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Report Date : |
05.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
PROUDS JEWELLERS PTY LTD |
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Formerly Known As : |
PASCOES AUST. PTY LTD |
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Registered Office : |
28
Parramatta Road, Summer Hill, New South Wales 2130 |
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Country : |
Australia |
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|
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Financials (as on) : |
31.05.2012 (Consolidated) |
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Date of Incorporation : |
27.02.1996 |
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Com. Reg. No.: |
073053273 |
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Legal Form : |
Australian Proprietary Company |
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|
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Line of Business : |
Subject
is engaged as jewellery, watches and giftware retailer. |
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|
|
|
No. of Employees : |
5,165 employees |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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Status : |
Good |
|
Payment Behaviour : |
Regular |
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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
|
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 |
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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 : 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 597,333,000 (Consolidated 12 months, 31/05/2012)
Net
income :
AUD 15,612,000 (Consolidated 12 months, 31/05/2012)
Total
fixed assets :
AUD 391,165,000 (Consolidated 12 months, 31/05/2012)
Line
of business :
Jewellery, watches and giftware retailer.
Staff
employed :
5,165 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 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 : 5,165 employees
(Subject)
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 : GOLDMARK JEWELLERS
PTY LTD
Affiliation
type : Wholly-owned
Subsidiary
Address
: 28 Parramatta
Road
Summer Hill, NSW
2130
Australia
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 : 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 :
31/05/12
Type
of accounts :
Full audited
Currency
:
Australia Dollar (AUD)
Exchange
rate :
1 USD = AUD 0.98 as of 01-03-2013
Summarized Financial Information
Consolidation
type : Consolidated Consolidated
Currency
:
Australia Dollar (AUD) Australia Dollar (AUD)
Denomination
: (x1) One (x1) One
Date of
financial year end : 31/05/12 31/05/11
Length
of accounts : 12 months 12 months
Sale
turnover / Income : 597,333,000 592,223,000
Profit
before tax : 22,166,000 27,043,000
Net
income : 15,612,000 18,803,000
Non
current assets : 119,850,000 129,243,000
Current
assets : 271,315,000 264,657,000
Inventories
: 244,414,000 236,234,000
Total
assets : 391,165,000 393,900,000
Current
liabilities : 244,397,000 259,728,000
Non
current liabilities : 12,041,000 12,886,000
Total
liabilities : 256,438,000 272,614,000
Share
equity : 134,727,000 121,286,000
Retained
earning : 135,898,000 120,286,000
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 an administrative office.
Branches
: In addition, the Subject
operates from approximately 200 retail stores
located in Australia.
Other
property : Total Net Book Value of
property, plant and equipment as of 31-05-2012
was AUD 82,643,000.
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$ 1.586 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)
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)
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, Cash against
document, Telegraphic transfer, Credit up to 180 days
Sales Term
Local : Cash, Credit card,
Bank transfer
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.55.05 |
|
UK Pound |
1 |
Rs.82.74 |
|
Euro |
1 |
Rs.71.61 |
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 SCs
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.