|
Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
BOLTON GEMS PTY LTD |
|
|
|
|
Registered Office : |
Suite
8, 326 Gympie Road, Strathpine, Queensland 4500 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Date of Incorporation : |
19.03.2007 |
|
|
|
|
Com. Reg. No.: |
124481778 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
LINE OF BUSINESS : |
THE SUBJECT ENGAGES AS DIAMONDS, PRECIOUS AND SEMI PRECIOUS
STONES MERCHANT. |
|
|
|
|
No. of Employees : |
20 employees |
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 : |
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 – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, 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 is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
|
Source : CIA |
Verified Address
Subject
name : BOLTON
GEMS PTY LTD
Business
address : Suite 8,
326 Gympie Road
Town :
Strathpine
Province
:
Queensland
Zip/postal
code : 4500
Country
:
Australia
Tel : +61
7 32056311
Fax : +61
7 32050399
Website
:
www.boltongems.com.au
Registered
address : Suite 8, 326
Gympie Road
Town :
Strathpine
Province
:
Queensland
Zip/postal
code : 4500
Country
:
Australia
Postal
address : P.O.
Box 206
Town :
Strathpine
Province
: Queensland
Zip/postal
code : 4500
Country
:
Australia
Executive Summary
Date
founded or registered : 19/03/2007
Legal
form :
Australian Proprietary Company
Chief
executive : Brett
Bolton
Issued
& paid up capital : AUD 1
Line
of business :
Diamonds, precious and semi precious stones merchant.
Staff
employed : 20
employees
Country
risk :
Country risk is minimal
Operation
trend :
Operational trend is steady
Management
experience : Management is modestly
experienced
Financial
performance : Financial
performance is fair
Organization
structure : Organizational
structure is stable
Detrimental
: No detrimental found
Payment
history : No
payment delays noted
Credit
amount asked : Not described.
Registry Data
Registration
date :
19/03/2007
Legal
form :
Australian Proprietary Company
Registration
no Australian Company Number :
124481778
Registered
authority :
Australian Securities and Investments Commission
Fiscal/
Tax no : Australian Business Number :
68051966382
Registry
status :
Live/Active
Previous
name :
A.C.N. 124 481 778 PTY LTD (initial)
Change
of legal form :
None reported.
Key Management
Name : Brett Bolton
Designation
: Managing Director
Appointments
Name : Brett Bolton
Designation
: Director
Appointment
date : 19/03/07
Address :'Lot 5', 727 Clear
Mountain Road
Clear Mountain, QLD
4500
Australia
Biography
: Born on 17-08-1977
in Brisbane, Queensland, Australia.
Staff
employed : 20 employees
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 : Brett Bolton
Address : 'Lot 5',
727 Clear Mountain Road
Clear Mountain, QLD
4500
Australia
No. of
shares : 1
Ordinary Share
% of
shares :
100%
Structure
Related
companies and corporate
affiliations
comments : None
reported.
Bank Details
Name
of bank : Bank
of Queensland
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 : External sources states that the Subject annual
turnover is between AUD 10 to AUD 20 million.
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
$12.5 million, and
-The
company and any entities it controls have fewer than 50 employees at the end of
the financial year.
Main activities
: The Subject engages as diamonds, precious and semi precious stones merchant.
Purchases
International : Mainly from India, Hong
Kong, China, Belgium
Sales
Local : Yes
International
: New Zealand
Property & Assets
Premises
: The Subject operates
from premises at the verified heading address
consisting of an administrative office.
Branches
: None reported.
Gross Domestic Products (GDP) &
Economic Overview
Central
bank :
Reserve Bank of Australia
Reserve
of foreign exchange & gold : US$
46.714 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
:
2010: 2.8%
2011: 3.4%
2012: 2.7%
Unemployment
rate : 2010:
5.2%
2011: 5.1%
2012: 5.2%
Public
debt
(General
Government gross debt as
a %
GDP) :
2010: 20.4%
2011: 22.9%
2012: 24%
Government
bond ratings :
Standard & Poor's: AAA
Moody's rating: Aaa
Moody's outlook: STA
Market
value of publicly traded
Shares :
US$1.198 trillion
Largest
companies in the country
:
Qantas Airways (Airline),Coca-Cola Amatil (Beverages), CSL (Biotechs), Brambles
(Business & Personal Services),Crown Ltd (Casinos & Gaming),Amcor
(Containers & Packaging),Suncorp-Metway (Diversified Insurance),BHP
Billiton (Diversified Metals & Mining),Newcrest Mining (Diversified Metals
& Mining), Orica (Diversified Metals & Mining), Iluka
Resources(Diversified Metals & Mining), Origin Energy (Electric Utilities),
AGL Energy (Electric Utilities), Wesfarmers (Food Retail), Woolworths (Food
Retail), Metcash (Food Retail), Macquarie Group (Investment services), AMP (Investment
services), Challenger Ltd (Investment services), Fortescue Metals Group (Iron
& Steel), Bluescope Steel (Iron &
Steel),
Commonwealth Bank (Major Banks), Westpac Banking Group (Major Banks), National
Australia Bank (Major Banks), ANZ (Major Banks), Woodside Petroleum (Oil &
Gas Operations), Santos (Oil & Gas
Operations),
Caltex Australia (Oil & Gas Operations), WorleyParsons (Oil Services &
Equipment), Toll Holdings (Other Transportation), Transurban Group (Other Transportation),
QBE Insurance Group (Property & Casualty Insurance), Insurance Australia
Group (Property & Casualty Insurance), QR National (Railroads), Westfield
Group (Real Estate), Stockland Australia (Real Estate), Westfield Retail Trust
(Real Estate), Lend Lease (Real Estate), CFS Retail Property Trust (Real
Estate), Goodman Group
(Real
Estate), Bendigo & Adelaide Bank (Regional Banks), Bank of Queensland
(Regional Banks), Incitec Pivot (Specialized Chemicals), Telstra
(Telecommunications Services)
Total
exports : US$263.9 billion
Exports commodities :
Coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment
Total
imports : US$239.7 billion
Imports
commodities : Machinery and transport
equipment, computers and office machines,
telecommunication
equipment and parts; crude oil and petroleum products
Export
- major partners : China 27.4%, Japan
19.2%, South Korea 8.9%, India 5.8%
Import
- major partners : China 18.5%, US 11.4%,
Japan 7.9%, Singapore 6.3%, Germany 4.7%
FDI
Inflows : 2009:
US$26,554 million
2010: US$35,556
million
2011: US$41,317
million
FDI
Outflows : 2009: US$16,693
million
2010: US$12,791
million
2011: US$19,999
million
Best
countries for doing business : 10
out of 185 countries
Global
competitiveness ranking : 20
(ranking by country on a basis of 144, the first is the best)
Total
population : 22.68 million
Total
area : 7,692,024 km2
Capital
: Canberra
Currency
: Australian dollars
(AUD)
Internet
users as % of total
Population : 79%
Purchase Term
International
: Telegraphic transfer, D/P, Credit
30-120 days
Sales Term
Local : Bank transfer, Cash,
Prepayment, Credit 30-90 days
International : 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
-
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.
-
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 –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.61.81 |
|
UK Pound |
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.82.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.