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Report Date : |
30.01.2014 |
IDENTIFICATION DETAILS
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Name : |
HOSKING'S JEWELLERS PTY. LTD. |
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Formerly Known As : |
HOSKING THE JEWELLER
PTY. LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
27.02.1969 |
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Com. Reg. No.: |
004761960 |
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Legal Form : |
Australian
Proprietary Company |
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Line of Business : |
Subject is engaged in import and retail distribution of
jewellery, high-end watches and giftware. |
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No. of Employees : |
180 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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) |
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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 |
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 : HOSKING'S JEWELLERS
PTY. LTD.
Other style /
Business name : PRECISION JEWELLERS
Business address : 20 Klauer Street
Town : Seaford
Province : Victoria
Zip/postal code : 3198
Country : Australia
Tel : +61 3
87701844
Fax : +61 3
87701800
Website : www.hoskings.com.au
Registered address :
20 Klauer Street
Town : Seaford
Province : Victoria
Zip/postal code : 3198
Country : Australia
Postal address : P.O. Box 2110
Town : Seaford
Province : Victoria
Zip/postal code : 3198
Country : Australia
Executive Summary
Date founded or
registered : 27/02/1969
Legal form : Australian
Proprietary Company
Chief executive : Graham Percival Hosking
Issued & paid up
capital : AUD 1,200
Sales turnover : AUD 22,657,193 (Non-Consolidated 12
months, 30/06/2012)
Net income : AUD 392,560
(Non-Consolidated 12 months, 30/06/2012)
Total fixed assets :
AUD 13,527,447
(Non-Consolidated 12 months, 30/06/2012)
Line of business : Import and retail
distribution of jewellery, watches and giftware.
Staff employed : 180 employees
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 : 27/02/1969
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 004761960
Registered authority
: Australian Securities
& Investments Commission
Fiscal/ Tax no : Australian Business
Number: 48004761960
Registry status : Live/Active
Previous name : HOSKING THE JEWELLER
PTY. LTD. (initial)
Change of legal form
: None reported.
Other registration :
The Subject owns the
following registered business names:
PRECISION JEWELLERS is a business name owned
by the Subject registered
on 1/12/1972 under business registration no:
18060B.
GOLDSMITH MANUFACTURING JEWELLERS is a business name owned by
the Subject registered on 7/06/1995 under business registration no:
1218148H.
Key Management
Name : Graham
Percival Hosking
Designation : Managing
Director
Appointments
Name : Bryn William Hosking
Designation : Director
Appointment date :
01/07/10
Address : 4 Elm Court
Mount Eliza, VIC 3930
Australia
Biography : Born on
07-07-1981 in Frankston, Victoria, Australia.
Name : Clinton
Murray Hosking
Designation : Director
Appointment date : 01/07/10
Address : 4 Elm Court
Mount Eliza, VIC 3930
Australia
Biography : Born
on 26-11-1979 in Melbourne, Victoria, Australia.
Name : Anthony
David Nash
Designation : Director and
Company Secretary
Appointment date :
01/07/10
Address : 4 Clyde Court
Frankston South, VIC 3199
Australia
Biography : Born on
28-10-1968 in Box Hill, Victoria, Australia.
Staff employed : 180 employees
Composition
Authorized Capital : AUD
1,200
No of shares : 1,200
Ordinary Shares
Share par value : AUD
1
Issued capital : AUD
1,200
Paid up capital : AUD
1,200
How listed : Full List
Composition
Shareholder name : Kerry Dianne Hosking
Address : Cliff House
4 Elm Court
Mount Eliza, VIC 3930
Australia
No. of shares : 13 Ordinary Shares
Shareholder name : Graham Percival Hosking
Address : Cliff House
4 Elm Court
Mount Eliza, VIC 3930
Australia
No. of shares : 1,187 Ordinary Shares
Structure
Name : HOSKING
WHOLESALE PTY. LIMITED
Affiliation type :
Associate
Address : 20 Klauer
Street
Seaford, VIC 3198
Australia
Name : GOLDSMITH
PTY LTD
Affiliation type : Associate
Address : 20 Klauer Street
Seaford, VIC 3198
Australia
Bank Details
Name of bank : National Australia 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
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 : 30/06/12
Type of accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 1.13 as of
28-01-2014
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 : 30/06/12 30/06/11
Length of accounts : 12 months 12 months
Sale turnover /
Income : 22,657,193 24,938,908
Profit before tax : 612,780 1,334,206
Net income : 392,560 891,992
Non current assets : 6,200,944 6,036,234
Current assets : 7,326,503 8,067,247
Inventories : 6,894,476 7,647,313
Total assets : 13,527,447 14,103,481
Current liabilities : 2,102,352 3,018,798
Non current liabilities : 391,256 443,403
Total liabilities : 2,493,608 3,462,201
Share equity : 11,033,839 10,641,280
Retained earning : 10,923,319 10,530,759
Comments :
The representative contacted Ms. Ann Sweeeney declined to provide the Subject's latest estimated revenue.
