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Report No. : |
304916 |
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Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
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Name : |
G P ISRAEL DIAMONDS PTY LTD |
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Registered Office : |
GPO Box 154, Suite 905 – 908, Level 9, The Trust Building, 155 King Street, Sydney, New South Wales, NSW 2000 |
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Country : |
Australia |
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Date of Incorporation : |
15.04.1977 |
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Com. Reg. No.: |
ACN: 001454217 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Import and Wholesale of Diamonds and Jewellery. |
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No. of Employees : |
10 (Estimated) |
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, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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.
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Source
: CIA |
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Verified |
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Subject name: |
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Address: |
The Trust Building 155 King Street |
Postal address: |
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Town: |
Town: |
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State/province: |
State/province: |
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Zip/postal code: |
Zip/postal code: |
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Country: |
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Telephone: |
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Fax: |
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Email: |
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Website: |
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Date registered: |
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Legal form: |
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Share capital |
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Sales turnover: |
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Main activities: |
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Employees: |
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Bankruptcy
filings: |
None |
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Court
judgements: |
None |
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Tax liens: |
None |
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Other: |
None |
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Name: |
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Name: |
Alan David Israel |
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Job title: |
Director and Company Secretary |
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Name: |
Geoffrey Phillip Israel |
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Job title: |
Director and Company Secretary |
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Name: |
Shoshana Israel |
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Job title: |
Director and Company Secretary |
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Staff |
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No of employees |
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Appointments |
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Name: |
Nicole Ryba |
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Board function: |
Director |
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Date appointed: |
12/02/1993 |
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Address: |
62-64 Village High Road Vaucluse, NSW 2030 Australia |
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Biography: |
Born: 30/04/1965 Birth Place: Sydney, New South Wales |
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Name: |
Alan David Israel |
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Board function: |
Director and Company Secretary |
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Date appointed: |
12/02/1993 |
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Address: |
25 Bundarra Road Bellevue Hill, NSW 2023 Australia |
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Biography: |
Born: 19/10/1961 Birth Place: Sydney, New South Wales |
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Name: |
Geoffrey Phillip Israel |
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Board function: |
Director and Company Secretary |
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Date appointed: |
15-04-1977 (Director) 12-02-1993 (Company Secretary) |
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Address: |
48 Chamberlain Avenue Rose Bay, NSW 2029 Australia |
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Biography: |
Born: 18/11/1930 Birth Place: Newcastle, New South Wales |
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Name: |
Shoshana Israel |
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Board function: |
Director and Company Secretary |
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Date appointed: |
15/04/1977 |
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Address: |
48 Chamberlain Avenue Rose Bay, NSW 2029 Australia |
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Biography: |
Born: 13/02/1940 Birth Place: China |
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Composition |
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Authorised: |
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Number/type: |
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Share value: |
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Issued: |
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Paid-up: |
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How Listed |
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155 King Street Sydney, NSW 2000 Australia |
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155 King Street Sydney, NSW 2000 Australia |
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Description |
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Required to
file: |
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Source: |
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Presentation: |
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Date of
accounts: |
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Currency: |
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Exchange rate: |
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Summarised
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Period: |
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Sales turnover: |
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Activities |
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Full
description: |
The Subject is engaged
in the import and wholesale of diamonds and other jewellery such as bangles,
earrings, necklaces, pendants and rings. |
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Premises |
The Subject principally operates from premises located at the heading address,
consisting of a warehouse and administrative offices. |
DIAMOND INDUSTRY – INDIA
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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.
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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.
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Excerpts from Times of India dated 30th
October 2010 is as under –
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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.
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.41 |
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1 |
Rs.93.18 |
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Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.