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Report Date : |
24.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL JEWELLERY CONCEPTS PTY. LTD. |
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Registered Office : |
Suite 7, 493 Toorak Road Toorak Victoria 3142 |
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Country : |
Australia |
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Date of Incorporation : |
19.11.2008 |
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Reg. No.: |
134235608 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Import and distribution of jewellery under the brand name EVERGEM and MYRIAD DIAMONDS. |
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No. of Employees : |
10 employees |
RATING & COMMENTS
|
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 (30.06.2013) |
Current Rating (30.09.2013) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : GLOBAL
JEWELLERY CONCEPTS PTY. LTD.
Other style / Business name : GLOBAL
GOLD BUYERS / EVERGEM / MYRIAD DIAMONDS
Business address : Suite
7, 493 Toorak Road
Town : Toorak
Province : Victoria
Zip/postal code : 3142
Country : Australia
Tel : +61
3 90169074
Fax : +61
3 86771858
Email : dmin@gjconcepts.com
Website : www.evergem.com.au
/ www.myriaddiamonds.com
Registered address : Suite
7, 493 Toorak Road
Town : Toorak
Province : Victoria
Zip/postal code :
3142
Country : Australia
Comments : The
provided address Level 1, 119 Glenferrie Road, Malvern, VIC 3144,
Australia was the
previous address of the Subject. The Subject moved to the
verified address above
since 22/10/2013.
Executive Summary
Date founded or registered : 19/11/2008
Legal form : Australian
Proprietary Company
Chief executive : Arron
Zamel
Issued & paid up capital : AUD
12
Line of business : Import and distribution
of jewellery under the brand name EVERGEM and MYRIAD DIAMONDS.
Staff employed : 10
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
Registry Data
Registration date : 19/11/2008
Legal form : Australian
Proprietary Company
Registration no Australian Company Number: 134235608
Registered authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australian Business Number: 95533643302
Registry status : Live/Active
Previous name : None
reported.
Change of legal form : None
reported.
Other registration
: GLOBAL
GOLD BUYERS is a business name owned by the Subject registered on 26/10/2010
under business registration no: B2324193Y.
Key Management
Name : Arron
Zamel
Designation : Managing
Director
Appointments
Name : Nicole
Sarah Goldhammer
Designation : Director
and Company Secretary
Appointment date : 19/11/08
Address : 12
Bent Street
Caulfield South, VIC 3162
Australia
Biography : Born
on 10-05-1978 in Adelaide, South Australia, Australia.
Name : Arron
Zamel
Designation : Director
Appointment date : 19/11/08
Address : Unit
12, 84 Westbury Street
St Kilda East, VIC
3183
Australia
Biography : Born on 11-02-1984 in Adelaide, South
Australia, Australia.
Name : Kylie
Zamel
Designation : Director
Appointment date : 19/11/08
Address : Unit
2, 271 Bambra Road
Caulfield South, VIC 3162
Australia
Biography : Born
on 28-04-1981 in Adelaide, South Australia, Australia.
Staff employed : 10
employees
Composition
Authorized Capital : AUD 12
No of shares : 12
Ordinary Shares
Share par value : AUD 1
Issued capital : AUD
12
Paid up capital : AUD
12
How listed : Full
List
Composition
Shareholder name : Nicole
Sarah Goldhammer
Address : 12
Bent Street
Caulfield South, VIC 3162
Australia
No. of shares : 4
Ordinary Shares
Shareholder name : Arron
Zamel
Address : Unit
12, 84 Westbury Street
St Kilda East, VIC 3183
Australia
No. of shares : 4
Ordinary Shares
Shareholder name : Kylie
Zamel
Address : Unit 2, 271 Bambra Road
Caulfield South, VIC 3162
Australia
No. of shares : 4
Ordinary Shares
Related companies and corporate affiliations comments: None reported.
Bank Details
Name of bank : 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.
Description
Comments : The representative contacted declined
to provide any financial information until the inquiring party details are
revealed.
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
distribution of jewellery under the brand name EVERGEM and MYRIAD DIAMONDS.
Product & services : Gold
jewellery
Diamond jewellery
Diamond simulant jewellery
Brand : EVERGEM
MYRIAD DIAMONDS
Purchases
International : Mainly
from India, Hong Kong, Israel, Belgium
Sales
Local : Yes
International : United
Kingdom, South Africa and New Zealand
Key events : 12
December, 2012
AFFORDABLE DIAMOND ENGAGEMENT RINGS LAUNCHED
Australian jewellery supplier Global Jewellery Concepts has launched a new
range of affordable “solitaire” engagement rings with a price point below
$1,000.
Global Jewellery Concepts (GJC), which
supplies diamond simulant jewellery under the brand EverGem, has introduced a
new diamond ring brand called Myriad Diamonds. The new range features
multi-stone (not invisible set) white natural diamonds, set to resemble a
solitaire stone (from a reasonable distance).
GJC director Arron Zamel says: “We believe
we discovered a niche in the market and we wanted to deliver a quality product
that was price point focused, yet allowed independent jewellers to continue
selling white stones.
“We have spent more than 12 months
developing our product to appeal to Australian consumers through local styling
and by strengthening the setting to make it longer-lasting – a common complaint
about this type of setting.
“We previewed the original setting at the
Sydney fair and received a lot of feedback and we slightly changed the styling
and moved from 18ct to 9ct gold. This strengthened the setting and also helped
reduce the price,” he says.
“That has enabled us to create a range of
diamond engagement rings that retail for under $1,000, the whole purpose of the
exercise.
“Feedback we’ve had since we made the
changes has been great. It’s early days but we’ve already opened 17 stockists
and are receiving re-orders. We is already planning to expand this range after
seeing great results in just the first few weeks of its market release,” Zamel
explained.”
Zamel, who gained his industry knowledge
from a young age watching his family operate Zamel’s Jewellers, began his own
wholesaling business GJC with his two sisters.
He confirmed GJC will continue to sell its
diamond simulant products under the EverGem brand and explained, “We always
knew we needed to diversify and so we developed the Myriad range. We always
planned to grow the business to incorporate new and exciting concepts.”
Source: www.jewellermagazine.com
Property & Assets
Premises : The Subject operates from the
verified heading address consisting of an administrative office.
Branches : None
reported.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange & gold : US$ 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 & 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 30-120 days
Sales Term
Local : Bank
transfer, Prepayment, D/P, Credit 30-120 days
International : L/C,
Telegraphic transfer, D/P, Credit 30-120 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.
-
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.61.99 |
|
|
1 |
Rs.102.67 |
|
Euro |
1 |
Rs.83.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.