director
Appointment date : 29/03/96
Address : 6 Te Kowhai Place
Remuera, Auckland, 1050
New Zealand
Biography : Born on 10-07-1945 in New Zealand.
Name : David Norman
Designation : Director
Appointment date : 29/03/96
Address : 6 Te Kowhai Place
Remuera, Auckland, 1050
New Zealand
Biography : Born on 02-03-1949 in United Kingdom.
Name : Terence Edmond Johnstone
Designation : Director and Company Secretary
Appointment date : 01/07/11
Address : 6 Leverton Close
St Ives, NSW 2075
Australia
Biography : Born on 15-10-1943 in Waratah, New South Wales, Australia.
Staff employed : 2,000 employees (Subject)
Key Advisors
Auditors : PRICEWATERHOUSECOOPERS
'Darling Park Tower' Suite 2
201 Sussex Street
Sydney, NSW 2000
Australia
Composition
Authorized Capital : AUD 1
No of shares : 1 Ordinary Share
Share par value : AUD 1
Issued capital : AUD 1
Paid up capital : AUD 1
How listed : Full List
Composition
Shareholder name : JAMES PASCOE LIMITED
Address : 29 Union Street
Auckland Central, Auckland 1010
New Zealand
No. of shares : 1 Ordinary Share
% of shares : 100%
Structure
Name : JAMES PASCOE LIMITED
Affiliation type : Parent Company
Address : 29 Union Street
Auckland Central, Auckland 1010
New Zealand
Name : ANGUS & COOTE PTY LTD
Affiliation type : Wholly-owned Subsidiary
Address : 28 Parramatta Road
Summer Hill, NSW 2130
Australia
Name : ANGUS & COOTE INDUSTRIES PTY LTD
Affiliation type : Wholly-owned Subsidiary
Address : 28 Parramatta Road
Summer Hill, NSW 2130
Australia
Name : ANGUS & COOTE PROPERTIES PTY LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 28 Parramatta Road
Summer Hill, NSW 2130
Australia
Name : ANGUS & COOTE SUPERANNUATION PTY. LTD.
Affiliation type : Wholly-owned Subsidiary
Address : 28 Parramatta Road
Summer Hill, NSW 2130
Australia
Name : ANGUS & COOTE (HOLDINGS) LTD
Affiliation type : Wholly-owned Subsidiary
Address : 4/27 Leeds Street
Rhodes, NSW 2138
Australia
Name : ANGUS & COOTE (VIC) PTY. LTD.
Affiliation type : Wholly-owned Subsidiary
Address : 28 Parramatta Road
Summer Hill, NSW 2130
Australia
Name : GOLDMARK JEWELLERS LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 29 Union Street
Auckland Central, Auckland 1010
New Zealand
Name : HARBOUR CITY JEWELLERS PTY LTD
Affiliation type : Wholly-owned Subsidiary
Address : 28 Parramatta Road
Summer Hill, NSW 2130
Australia
Related companies and corporate affiliations comments
: Other companies of the James Pascoe Group should be considered affiliates of the Subject.
Bank Details
Name of bank : Australia And New Zealand Banking Group Limited
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 : Satisfied Charges:
ASIC Charge Number: 540750
Date Registered: 29-05-1996
Charge type: Both Fixed & Floating
Date Created: 16-05-1996
Chargees Name: AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
& ANZ BANKING GROUP (NEW ZEALAND) LIMITED
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
Description
Source of financial statement : Commercial Registry Filings
Financial statement date : 31/05/11
Type of accounts : Full audited
Currency : Australia Dollar (AUD)
Exchange rate : 1 USD = AUD 0.94 as of 16-02-2012
Summarized Financial Information
Consolidation type : Consolidated Consolidated
Currency : Australia Dollar (AUD) Australia Dollar (AUD)
Denomination : (x1) One (x1) One
Date of financial year end : 31/05/11 31/05/10
Length of accounts : 12 months 12 months
Sale turnover / Income : 592,223,000 584,393,000
Profit before tax : 27,043,000 30,377,000
|
Net income : |
18,803,000 |
21,145,000 |
|
Non current assets : |
129,243,000 |
129,433,000 |
|
Current assets : |
264,657,000 |
269,062,000 |
|
Inventories : |
236,234,000 |
226,426,000 |
|
Total assets : |
393,900,000 |
398,495,000 |
|
Current liabilities : |
260,352,000 |
284,368,000 |
|
Non current liabilities : |
12,262,000 |
11,644,000 |
|
Total liabilities : |
272,614,000 |
296,012,000 |
|
Share equity : |
121,286,000 |
102,483,000 |
|
Retained earning : |
120,286,000 |
101,483,000 |
Comments : The consolidated financial information above relates to the Subject and its subsidiaries.
Main activities : The Subject is engaged as jewellery, watches and giftware retailer.
Its jewellery includes diamonds, precious stones, gold jewellery, and silver and pearls. The company also offers watches and giftware. In addition, it offers jewellery valuations; jewellery repairs, including resizing, chain and bracelet soldering, charm soldering, clean and polish, claw re-tipping, remakes and remodeling, and hand made pieces; and watch repairs, such as batteries, watch band adjustment or replacement, pin replacement, watch service and clean, and glass replacement.
The Subject is part of James Pascoe Limited which owns and operates a chain of jeweler 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. The company was founded in 1937 and is headquartered in Auckland, New Zealand. It has store locations in Whangarei, Auckland, Hamilton, Rotorua, Mt Maunganui, Palmerston North, Napier/Hastings, New Plymouth, Wellington, Nelson/Richmond, Christchurch, Timaru, Dunedin, and Invercargill, New Zealand; and Australia.
Purchases
International : Mainly from Asia, Europe, Africa
Sales
Local : Yes
International : No exports.
Property & Assets
Premises : The Subject operates from head office located at the verified heading address consisting of administrative office.
Branches : In addition, the Subject operates from approximately 200 retail stores located in Australia.
Other property : Total NBV of property, plant and equipment as of 31-05-2011 was AUD
93,115,000.
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%
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%
PAYMENT HISTORY
Purchase Term
International : L/C, Cash against document, Telegraphic transfer, Credit up to 180 days
Sales Term
Local : Cash, Credit card, 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
-
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.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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.