MIRA INFORM REPORT
|
Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
WALLACE BISHOP PTY. LTD. |
|
|
|
|
Registered Office : |
55 Doggett Street,
Newstead, Queensland, Zip/postal code 4006 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
25.06.1947 |
|
|
|
|
Com. Reg. No.: |
009665212 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Jewelry retailer |
|
|
|
|
No. of Employees : |
437 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 : |
Satisfactory |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
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 : WALLACE BISHOP PTY.
LTD.
Other style / Business name :
WALLACE BISHOP JEWELLER / WALLACE
BISHOP JEWELLERS
Business address : 55 Doggett Street
Town : Newstead
Province : Queensland
Zip/postal code : 4006
Country : Australia
Tel : +61 7 32536400
Fax : +61 7 32536480
Website : www.wallacebishop.com.au
Registered address : 55 Doggett Street
Town : Newstead
Province : Queensland
Zip/postal code : 4006
Country : Australia
Executive Summary
Date founded or registered : 25/06/1947
Legal form : Australian
Proprietary Company
Chief executive : Stuart Wallace Bishop
Issued & paid up capital
: AUD 82,000
Sales turnover : AUD 108,868,445
(Non-consolidated 12 months, 30/06/2011)
Net income : AUD 578,560
(Non-consolidated 12 months, 30/06/2011)
Total fixed assets : AUD 68,479,645
(Non-consolidated 12 months, 30/06/2011)
Line of business : Jewelry retailer.
Staff employed : 437 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
declining
Management experience : Management is extremely experienced
Financial performance : Financial performance is good
Organization structure : Organizational structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date : 25/06/1947
Legal form : Australian Proprietary Company
Registration no Australian Company Number:
009665212
Registered authority : Australian Securities and Investments
Commission
Fiscal/ Tax no : Australian Business Number:
33009665212
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Other registration : WALLACE BISHOP JEWELLER is a business
name owned by the Subject
registered on 29/06/2011 under business registration no:
BN22096073.
WALLACE BISHOP JEWELLERS is a business name owned by the Subject
registered on 18/01/2006 under business registration no:
BN98192354.
Key Management
Name : Stuart Wallace Bishop
Designation : Chief Executive Officer
Name : Charles
Cormack
Designation : Chief Operating Officer
Appointments
Name : Janette Elizabeth
Bishop
Designation : Director
Appointment date : 21/01/93
Address : Unit 105, 'Oronsay'
53B
Newstead Terrace
Newstead,
QLD 4006
Australia
Biography : Born on 26-07-1936 in
Blackall, Queensland, Australia.
Name : Wallace Bishop
Designation : Chairman
Appointment date : 15/08/55
Address : Unit 105, 'Oronsay'
53B
Newstead Terrace
Newstead,
QLD 4006
Australia
Biography : Born on 14-08-1934 in
Brisbane, Queensland, Australia.
Name : Stuart Wallace Bishop
Designation : Director
Appointment date : 30/03/01
Address : 179 Laurel Avenue
Chelmer,
QLD 4068
Australia
Biography : Born on 17-05-1968 in
Brisbane, Queensland, Australia.
Name : Ian Roger Winterburn
Designation : Company Secretary
Appointment date : 01/04/86
Address : 9 Yanum Place
Chapel
Hill, QLD 4069
Australia
Biography : Born on 08-11-1947 in Leeds,
United Kingdom.
Staff employed : 437 employees
Key Advisors
Auditors : MERROTTS
Level 6,
Brisbane Club Tower
241
Adelaide Street
Brisbane,
QLD 4000
Australia
Composition
Authorized Capital : AUD 82,000
No of shares : 12,500 6% Fixed Cumulative Preference
Shares / 1,500 Non-Cumulative
Preference Shares 27,000 Ordinary Shares
Share par value : AUD 2
Issued capital : AUD 82,000
Paid up capital : AUD
82,000
How listed : Full List
Composition
Shareholder name : STEELE INVESTMENTS PTY. LIMITED
Address : 55 Doggett Street
Newstead,
QLD 4006
Australia
No. of shares : 12,500 6% Fixed Cumulative
Preference Shares / 1,500 Non-Cumulative Preference Shares /
26,999 Ordinary Shares
Shareholder name : Wallace Bishop
Address : Unit 105, 'Oronsay'
53B
Newstead Terrace
Newstead,
QLD 4006
Australia
No. of
shares : 1 Ordinary Share
Structure
Name : ATHENA PTY. LTD.
Affiliation type : Ultimate
Holding Company
Address : 55 Doggett Street
Newstead,
QLD 4006
Australia
Name : STEELE INVESTMENTS PTY. LIMITED
Affiliation type : Parent
Company
Address : 55 Doggett Street
Newstead,
QLD 4006
Australia
Name : WALLACE BISHOP ARCADE PTY. LTD.
Affiliation type : Associate
Address : 55 Doggett Street
Newstead,
QLD 4006
Australia
Name : WALLACE BISHOP FINANCE PTY. LTD.
Affiliation type : Associate
Address : 55 Doggett Street
Newstead,
QLD 4006
Australia
Name : WALLACE BISHOP PROPERTY PTY LTD
Affiliation type : Associate
Address : 55 Doggett Street
Newstead,
QLD 4006
Australia
Name : WALLACE BISHOP FAMILY
SUPERANNUATION PTY. LTD.
Affiliation type : Associate
Address : 55 Doggett Street
Newstead,
QLD 4006
Australia
Name : WALLACE BISHOP CORPORATE PROPERTIES
PTY. LTD.
Affiliation type : Associate
Address : 55 Doggett Street
Newstead,
QLD 4006
Australia
Name : GEB SUPERANNUATION PTY LTD
Affiliation type : Associate
Address : 55 Doggett Street
Newstead,
QLD 4006
Australia
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 : 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 : 30/06/11
Type of accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate 1 USD = AUD 0.98 as
of 08-10-2012
Summarized
Financial Information
Consolidation type : Non Consolidated Non Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar (AUD)
Denomination : (x1) One (x1) One
Date of financial year end : 30/06/11 30/06/10
Length of accounts : 12 months 12 months
Sale turnover / Income : 108,868,445 118,296,891
Profit before tax : 1,047,916 8,506,465
Net income : 578,560 6,145,509
Non current assets : 9,380,116 10,015,755
Current assets 59,099,529 58,258,645
Inventories : 43,539,590 41,632,151
Total assets : 68,479,645 68,274,400
Current liabilities : 10,708,644 10,858,769
Non current liabilities : 4,969,707 5,241,862
Total liabilities : 15,678,351 16,100,631
Share equity : 52,801,294 52,173,769
Reserve : 340,166 291,201
Retained earning : 52,379,128 51,800,568
Main activities : The Subject is engaged as a jewelry
retailer.
The Subject sells its products through its 56 retails stores
located in
Australia.
Product & services : `Diamond, gold & silver jewelry
High-end watches
Purchases
International : Mainly from Asia
Sales
Local : Yes
International : No exports.
Property &
Assets
Premises : The Subject operates from
premises located at the verified heading
address
consisting of an repair and service centre, warehouse and
administrative
office.
Branches : In addition, the Subject
operates from 56 retail stores located in Australia.
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 : 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.53.77 |
|
UK Pound |
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.