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Report Date : |
17.10.2013 |
IDENTIFICATION DETAILS
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Name : |
GREGORY BROS PTY LTD |
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Formerly Known as: |
Z Y B F PTY LTD |
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Registered Office : |
The Trust Building, Level 5, 155 King Street, Sydney, New South Wales, Zip/postal code 2000 |
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Country : |
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Date of Incorporation : |
16.03.1982 |
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Com. Reg. No.: |
002389817 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
manufacturer, wholesaler and retailer of fine jewellery, precious stones and high end watches. |
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No. of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Slow but Correct |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Australia |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : GREGORY BROS PTY LTD
Business address : The Trust Building, Level 5
155 King Street
Town : Sydney
Province : New South Wales
Zip/postal code : 2000
Country : Australia
Tel : +61 2 92213077
Fax : +61 2 92214560
Email : info@gregoryjewellers.com.au
Website : www.gregoryjewellers.com.au
Registered address : The Trust Building, Level 5
155 King
Street
Town : Sydney
Province : New South Wales
Zip/postal code : 2000
Country : Australia
Comments : The address provided Level-10,
70 Castlereagh Street, Sydney, NSW, Australia
belongs to the Subject's flagship store.
Executive Summary
Date founded or registered : 16/03/1982
Legal form : Australian
Proprietary Company
Chief executive : Christopher Gregory
Issued & paid up capital
: AUD 12
Line of business : Manufacturing, wholesale
and retail of fine jewellery, precious stones and high
end watches.
Staff employed : 100 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
steady
Management experience : Management is adequately 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 : 16/03/1982
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 002389817
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 20102419004
Registry status : Live/Active
Previous name : Z Y B F PTY LTD
(initial)
Change of legal form : None reported.
Key Management
Name : Christopher Gregory
Designation : Managing Director
Name : Lahdo Gregory
Designation : Director
Name : Isak Gregory
Designation : Director
Appointments
Name : Lahdo Gregory
Designation : Director
Appointment date : 16/03/82
Address : 12 Seymour Street
Croydon
Park, NSW 2133
Australia
Biography : Born on 01-01-1946 in Midyat,
Turkey.
Name : Isak Gregory
Designation : Director
Appointment date : 16/03/82
Address : 10 Rose Street
Croydon
Park, NSW 2133
Australia
Biography : Born on 01-01-1942 in Midyat,
Turkey.
Name : Christopher Gregory
Designation : Director and Company Secretary
Appointment date : 16/03/82
Address : 37 Lucretia Avenue
Longueville,
NSW 2066
Australia
Biography : Born on 01-01-1950 in Midyat,
Turkey.
Staff employed : 100 employees
Composition
Authorized Capital : AUD 12
No of shares : 12 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 12
Paid up capital : AUD 12
How listed : Full List
Composition
Shareholder name : Lahdo Gregory
Address : 12 Seymour Street
Croydon
Park, NSW 2133
Australia
No. of shares : 6 Ordinary Shares
% of shares : 50%
Shareholder name : Christopher Gregory
Address : 37 Lucretia Avenue
Longueville,
NSW 2066
Australia
No. of shares : 6 Ordinary Shares
% of shares : 50%
Structure
Name : GREGORY JEWELLERS PTY
LIMITED
Affiliation type : Associate
Address : 37 Lucretia Avenue
Longueville,
NSW 2066
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
Comments : The representative contacted
Mr. Christopher Gregory declined to provide any
financial
information until the inquiring party details are revealed.
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 in
manufacturing, wholesale and retail of fine jewellery,
precious stones and high end watches.
The Subject has 14 boutique showrooms/stores located across New
South
Wales and Victoria, Australia.
Product & services :
Fine Diamonds
Fine Jewellery
High End Watches
Accessories
Precious Stones
Brand :
LONGINES
RAYMOND WEIL
TAG HEUER
TISSOT
RADO
GUCCI
OMEGA
ORIS
CARTIER
DIOR
IWC
JAEGER LE COULTRE
Purchases
International : Asia and Europe
Sales
Local : Yes
International : No exports.
Key events : 16 September 2013
Gregory turns 45
With a jewellery-making
heritage spanning over a thousand years, it was
probably
inevitable that the Gregory family would succeed when they
opened up
their jewellery manufacturing and wholesale business in Sydney
in 1978.
