|
Report Date : |
12.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
THE JEWELLERY GROUP PTY LIMITED |
|
|
|
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Registered Office : |
Level 14, 182 Victoria Square, Adelaide, South Australia
5000 |
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Country : |
Australia |
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Date of Incorporation : |
01.03.2007 |
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|
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Com. Reg. No.: |
124077729 |
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|
|
Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Subject is engaged as a retailer of jewellery |
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|
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No. of Employees : |
500 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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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 : THE
JEWELLERY GROUP PTY LIMITED
Other style / Business name : ZAMEL'S JEWELLERS
Business address : Level
14, 182 Victoria Square
Town : Adelaide
Province : South
Australia
Zip/postal code : 5000
Country : Australia
Tel : +61
8 82284557
Fax : +61
8 98426033
Email : accounts@zamels.com.au
Website : www.zamels.com.au
Registered address : Level
14, 182 Victoria Square
Town : Adelaide
Province : South
Australia
Zip/postal code : 5000
Country : Australia
Executive
Summary
Date founded or registered : 01/03/2007
Legal form : Australian
Proprietary Company
Chief executive : Adrian
David Murphy
Issued & paid up capital : AUD 1
Line of business : Retailer
of jewellery.
Staff employed : 500
employees
Country risk : Country
risk is minimal
Operation trend : Operational
trend is steady
Management experience : Management
is modestly experienced
Financial performance : Financial
performance is undetermined
Organization structure : Organizational
structure is stable
Detrimental : No
detrimental found
Payment history : No
payment delays noted
Registry
Data
Registration date : 01/03/2007
Legal form : Australian
Proprietary Company
Registration no Australia Company Number: 124077729
Registered authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australia Business Number: 25124077729
Registry status : Live/Active
Previous name : QJ
FINANCE PTY LIMITED (initial)
Change of legal form : None
reported.
Key
Management
Name : Adrian
David Murphy
Designation : Chief
Executive Officer
Name : Lachlan
Montagu Cairns Gunn
Designation : Chief
Financial Officer
Appointments
Name : Lachlan Montagu Cairns Gunn
Designation : Director and Company Secretary
Appointment date : 18/06/07
Address : Unit 12, 3 King Street
Narrabeen, NSW 2101
Australia
Biography : Born on 05-12-1966 in Sydney, New South Wales,
Australia.
Name : Adrian David Murphy
Designation : Director
Appointment date : 03/08/09
Address : Unit 2, 96 Esplanade
Hove, SA 5048
Australia
Biography : Born on 08-08-1969 in United Kingdom.
Staff employed : 500 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 : THE
JEWELLERY GROUP HOLDINGS PTY LIMITED
Address : Level
14, 182 Victoria Square
Adelaide,
SA 5000
Australia
No. of shares : 1
Ordinary Share
% of
shares : 100%
Structure
Name : THE
JEWELLERY GROUP HOLDINGS PTY LIMITED
Affiliation type : Parent Company
Address : Level
14, 182 Victoria Square
Adelaide,
SA 5000
Australia
Name : M.
SURESH COMPANY PRIVATE LIMITED
Affiliation type : Associate
Address : BW-6010,
Bharat Diamond Bourse
Bandra
Kurla Complex, Bandra East
Mumbai
400051
Maharashtra
India
Bank
Details
Name of bank : St.George
Bank
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 : 21
January 2013
ACCC v The Jewellery Group Pty
Ltd (No 2): Misleading and Deceptive Conduct
In ACCC v The Jewellery Group
Pty Ltd (No 2) [2013] FCA 14 (18 January 2013)
Justice Lander in the Federal
Court of Australia has fined The Jewellery Group
(trading as Zamel's) $250,000
for misleading consumers about savings made on
jewellery.
The case is said to have
"significant implications" for all retailers in that Justice
Lander found Zamel's had misrepresented
savings consumers would make from
purchasing items during sale
periods for as many as 44 jewellery items appearing
in Zamel's various catalogues
and promotions which had been distributed
nationally and promoted on
Zamel's website.
Out of the items of jewelry
identified Justice Lander found that Zamel's had not
sold the items at the higher
price, or it had sold a very limited quantity at the
higher price prior to the sale
commencing. Justice Lander is quoted in his
judgment as saying “the $250,000
penalty reflected the seriousness of the
conduct”.
The case was prosecuted by the
ACCC and the chairman is quoted as saying the
penalty “was a clear message to
businesses that the court takes a dim view of
this sort of conduct.”
As part of the judgment against
it Zamel's is also required to publish corrective
notices in newspapers, on its
website, and to implement a trade practices
compliance program and pay the
ACCC's costs.
Tax liens : None
reported.
Others : None
reported.
Description
Date of financial year end :
Comments : 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.
The Subject meets all criteria to reveal their financial
information however is still
exempted from filling their financial information by the
Government of Australia.
Main activities : The Subject is engaged as a retailer of
jewellery.
The Subject operates jewellery stores under the name Zamel's
Jewellers
across Australia.
The Subject has approximately 94 jewellery stores across
Australia. The
Subject also sells its products via online.
(www.zamels.com.au)
Product & services : Jewellery
Diamonds
Watches
Purchases
International : Asia,
Europe, Africa
Sales
Local : Yes
International : No exports.
Key events : 11
November 2011
M Suresh Acquires Australia
Based Diamond Retailer - The Jewellery
Group
M Suresh Company Pvt Ltd has acquired
majority stake in Australia based
- The Jewellery Group Pty Ltd
from Sydney based PE firm Quadrant.
The financial details of the
deal were not disclosed, however the size is
supposed to be around $30Mn.
Adelaide based The Jewellery
Group owns retail stores under the brand
names Zamels and Mazzuchellis.
It operates 101 Zamels stores and 26
Mazzuchellis stores. The 56 year
old Company was bought by Quadrant in
March 2007 from the Zamel family
for about $48Mn.
Quadrant had entered into a 5
year non-compete agreement with Adrian
and Stephen - the founders of
The Jewellery Group in 2007. This deal
coincides with an end to the
non-compete clause signed by Adrian and
Stephen, allowing them to
re-enter the industry.
Quadrant put up the company for
sale in September this year and
mandated Deloitte to handle the
process. Many suitors including New
Zealand-based jewellery chains
Michael Hill and James Pascoe were
interested in acquiring the
daimond jewellery seller. According to some
reprots, even Gitanjali Gems was
interested in the company.
Mumbai based M Suresh Company is
a manufacturer, importer and
exporter of cut and polished
diamonds since 1968. Presently, the firm
exports to USA, Europe, Japan,
South East Asia, Israel, UAE & Canada. It
also owns two jewellery retail
brands - Adora and Amaris - in India and
Karishma retail brand in the US.
Earlier this year, Gitanjali
Gems acquired Italy-based jewellery firm DIT
Group SpA, which owns brands
like Stefan Hafner, IO Si, Roberta Porrati,
and Nouvelle Bague.
Source: www.dealcurry.com
Property
& Assets
Premises : The Subject operates from premises located at the
verified heading
address consisting of an administrative office.
Branches : In addition, the Subject operates from
approximately 94 Zamel's Jewellers
stores located in Australia.
Gross
Domestic Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange & gold : US$ 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, D/P, D/A,
Credit 30-120 days
Sales
Term
Local : Cash, Credit card
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.54.29 |
|
|
1 |
Rs.81.08 |
|
Euro |
1 |
Rs.70.61 |
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.