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Report Date : |
19.10.2013 |
IDENTIFICATION DETAILS
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Name : |
THOMAS JEWELLERS (AUST.) PTY. LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
05.03.1980 |
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Legal Form : |
Australian
Proprietary Company |
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Line of Business : |
Subject is engaged
in retail of jewellery and high-end watches. |
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No. of Employees : |
107 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
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 |
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 :
THOMAS JEWELLERS (AUST.) PTY. LIMITED
Other style /
Business name : THOMAS JEWELLERS
Business
address : 15 Sturt
Street
Town : Ballarat Central
Province : Victoria
Zip/postal
code : 3350
Country : Australia
Tel : +61 3
96505555
Fax : +61 3
53332087
Email : diamonds@thomasjewellers.com.au
Website :
www.thomasjewellers.com.au
Registered
address :
Town : Ballarat Central
Province :
Zip/postal
code : 3350
Country : Australia
Town : Ballarat
Central
Province : Victoria
Zip/postal
code : 3350
Country : Australia
Comments : Address provided
Royal Arcade, 335 Bourke St Mall, Melbourne VIC 3000,
Australia belongs to a retail outlet of
the Subject.
Executive Summary
Date founded
or registered : 05/03/1980
Legal form : Australian
Proprietary Company
Chief executive
: James
William Thomas
Issued &
paid up capital :
AUD 1,000
Sales turnover
: AUD
31,080,923 (Non-consolidated 12 months, 30/06/2012)
Net income : AUD
183,916 (Non-consolidated 12 months, 30/06/2012)
Total fixed
assets :
AUD 53,073,957 (Non-consolidated 12 months, 30/06/2012)
Line of
business : Jewellery
retailer.
Staff employed
: 107
employees (Subject)
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 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 : 05/03/1980
Legal form : Australian
Proprietary Company
Registration
no Australian Company Number: 005629363
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no
: Australian
Business Number: 23005629363
Registry
status : Live/Active
Previous name
: None
reported.
Change of
legal form : None
reported.
Other registration : THOMAS
JEWELLERS is a business name owned by the Subject registered on 31/05/1995
under business registration no: 1216951Z.
Key Management
Name : James William Thomas
Designation : Managing Director
Appointments
Name : James
William Thomas
Designation : Director and Company
Secretary
Appointment
date : 05/03/80
Address : 5 Illawarra
Crescent
Toorak, VIC 3142
Australia
Biography Born on
27-08-1940 in Ballarat, Victoria, Australia.
Name : James
Lawrence Thomas
Designation : Company Secretary
Appointment
date : 28/06/96
Address : 6 Weeroona
Avenue
Portsea, VIC 3944
Australia
Biography : Born on
21-02-1971 in Ballarat, Victoria, Australia.
Name : Jeremy
Charles Thomas
Designation : Company Secretary
Appointment
date : 28/06/96
Address : 10 Mary Street
Windsor, VIC 3181
Australia
Biography : Born on
03-06-1972 in Ballarat, Victoria, Australia.
Name : Samuel
Robert Thomas
Designation : Company Secretary
Appointment
date : 27/11/12
Address : 13 Mackay
Street
Prahran, VIC 3181
Australia
Biography : Born on
29-01-1977 in Ballarat, Victoria, Australia.
Staff employed
: 107 employees (Subject)
Key Advisors
Auditors : MGI MELBOURNE PTY LTD
Level 10, 600 St Kilda Road
Melbourne, VIC 3004
Australia
Composition
Authorized
Capital : AUD 1,000
No of shares :
1,000 Ordinary Shares
Share par
value : AUD 1
Issued capital
: AUD 1,000
Paid up
capital : AUD 1,000
How listed : Full List
Composition
Shareholder
name : AUSTRALIAN JEWELLERS
FINANCE PTY. LTD.
Address : 15 Sturt Street
Ballarat Central, VIC 3350
Australia
No. of shares
: 1,000 Ordinary Shares
% of shares : 100%
Structure
Name : THOMAS JEWELLERS
INVESTMENTS PTY. LTD.
Affiliation
type : Ultimate Holding
Company
Address : 15 Sturt Street
Ballarat Central, VIC 3350
Australia
Name : AUSTRALIAN JEWELLERS
FINANCE PTY. LTD.
Affiliation
type : Parent Company
Address : 15 Sturt Street
Ballarat Central, VIC 3350
Australia
Bank Details
Name of bank :
Commonwealth 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 : None reported.
Tax liens : None reported.
Others : None reported.