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 retail distribution of jewellery, high-end watches
and giftware.
Product & services : Jewellery products:
Anklets
Bangles
Bracelets
Brooches
Chains
Charms
Earrings
Pendants
Rings
Engagement
Rings
Wedding
Bands
Watches
Giftware
Brand : GEORGINI,
HOMAGE, LOVELINKS, FOSSIL JEWELLERY, GUESS JEWELLERY, SKAGEN WATCHES, SEIKO
WATCHES, CITIZEN WATCHES, LORUS WATCHES, JAG WATCHES, DISNEY WATCHES, ALF
WATCHES, DKNY WATCHES, FOSSIL WATCHES, TW STEEL WATCHES, GUESS WATCHES, RADO
WATCHES, TISSOT WATCHES, LONGINES WATCHES, TAG HEURER WATCHES, SWATCH WATCHES,
GENEVE WATCHES, SWARVOSKI
Purchases
International : India, Thailand and Hong Kong
Sales
Local : Yes
International : None reported.
Property & Assets
Premises : The Subject
operates from the verified heading address consisting of an administrative
office and warehouse.
Branches : In addition, the Subject
operates from 16 retail outlets located across Australia.
Westfield Airport West
Shop 9, 29 Louis Street
Airport West, VIC 3042
Australia
Tel: +61 3 93300411
Dandenong Plaza, Shop 251
Dandenong, VIC 3175
Australia
Tel: +61 3 97940166
Bayside Shopping Centre, Shop G19
28 Beach Street
Frankston, VIC 3199
Australia
Tel: +61 3 97702221
Centro Karingal
Shop 98, 330 Cranbourne Road
Karingal, VIC 3199
Tel: +61 3 97755433
Centro Keilor Shop 15
Lot 1 Taylors Road
Keilor Downs, VIC 3038
Australia
Tel: +61 3 93108877
Centro Mornington, Shop 12
78 Barkly Street
Mornington, VIC 3931
Australia
Tel: +61 3 59764477
Mid Valley Shopping Centre, Shop 13
Princes Hwy
Morwell, VIC 3841
Australia
Tel: +61 3 51342200
Rosebud Plaza, Shop R11
Crn Boneo Road & McCombe Street
Rosebud, VIC 3939
Australia
Tel: +61 3 59867777
Stud Park Shopping Centre, Shop 24
Crn Stud & Fulham Roads
Rowville, VIC 3178
Australia
Tel: +61 3 97642799
Shop T091 Woodgrove Shopping Centre
533-555 High Street
Melton, VIC 3337
Australia
Tel: +61 3 97466744
Eastland Shopping Centre
Shop L65, 171-175 Maroondah Hwy
Ringwood, VIC 3134
Australia
Tel: +61 3
98794100
Gippsland Centre Shop 7
37-39 Cunningham Street
Sale, VIC 3850
Australia
Tel: +61 3 51433177
Watergardens Town Centre Shop 27
399 Melton Hwy
Taylors Lakes, VIC 3038
Australia
Tel: +61 3 94490099
Casuarina Shopping Centre Shop 211
247 Trower Road
Casuarina, New Territories 0810
Australia
Tel: +61 8 89450572
Smith St Mall, Darwin Shop 1
36 Smith Street
Darwin, New Territories 0800
Australia
Tel: +61 8 89818895
Palmerston Shopping Centre Shop 4
10 Temple Terrace
Palmerston New Territories 0830
Australia
Tel: +61 8 89326668
Other property : Total
NBV of property, plant and equipment as of 30-06-2012 was AUD 835,847
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: 79%
population
Purchase Term
International : L/C,
Telegraphic transfer, D/P, Credit 30-90 days
Sales Term
Local : Credit
card, Cash
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.
-
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.62.20 |
|
|
1 |
Rs.103.12 |
|
Euro |
1 |
Rs.84.96 |
INFORMATION DETAILS
|
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 |
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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.