Isak,
Lahdo & Christopher Gregory, the co-directors of Gregory Jewellers,
began
producing silver filigree jewellery in the Aramaic village of Midyat
during the
late 1950s, as apprentices to the master jewellers, known as the
Asra
family.
According
to Christopher and Lahdo, jewellery-making, particularly silver
filigree
work, was the main trade for all the men in the village ? and has
been so
for over a thousand years.
Nonetheless
the quality and popularity of the brothers’ designs prompted
their uncle, Isaac, to
join forces with them and formally establish Gregory
Bros as a business in
1967.
During the next
decade, the business shifted its focus from the
manufacture of silver
filigree jewellery to fine diamond jewellery, and
became increasingly
commercially successful in Turkey. However due to
‘political unrest’ in
the country, the Gregory Family, despite knowing very
little English,
decided to migrate to Australia, “the lucky country” from 1976
to 1978.
When the Gregory trio
and their families arrived in Sydney they set up a
workshop in the centre
of the CBD and began manufacturing the precious
diamond jewellery that
had proved so successful in their homeland.
The business quickly
established itself as a trusted supplier to “some of
Australia's most
luxurious and respected jewellery brands” and during its
peak, in the
mid-1980s, boasted more than “1500 loyal clients” in
Australia, New Zealand
and Fiji.
However, Gregory Bros’
fortunes took a dramatic turn for the worse in the
late 1980s due a
confluence of economic factors including the devastating
1987 stock market
crash and the resulting drop in property prices.
Edward Gregory, son of
Lahdo Gregory and joint CEO of Gregory
Jewellers today with
Helen Gregory, daughter of Christopher Gregory, says
that in many ways
these outside factors “forced” the family business to
move into retail.
“Wholesale business
was really slow,” he explains, “and we were slowly
starting to go under
due to what was going on around us.
“Many of our jewellery
clients were not paying their accounts and a lot of
our stock had to be
written off completely when some of our clients were
declared bankrupt.
“We were quite happy
being manufacturers and wholesalers but because
the market changed we
had to change otherwise we would have gone
bankrupt too.”
The three families
re-mortgaged their homes and then contacted numerous
shopping centres in a
bid to establish a retail outlet.
“Unfortunately as our
name wasn’t recognised in the retail market at the
time many shopping
centres didn’t want to know us but thankfully, the
leasing manager at
Blacktown WestPoint, Jim Wakeling, gave us an
opportunity.”
In 1989, the Gregory’s
opened the doors to their first store. Called
‘Diamondland’ to
differentiate it from their then still active manufacturing
business, the store
took about six months to establish successfully.
“Our aunt and mothers,
Gulay, Leyla and Rose took on the retail work. The
first six months were
difficult but after that they learnt what they were doing,
how to build
relationships, how to close a sale, etc, and the business began
to take off,” explains
Helen.
A few years later
after the Gregorys opened more stores, the Diamondland
name was replaced with
‘Gregory Jewellers’, and gradually began to
expand their retail
empire further while winding back the wholesale side of
the business.
Today the business
encompasses 14 “boutique showrooms” throughout
Sydney.
Each is stocked with
rings and diamond jewellery, designed and
manufactured by the
company’s jewellers as well as locally designed but
imported jewellery and
an extensive collection of Swiss watches including
Baume and Mercier,
Bell & Ross, Breitling, Cartier, Dior, Gucci, IWC,
Jaeger Le Coultre,
Longines, Omega, Oris, Rado, TAG Heuer, Tissot, TW
Steel and U-Boat.
Helen says the
company’s success can largely be attributed to the fact
that the Gregorys are
“yes” people who cater to their customers’ needs
for bespoke designs.
“We have always been
‘yes’ people,” she says. “We would never say
‘no’ to a customer ?
whatever a customer desires we aim to deliver.
“I guess that’s what
makes us stand out from everybody else. As
experienced jewellers
we have the ability to deliver bespoke designs and
that’s increasingly
important as more and more customers want the
opportunity to create
something unique from a sketch.”
Edward agrees, readily
acknowledging that the business is moving “in the
opposite direction” of
many of its competitors by manufacturing most of its
stock.
