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Report Date : |
25.04.2014 |
IDENTIFICATION DETAILS
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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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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Retailer of jewellery, diamonds and watches. |
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No of Employees : |
500 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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 : 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 82327520
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
Postal address : GPO Box 976
Town :
Adelaide
Province : South
Australia
Zip/postal
code : 5001
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, diamonds and watches.
Staff employed : 500 employees
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
Credit amount asked : Not described.
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 :
M. SURESH COMPANY PRIVATE LIMITED
Affiliation type :
Ultimate Holding Company
Address :
BW-6010, Bharat Diamond Bourse
Bandra Kurla Complex, Bandra East
Mumbai 400051
Maharashtra
India
Name :
THE JEWELLERY GROUP HOLDINGS PTY LIMITED
Affiliation type :
Parent Company
Address :
Level 14, 182 Victoria Square
Adelaide, SA 5000
Australia
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
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Bankruptcy fillings |
: None reported. |
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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 Zamels) $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 Zamels had misrepresented savings
consumers would make from purchasing items during sale periods for as many as
44 jewellery items appearing in Zamels various catalogues and promotions
which had been distributed nationally and promoted on Zamels website. Out of the items of jewelry identified Justice Lander found that
Zamels 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." |
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Tax liens |
None reported. |
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Others |
None reported. |
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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. |
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Main activities |
: The Subject operates as a retailer of diamonds, jewellery and watches. The Subject operates 80 jewellery stores under the brand ZAMEL'S JEWELLERS across Australia. |
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Product & services |
: Jewellery |
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Diamonds |
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Watches |
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PURCHASES |
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International |
: Asia, Europe, Africa, India |
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SALES |
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Local |
: Yes |
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International |
: No exports. |
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Key events |
: 11 November 2011 |
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M Suresh Acquires Australia Based Diamond Retailer - The Jewellery Group |
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M Suresh Company Pvt Ltd has acquired majority stake in Australia based |
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- The Jewellery Group Pty Ltd from Sydney based PE firm Quadrant. |
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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 $48Mn. Quadrant had entered into a 5 year non-compete agreement with Adrian and Stephen - the founders of The Jewellery Group in 2007. This deal coincides with an end to the non-compete clause signed by Adrian and Stephen, allowing them to re-enter the industry. Quadrant put up the company for sale in September this year and mandated Deloitte to handle the process. Many suitors including New Zealand-based jewellery chains Michael Hill and James Pascoe were interested in acquiring the diamond jewellery seller. According to some reports, even Gitanjali Gems was interested in the company. Mumbai based M Suresh Company is a manufacturer, importer and exporter of cut and polished diamonds since 1968. Presently, the firm exports to USA, Europe, Japan, South East Asia, Israel, UAE & Canada. It also owns two jewellery retail brands - Adora and Amaris - in India and Karishma retail brand in the US. Earlier this year, Gitanjali Gems acquired Italy-based jewellery firm DIT Group SpA, which owns brands like Stefan Hafner, IO Si, Roberta Porrati, and Nouvelle Bague. |
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Property & Assets |
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Premises |
: The Subject operates from premises located at the verified heading
address consisting of an administrative office. |
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Branches |
: In addition, the Subject operates
from approximately 80 Zamel's Jewellers stores located in Australia. |
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GROSS DOMESTIC
PRODUCTS (GDP) & ECONOMIC OVERVIEW |
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Central bank |
Reserve Bank of Australia |
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Reserve of foreign exchange & gold |
US$ 46.714 billion |
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Gross domestic product - GDP |
US$ 1.586 trillion |
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GPP (Purchasing power parity) |
954.296 billion of International dollars |
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GDP per capita - current prices |
US$ 68,916 |
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GDP - composition by sector |
agriculture: 4% |
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industry: 25.6% |
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services: 70.4% |
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Inflation |
2010: 2.8% |
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2011: 3.4% |
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2012: 2.7% |
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Unemployment rate |
2010: 5.2% |
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2011: 5.1% |
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2012: 5.2% |
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Public debt |
2010: 20.4% |
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(General Government gross debt as a % GDP) |
2011: 22.9% |
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2012: 24% |
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Government bond ratings |
Standard & Poor's: AAA |
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Moody's rating: Aaa |
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Moody's outlook: STA |
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Market value of publicly traded |
US$1.198 trillion |
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shares |
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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) |
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TRADE &
COMPETITIVENESS OVERVIEW |
|
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Total exports |
: US$263.9 billion |
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Exports commodities |
: Coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment |
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Total imports |
: US$239.7 billion |
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Imports commodities |
: Machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products |
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Export - major partners |
: China 27.4%, Japan 19.2%, South Korea 8.9%, India 5.8% |
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Import - major partners |
: China 18.5%, US 11.4%, Japan 7.9%, Singapore 6.3%, Germany 4.7% |
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FDI Inflows |
: 2009: US$26,554 million |
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2010: US$35,556 million |
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2011: US$41,317 million |
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FDI Outflows |
: 2009: US$16,693 million |
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2010: US$12,791 million |
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2011: US$19,999 million |
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Best countries for doing business |
: 10 out of 185 countries |
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Global competitiveness ranking |
: 20 (ranking by country on a basis of 144, the first is the best) |
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COUNTRY AND
POPULATION OVERVIEW |
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Total population |
: 22.68 million |
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Total area |
: 7,692,024 km2 |
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Capital |
: Canberra |
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Currency |
: Australian dollars (AUD) |
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Internet users as % of total |
: 79% |
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population |
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Purchase Term |
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International |
: Prepayment, Telegraphic transfer, D/P, D/A, Credit 30-120 days |
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Sales Term |
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Local |
: Cash, Credit card |
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Trade Reference/
Payment Behaviour |
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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. |
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Investigation
Note |
|
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Sources |
: Interviews and material provided by the Subject |
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: Other official and local business sources |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.06 |
|
|
1 |
Rs. 102.76 |
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Euro |
1 |
Rs. 84.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
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 |
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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 |
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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.