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Report Date : |
26.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
WALLACE BISHOP
PTY. LTD. |
|
|
|
|
Registered Office : |
55 Doggett
Street, Newstead, Queensland, Zip code
4006 |
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|
|
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Country : |
Australia |
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|
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Financials (as on) : |
30.06.2013 (Non - Consolidated) |
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|
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Date of Incorporation : |
25.06.1947 |
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Com. Reg. No.: |
009665212 |
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Legal Form : |
Australian
Proprietary Company |
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Line of Business : |
Subject operates
a chain of jewellery retail store in Australia. Subject products
ranges includes : · Watches · Gold, silver, and diamond jewellery · Gold · Diamonds |
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|
|
No of Employees : |
284 |
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 : |
Satisfactory |
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|
|
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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 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 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 :
WALLACE BISHOP
PTY. LTD.
Other style /
Business name : WALLACE BISHOP
JEWELLERS
Business
address : 55 Doggett
Street
Town : Newstead
Province : Queensland
Zip/postal
code : 4006
Country : Australia
Tel : +61 7 32536400
Fax : +61 7
38743480
Website : www.wallacebishop.com.au
Registered
address : 55 Doggett
Street
Town : Newstead
Province : Queensland
Zip/postal
code : 4006
Country : Australia
Executive Summary
Date founded
or registered : 25/06/1947
Legal form : Australian
Proprietary Company
Chief
executive : Stuart
Wallace Bishop
Issued &
paid up capital : AUD 82,000
Sales turnover
: AUD 88,678,465 (Non-Consolidated
12 months, 30/06/2013)
Net income : AUD -1,925,308
(Non-Consolidated 12 months, 30/06/2013)
Total fixed
assets : AUD 69,903,968
(Non-Consolidated 12 months, 30/06/2013)
Line of
business : Operator
of a chain of jewellery retail store in Australia.
Staff employed
: 284 employees
Credit Risk
Interpretation
Credit risk
theory : Sound
financial and operational base. Small to medium credits may be
considered with confidence that the commitment will be sustained in
almost all
cases. This is based on criterions
such as years of establishment, number of
employees, sales turnover, profit after tax, total assets,
reserve, and others.
Normal credit control policy applies.
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 good
Organization
structure : Organizational
structure is stable
Detrimental : No detrimental found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 25/06/1947
Legal form Australian
Proprietary Company
Registration
no Australian
Company Number: 009665212
Registered authority
: Australian Securities and
Investments Commission
Fiscal/ Tax no
: Australian
Business Number: 33009665212
Registry
status : Live/Active
Previous name
: None reported.
Change of
legal form : None reported.
Other
registration : The Subject owns the following business
names:
WALLACE BISHOP JEWELLERS is a
business name owned by the Subject
registered on 18/01/2006 under
business registration no: BN98192354.
THE WHITE DIAMOND SPECIALISTS is a
business name owned by the Subject
registered on 3/08/2006 under
business registration no: BN19974036.
WALLACE BISHOP GROUP OF COMPANIES is
a business name owned by the
Subject registered on 12/09/2006
under business registration no: BN20023704.
WALLACE BISHOP JEWELLER is a business
name owned by the Subject
registered on 29/06/2011 under business registration no:
BN22096073.
Key Management
Name : Stuart Wallace Bishop
Designation : Managing Director
Appointments
Name : Janette Elizabeth
Bishop
Designation : Director
Appointment
date : 21/01/93
Address : Unit 105 Oronsay
53B Newstead Terrace
Newstead, QLD 4006
Australia
Biography : Born on 26-07-1936 in
Blackall, Queensland, Australia.
Name : Wallace Bishop
Designation : Director
Appointment
date : 15/08/55
Address : Unit 105 Oronsay
53B Newstead Terrace
Newstead, QLD 4006
Australia
Biography : Born on 14-08-1934 in
Brisbane, Queensland, Australia.
Name : Stuart Wallace Bishop
Designation : Director
Appointment
date : 30/03/01
Address : 179 Laurel Avenue
Chelmer, QLD 4068
Australia
Biography : Born on 17-05-1968 in
Brisbane, Queensland, Australia.
Name : Robert Andrew Hansford
Designation : Company Secretary
Appointment
date : 15/07/13
Address 27 Catania Street
Wishart, QLD 4122
Australia
Biography : Born on 19-04-1969 in
Newcastle, New South Wales, Australia.
Staff employed
: 284 employees
Key Advisors
Auditors : MERROTTS
Brisbane Club Tower
Level 6, 241 Adelaide Street
Brisbane, QLD 4000
Australia
Composition
Authorized
Capital : AUD 82,000
No of shares :
41,000 Ordinary Shares
Share par
value : AUD 2
Issued capital
: AUD 82,000
Paid up
capital : AUD 82,000
How listed : Full
List
Composition
Shareholder
name : STEELE
INVESTMENTS PTY. LIMITED
Address : 55 Doggett
Street
Newstead, QLD 4006
Australia
No. of shares
: 41,000 Ordinary
Shares
% of shares : 100%
Structure
Name : ATHENA PTY. LTD.
Affiliation
type : Ultimate
Holding Company
Address : 55 Doggett Street
Newstead, QLD 4006
Australia
Name : STEELE INVESTMENTS
PTY. LIMITED
Affiliation
type : Parent
Company
Address : 55 Doggett Street
Newstead, QLD 4006
Australia
Name : WALLACE BISHOP FINANCE
PTY. LTD.
Affiliation
type : Associate
Address : 55 Doggett Street
Newstead, QLD 4006
Australia
Name : WALLACE BISHOP PROPERTY
PTY LTD
Affiliation type : Associate
Address : 55 Doggett Street
Newstead,
QLD 4006
Australia
Name : WALLACE BISHOP ARCADE
PTY. LTD.
Affiliation type : Associate
Address : 55 Doggett Street
Newstead,
QLD 4006
Australia
Bank Details
Name of bank :
Bank of Queensland
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 : 30/06/13
Type of
accounts : Full
audited
Currency : Australia
Dollar (AUD)
Exchange rate
: 1
USD = AUD 1.07 as of 23-04-2014
Summarized
Financial Information
Consolidation
type : Non Consolidated Non Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar
(AUD)
Denomination :
(x1) One (x1) One
Date of
financial year end : 30/06/13 30/06/12
Length of
accounts : 12 months 12 months
Sale turnover
/ Income : 88,678,465 100,073,050
Profit before
tax : -3,172,278 584,336
Net income : -1,925,308 594,502
Non current
assets : 7,766,013 9,182,912
Current assets
: 62,137,955 60,854,079
Inventories : 40,414,820 42,508,717
Total assets :
69,903,968 70,036,991
Current liabilities : 16,919,718 14,095,420
Non current liabilities : 1,462,879 2,545,364
Total liabilities : 18,382,597 18,321,381
Share equity : 51,521,371 53,396,207
Retained earning : 51,048,322 52,973,630
Main
activities : The
Subject operates a chain of jewellery retail store in Australia.
Product &
Services :
· Watches
· Gold, silver, and diamond jewellery
· Gold
· Diamonds
Purchases
International
: India, Europe
Sales
Local : Yes
International
: None reported.
Property &
Assets
Premises : The Subject operates from the
verified heading address consisting of an administrative
office.
Branches : In addition, the Subject
operates from 56 retail stores located across Australia.
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
& Poors: AAA
Moodys rating: Aaa
Moodys 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, 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.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
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.