“With the high cost of
labour the cost of manufacturing is such that a
jeweller cannot be
globally competitive if they manufacture in Australia but
nonetheless instead of
focussing on more affordable imports we are
expanding our local
manufacturing business so we can give our customers
a product that is 100
percent Australian-made and 100 percent
Gregory-made from
design to manufacture.
“We believe that by
doing this we are maintaining our soul and that we
haven’t given away
what our parents have inherited – being a history of
more than 1000 years
of jewellery-making experience – for the lure of the
dollar.”
“It probably makes it
more difficult to compete but we’re very comfortable
with the direction
were taking.”
Helen adds that
although the business does have “some ready-to-wear
jewellery made
overseas” it is designed locally and the “production
process is tailored to
meet our standards, under strict quality control”.
“We will however never
deviate from making our own engagement rings
although some High
Street jewellers have already done so.”
Edward and Helen are
both adamant that Gregory Jewellers will always
remain true to its
family’s cultural heritage.
Isak, Lahdo and
Christopher Gregory are still directors of the business and
are not only actively
involved in overseeing the jewellery design and
manufacturing side of
operations but also find the time to regularly visit
their
stores – Lahdo and Chris often still work seven days a week.
Furthermore
Edward and Helen are not the only members of the Gregory
families’ second
generation to be involved in the family business.
Edward’s
younger brother Robert is Gregory Jewellers chief operating
officer,
while his older brother Simon manages the Castle Hill boutique.
Helen’s
sister Suellen is the group visual merchandising manager, based
in Bondi
Junction, and her youngest sister Sara the noutique director of
Gregory
Jewellers newest boutique in Westfield Chatswood.
The
family’s cultural heritage will also be spreading its roots further in the
coming
years.
After
operating so successfully in NSW for the last 45 years, Helen and
Edward say
the family is finally “open to expanding nationally”.
Although
reluctant to reveal their expansion plans in great detail, they are
happy to
say that their first interstate store, in Melbourne’s Highpoint
shopping
centre, is due to open this March.
Source: www.jewelleryworld.net.au
Property &
Assets
Premises : The Subject operates from
premises located at the verified heading
address
consisting of administrative office.
Branches : In addition, the Subject
operates from 14 boutique showrooms/stores
located in
Australia.
Shop
3015/3017
Westfield
Bondi Junction
500 Oxford
Street
Bondi
Junction NSW 2022
Australia
Tel: +61 2
93898822
Shop ML
205
Centro
Bankstown
Bankstown
NSW 2200
Australia
Tel: +61 2
97938855
Shop 349
Castle
Towers Shopping Centre Castle Hill NSW 2154
Australia
Tel: +61 2
88507080
Shop 2069
Westfield
Liverpool Macquarie Street Liverpool NSW 2170
Australia
Tel: +61 2
98213311
Shop 3046,
Level 3
Westpoint
Shopping Centre
Blacktown
NSW 2148
Australia
Tel: +61 2 96224828
Shop 454
Westfield Chatswood
Anderson Street Chatswood NSW 2067
Australia
Tel: +61 2 98848900
Shop 3
67 Castlereagh St
Sydney NSW 2000
Australia
Tel: +61 2 92333510
Shop 4018
Westfield Parramatta
159-175 Church Street
Parramatta NSW 2150
Australia
Tel: +61 2 96335500
Shop 254
Westfield Burwood
90 Burwood Road
Burwood NSW 2134
Australia
Tel: +61 2 97153866
Shop 2083
Westfield Hornsby
236 Pacific Highway
Hornsby NSW 2077
Australia
Tel:
+61 2 94765500
Shop 264
Westfield Penrith
Henry Street Penrith NSW 2750
Australia
Tel: +61 2 47228722
Shop U59, Level 3
Macarthur Square
Gilchrist Drive Ambarvale NSW 2560
Australia
Tel: +61 2 4628 4141
Shop 376, level 2
Westfield Hurstville
Hurstville NSW 2220
Australia
Tel: +61 2 95707050
Castlereagh Street
Sydney, NSW 2000
Australia
Tel: +61 2 92333510
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 &
aming), 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)
Trade & Competitiveness
Overview
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)
Country and
Population Overview
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 : L/C, Telegraphic transfer, D/P,
Credit 30-90 days
Sales Term
Local : Credit card,
Prepayment, Bank transfer, Credit 30-90 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.
NT HISTORY
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
UK Pound |
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.