|
Report Date : |
04.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
JEWELLERY
INDUSTRY MANAGEMENT & AGENCY COMPANY LIMITED |
|
|
|
|
Registered Office : |
Suite
1, Level 5, The Office Tower, Westfield Shopping Town, Miranda, New South
Wales, 2228 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
22.03.1979 |
|
|
|
|
Com. Reg. No.: |
005524863 |
|
|
|
|
Legal Form : |
Non Listed Australian Public Company |
|
|
|
|
Line of Business : |
Franchiser with specialist purchasing power of a group of
about 300 independent jeweller stores throughout Australia and New Zealand |
|
|
|
|
No. of Employees : |
20 |
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 : |
Slow but 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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source : CIA |
Verified Address
Subject
name : JEWELLERY
INDUSTRY MANAGEMENT & AGENCY COMPANY LIMITED
Other
style / Business name : JIMACO /
SHOWCASE JEWELLERS
Business
address : Suite 1,
Level 5, The Office Tower
Westfield Shopping Town
Town :
Miranda
Province
: New
South Wales
Zip/postal
code : 2228
Country
: Australia
Tel : +61 2
85822000
Fax : +61 2
85822098
Website
: www.showcasejewellers.com.au
Registered
address : Suite 1, Level
5, The Office Tower
Westfield Shopping Town
Town :
Miranda
Province
: New
South Wales
Zip/postal
code : 2228
Country
: Australia
Executive Summary
Date
founded or registered : 22/03/1979
Legal
form : Non
Listed Australian Public Company
Chief
executive : Michael
Mishevski
Issued
& paid up capital : AUD
1,150,800
Sales
turnover : AUD
11,865,560 (Consolidated 12 months, 30/06/2012)
Net
income : AUD
186,963 (Consolidated 12 months, 30/06/2012)
Total
fixed assets : AUD
21,077,874 (Consolidated 12 months, 30/06/2012)
Line
of business : Franchiser
with specialist purchasing power of a group of about 300 independent
jeweller stores throughout Australia and New Zealand.
Staff
employed : 20
employees
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 found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 22/03/1979
Legal
form : Non Listed
Australian Public Company
Registration
no Australia Company Number:
005524863
Registered
authority : Australian Securities and
Investments Commission
Fiscal/
Tax no : Australia Business
Number: 22005524863
Registry
status : Live/Active
Previous
name : JEWELLERY INDUSTRY
MANAGEMENT & AGENCY COMPANY PTY.
LIMITED
SHOWCASE JEWELLERS PROPRIETARY LIMITED
ZENNA PROPRIETARY LIMITED (initial)
Change
of legal form : None reported.
Key Management
Name :
Michael Mishevski
Designation
: Chief Executive Officer
Name :
George Joaquim
Designation
: Chief Financial Officer
Appointments
Name :
George Paul Proszkowiec
Designation
: Director
Appointment
date : 17/08/01
Address
: 26 Rees James Road
Raymond
Terrace, NSW 2324
Australia
Biography
: Born on 08-02-1951 in Poland.
Name :
Stephen Paul Schneider
Designation
: Director
Appointment
date : 31/03/07
Address
: 9 Aldinga Drive
Bunbartha,
VIC 3634
Australia
Biography
: Born on 02-12-1961 in Yarrawonga, Victoria, Australia.
Name :
Samuel Robert Coote
Designation
: Director
Appointment
date : 29/08/09
Address
: 8 Huaba Close
Bathurst,
NSW 2795
Australia
Biography
: Born on 15-05-1950 in Sydney, New South Wales, Australia.
Name :
Terence Martin Keoghan
Designation
: Director
Appointment
date : 09/05/11
Address
: 18 Mission Road
Kerikeri
0230
New
Zealand
Biography
: Born on 15-12-1945 in Kalgoorlie, Western Australia, Australia.
Name :
Douglas John Crich
Designation
: Director
Appointment
date : 27/09/11
Address
: 68 Hilldale Drive
Bolwarra
Heights, NSW 2320
Australia
Biography
: Born on 03-01-1958 in Maitland, New South Wales, Australia.
