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Report Date : |
11.04.2014 |
IDENTIFICATION DETAILS
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Name : |
MJD WHOLESALE PTY LTD |
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Registered Office : |
Level 6, 227
Collins Street, Melbourne, Victoria, Zip code
3000 |
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Country : |
Australia |
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Date of Incorporation : |
28.05.1993 |
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Com. Reg. No.: |
060310438 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
importer and wholesale distributor of diamond jewellery. |
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No. of Employees : |
05 |
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 : |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 :
MJD WHOLESALE PTY
LTD
Other style /
Business name : CLASSICAL DIAMOND
JEWELLERY
Business
address : Level 6, 227
Collins Street
Town : Melbourne
Province : Victoria
Zip/postal
code : 3000
Country : Australia
Tel : +61 3 96542366
Registered
address : Level 6, 227
Collins Street
Town : Melbourne
Province : Victoria
Zip/postal
code : 3000
Country : Australia
Executive Summary
Date founded
or registered : 28/05/1993
Legal form : Australian
Proprietary Company
Chief
executive : Michael
John Doutch
Issued &
paid up capital : AUD 100
Line of
business : Import and
wholesale distribution of diamond jewellery.
Staff employed : 5 employees
Credit Risk
Interpretation
Credit risk
theory : Sufficient
financial and operational base. Small credits may be considered with
some confidence that commitments will be sustained under normal circumstances. This is based on criterions such as years of establishment, number of employees, sales turnover, profit after tax, total assets, reserve, and others. A cautious credit control policy applies.
Company Analysis
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 : 28/05/1993
Legal form : Australian
Proprietary Company
Registration
no Australian
Company Number: 060310438
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no
: Australian
Business Number: 35060310438
Registry
status : Live/Active
Previous name
: None reported.
Change of
legal form : None reported.
Other
registration : CLASSICAL
DIAMOND JEWELLERY is a business name owned by the Subject
registered on 7/08/2007 under business registration no:
B2031158T.
Key Management
Name : Michael
John Doutch
Designation : Managing Director
Appointments
Name : Lynda Ruth Doutch
Designation : Director and Company Secretary
Appointment
date : 28/05/93
Address : 17 St Andrews Court
Black Rock, VIC 3193
Australia
Biography : Born on 19-04-1960 in
Adelaide, South Australia, Australia.
Name : Michael John Doutch
Designation : Director
Appointment
date : 28/05/93
Address : 17 St Andrews Court
Black Rock, VIC 3193
Australia
Biography : Born on 04-07-1958 in
Melbourne, Victoria, Australia.
Staff employed
: 5 employees
Composition
Authorized
Capital : AUD 100
No of shares :
100 Ordinary Shares
Share par
value : AUD 1
Issued capital
: AUD 100
Paid up
capital : AUD 100
How listed : Full List
Composition
Shareholder
name : Michael John Doutch
Address : 17 St Andrews Court
Black Rock, VIC 3193
Australia
No. of shares
: 50 Ordinary Shares
% of shares : 100%
Shareholder
name : Lynda Ruth Doutch
Address : 17 St Andrews Court
Black Rock, VIC 3193
Australia
No. of shares
: 50 Ordinary Shares
% of shares : 100%
Structure
Related
companies and corporate affiliations comments
: None
reported.
Bank Details
Name of bank :
The 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.
Comments : The representative contacted Michael
John Doutch declined to provide any
financial
information.
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 $12.5 million, and
-The
company and any entities it controls have fewer than 50 employees at the
end of the financial year.
Main activities
: The Subject
engages in import and wholesale distribution of diamond jewellery.
Product &
services : Diamond jewellery
Purchases
International
: India, South Africa,
Belgium
Sales
Local : Yes
International
: None reported.
Property &
Assets
Premises : The Subject operates from the
verified heading address consisting of an administrative
office.
Branches : None reported.
Gross Domestic
Products (GDP) & Economic Overview
Central bank :
Reserve
Bank of Australia
Reserve of
foreign exchange & gold : US$
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%
PAY
Purchase Term
International
: L/C, Prepayment,
Telegraphic transfer, Credit up to 90 days
Sales Term
Local : Prepayment, Cash, Bank transfer,
Credit up to 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.
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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.
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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.60.21 |
|
UK Pound |
1 |
Rs.101.05 |
|
Euro |
1 |
Rs.83.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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.