Description
Source of
financial statement : Commercial
Registry Filings
Financial statement
date : 30/06/12
Type of
accounts : Full
audited
Currency : Australia Dollar
(AUD)
Exchange rate
: 1 USD = AUD 1.03
Consolidation type : Non Consolidated Non Consolidated
Currency : Australia Dollar (AUD) Australia Dollar (AUD)
Denomination : (x1) One (x1)
One
Date of financial year end : 30/06/12 30/06/11
Length of accounts : 12 months 12 months
Sale turnover
/ Income : 31,080,923 31,312,147
Profit before
tax : 241,991 121,248
Net income : 183,916 9,233
Non current
assets : 39,718,469 38,752,559
Current assets
: 13,355,488 11,953,346
Inventories : 12,147,753 11,737,716
Total assets : 53,073,957 50,705,905
Current
liabilities : 11,913,313
9,329,177
Non current
liabilities : 13,865,000 14,265,000
Total
liabilities : 25,778,313
23,594,177
Share equity :
27,295,644 27,111,728
Reserve : 20,945,872 20,945,872
Retained
earning : 6,348,772 6,164,856
Main
activities : The Subject
engages in retail of jewellery and high-end watches.
The Subject operates 10 Thomas Jewellers retail stores located across
Australia.
Product & services : Diamond & precious stone jewellery
Gold and silver jewellery
End end watches
Homewares
Giftwares
Brand : SEIKO
GEORGINI
SWAROKSKI
RIEDEL
WEDGWOOD
SKAGEN
Purchases
International
: India
Sales
Local : Yes
International
: None reported.
Key events : 1 August 2013
Thomas Jewellers can add another jewel to its crown after winning the
RACV retail business of the year award.
The Moorabool St store opened in 1978 and celebrated its grand
re-opening in December last year with a $3.3 million makeover. It is
now
the flagship store in the 10-strong Thomas Jewellers chain, which
includes
a shop in Melbourne’s Bourke St shopping precinct.
Manager Paul Whittaker said he could not be more proud of what the
store
and its staff have achieved for the community of Geelong.
‘‘Winning this award is a great acknowledgment of the benefit the
Thomases have given to the Geelong CBD,’’ Mr Whittaker said.
‘‘We’re very pleased with the store and the look of it. The win bodes
really well for our future.’’ The family-run business began as a modest
shopfront in Ballarat in 1896 and, over the years, has grown to become
one
of the state’s leading and most trusted jewellers. With a vision of
maintaining its reputation as one of Geelong’s premier jewellers,
Thomas
Jewellers provides a range of services including jewellery valuing and
engraving as well as giving customers access to onsite watchmakers,
gemologists, jewellers and diamond technologists.
The store also hosts exclusive events, such as jewellery education
evenings and product launches, for VIP guests.
Employing 20 staff members, some of whom can claim more than 25 years
of service, Thomas Jewellers is at the forefront of customer service,
dedication and professionalism.
It also has a strong positive workplace focus and commitment to
maintaining a friendly and fulfilling working environment. Employees
undertake brand training and development to ensure their knowledge is
up
to date, and Thomas Jewellers is one of the few companies nationwide
to
offer watchmaker training and apprenticeships as a way of infusing
fresh
young talent into the business.
Source: www.thomasjewellers.com.au
Property & Assets
Premises : The Subject operates from
the verified heading address consisting of an
administrative office.
Branches : In addition, the Subject
operates from the following retail outlets located:
Royal Arcade, Bourke Street Mall
Melbourne, Victoria 3000
Australia
Tel: +61 3 96505555
90 Moorabool Street
Geelong, Victoria 3220
Australia
Tel:+61 3 52222044
55 Langtree Mall
Mildura, Victoria 3500
Australia
Phone: +61 3 50229899
300 Wyndham Street
Shepparton, Victoria 3630
Australia
Tel:+61 3 58210222
545 Dean Street
Albury, New South Wales 2640
Australia
Tel:+61 2 60218111
306 Hargreaves Mall
Bendigo, Victoria 3550
Australia
Tel:+61 3 54424444
158 Liebig Street
Warrnambool, Victoria 3280
Australia
Tel:+61 3 55627700
145 Baylis Street
Wagga Wagga, New South Wales 2650
Australia
Tel:+61 2 69318811
Other property
: Total NBV of property, plant
and equipment as of 30-06-2012 was AUD
5,517,784
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)
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 day
Sales Term
Local : Credit card, Cash
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.
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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.
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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.
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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.61.28 |
|
UK Pound |
1 |
Rs.99.03 |
|
Euro |
1 |
Rs.83.80 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.