Name :
Michael Mishevski
Designation
: Company Secretary
Appointment
date : 19/05/89
Address
: 34 Harris Street
Sans
Souci, NSW 2219
Australia
Biography
: Born on 02-09-1967 in Serbia.
Staff
employed : 20 employees
Key Advisors
Auditors
: WALKER WAYLAND
Level
8, 55 Hunter Street
Sydney,
NSW 2000
Australia
Composition
Authorized
Capital : AUD 1,150,800
Issued
capital : AUD 1,150,800
Paid
up capital : AUD 1,150,800
How
listed : N/A
Composition
Comments
: The Subject is owned by independent members. These members are owners of
the
Showcase Jewellers stores which are part of the Subject’s franchising
system.
Structure
Name :
JEWELLERY INDUSTRY MANAGEMENT & AGENCY COMPANY NZ LIMITED
Affiliation
type : Wholly-owned Subsidiary
Address
: Richardson Shipping Building
17b
Mahia St, Ahuriri
Napier,
4110
New
Zealand
Name :
SHOWCASE JEWELLERS PTY. LIMITED
Affiliation
type : Wholly-owned Subsidiary
Address
: Suite 1, Level 5, The Office Tower
Westfield
Shopping Town
Miranda,
NSW 2228
Australia
Name :
MEMCOY PTY. LIMITED
Affiliation
type : Wholly-owned Subsidiary
Address
: Suite 1, Level 5, The Office Tower
Westfield
Shopping Town
Miranda,
NSW 2228
Australia
Name :
UNITED JEWELLERY BUYERS PTY. LIMITED
Affiliation
type : Wholly-owned Subsidiary
Address
: Suite 1, Level 5, The Office Tower
Westfield
Shopping Town
Miranda,
NSW 2228
Australia
Name :
NINIKI PTY LTD
Affiliation
type : Wholly-owned Subsidiary
Address
: Suite 1, Level 5, The Office Tower
Westfield
Shopping Town
Miranda,
NSW 2228
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
: None reported.
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 : 30/06/12
Type
of accounts : Full
audited
Currency
: Australia
Dollar (AUD)
Exchange
rate : 1
USD = AUD 0.95 as of 02-04-2013
Summarized Financial Information
Consolidation
type : Consolidated
Consolidated
Currency
: Australia
Dollar (AUD) Australia
Dollar (AUD)
Denomination
: (x1)
One (x1)
One
Date
of financial year end : 30/06/12
30/06/11
Length
of accounts : 12
months 12
months
Sale
turnover / Income : 11,865,560
12,875,424
Profit
before tax : 304,132
277,700
Net
income : 186,963
204,988
Non
current assets : 716,731
649,133
Current
assets : 20,361,143
21,511,591
Inventories
: 2,850,789
3,115,735
Total
assets : 21,077,874
22,160,724
Current
liabilities : 9,297,091
9,680,521
Non
current liabilities : 8,743,282
9,446,045
Total
liabilities : 18,040,373
19,126,566
Share
equity : 3,037,501
3,034,158
Retained
earning : 1,887,360
1,850,396
Comments
: The consolidated financial information above relates to the Subject and its
subsidiaries.
Main
activities : The Subject operates as a franchiser with specialist purchasing
power of a
group
of about 300 independent jeweller stores throughout Australia and
New
Zealand.
Product
& services : Diamond, Gold & Silver jewellery
Gemstones
Brand
: SHOWCASE JEWELLERS
Purchases
International
: Thailand, Hong Kong, China, United Kingdom, Italy, Belgium,, United
States
Sales
Local
: Yes
International
: New Zealand
Property & Assets
Premises
: The Subject operates from premises located at the verified heading
address
consisting of an administrative office.
Branches
: None reported.
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$
1.586 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 : 2008: 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
: Prepayment, Telegraphic transfer, L/C, Credit 30-120 days
Sales Term
Local
: Prepayment, Bank transfer, D/P, Credit 30-120 days
International
: Prepayment, Telegraphic transfer, L/C, 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
-
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.54.38 |
|
|
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.69.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.