|
Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
PROUDS JEWELLERS PTY LTD |
|
|
|
|
Formerly Known As : |
PASCOES AUST. PTY LTD |
|
|
|
|
Registered Office : |
28 Parramatta Road, Summer Hill, New South Wales, 2130 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
31.05.2013 |
|
|
|
|
Date of Incorporation : |
27.02.1996 |
|
|
|
|
Com. Reg. No.: |
073053273 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Retailer of jewellery, watches and giftware |
|
|
|
|
No. of Employees : |
6,667 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
No complaints |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 : 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
584,692,000 (Consolidated 12 months, 31/05/2013)
Net income : AUD
17,926,000 (Consolidated 12 months, 31/05/2013)
Total fixed assets : AUD
382,601,000 (Consolidated 12 months, 31/05/2013)
Line of business : Jewellery,
watches and giftware retailer.
Staff employed : 6,667
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 very good
Organization structure : Organizational
structure is consistent
Detrimental : No
detrimental found
Payment history : No
payment delays noted
Registry Data
Registration date : 27/02/96
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
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 : 6,667
employees (Subject)
Key Advisors
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 Other
companies of the James Pascoe Group should be considered affiliates of
Corporate affiliations comments: 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 : 31/05/13
Type of accounts : Full
audited
Currency : Australia
Dollar (AUD)
Exchange rate : 1
USD = AUD 1.07 as of 19-04-2014
Summarized Financial Information
|
Consolidation type |
: Consolidated |
Consolidated |
Consolidated |
|
Currency |
: Australia Dollar (AUD) |
Australia Dollar (AUD) |
Australia Dollar (AUD) |
|
Denomination |
: (x1) One |
(x1) One |
(x1) One |
|
Date of financial year end |
: 31/05/13 |
31/05/12 |
31/05/11 |
|
Length of accounts |
: 12 months |
12 months |
12 months |
|
Sale turnover / Income |
: 584,692,000 |
597,333,000 |
592,223,000 |
|
Profit before tax |
: 25,561,000 |
22,166,000 |
27,043,000 |
|
Net income |
: 17,926,000 |
15,612,000 |
18,803,000 |
|
Non current assets |
: 119,237,000 |
119,850,000 |
129,243,000 |
|
Current assets |
: 263,364,000 |
271,315,000 |
264,657,000 |
|
Inventories |
: 236,228,000 |
244,414,000 |
236,234,000 |
|
Total assets |
: 382,601,000 |
391,165,000 |
393,900,000 |
|
Current liabilities |
: 178,906,000 |
244,397,000 |
259,728,000 |
|
Non current liabilities |
: 49,533,000 |
12,041,000 |
12,886,000 |
|
Total liabilities |
: 228,439,000 |
256,438,000 |
272,614,000 |
|
Share equity |
: 154,162,000 |
134,727,000 |
121,286,000 |
|
Retained earning |
: 153,824,000 |
135,898,000 |
120,286,000 |
Comments : The consolidated financial
information above relates to the Subject and its subsidiaries.
Main activities : The Subject operates as
a retailer of jewellery, watches and giftware with 210 retail stores located
across Australia.
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 a subsidiary 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 gents
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.
Product &
services : Jewellery:
Diamonds, precious stones, gold jewellery, pearls and silver Watches Giftware
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 210 retail stores located across Australia.
Other property : Total Net Book Value of
property, plant and equipment as of 31-05-2013 was 79,001,000
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: 2010:
20.4%
(General Government gross debt as 2011:
22.9%
a % GDP) 2012:
24%
Government bond ratings : Standard
& Poor's: AAA
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded: US$1.198
trillion
shares
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,
Cash against document, Telegraphic transfer, Credit up to 180 days
Sales Term
Local : Cash,
Credit card, Bank transfer
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
|
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NNA |
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.