MIRA INFORM REPORT

Report No. :	331349
Report Date :	10.07.2015

IDENTIFICATION DETAILS

Name :	PROUDS JEWELLERS PTY LTD
Registered Office :	28 Parramatta Road, Summer Hill, New South Wales, NSW 2130
Country :	Australia
Financials (as on) :	31.05.2014 (Consolidated)
Date of Incorporation :	27.02.1996
Com. Reg. No.:	073053273
Legal Form :	Australian Proprietary Company
Line of Business :	Subject is engaged in the retail of jewellery, watches, and giftware
No. of Employee :	4,905

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
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Australia	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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

IDENTIFICATION
Given
Subject name:	Prouds Jewellers Pty Ltd
Address:	28 Paramatta Road
Town:	Summer Hill
State/province:	New South Wales
Zip/postal code:	2130
Country:	Australia
Verified
Subject name:	PROUDS JEWELLERS PTY LTD
Address:	28 Parramatta Road			Postal address:		PO Box 94
Town:	Summer Hill			Town:		Strawberry Hills
State/province:	New South Wales			State/province:		New South Wales
Zip/postal code:	NSW 2130			Zip/postal code:		NSW 2012
Country:	Australia
Telephone:	+61 (2) 95816999
Fax:	+61 (2) 97167880
Website:	www.prouds.com.au www.pascoes.co.nz (Group)
EXECUTIVE SUMMARY
Date registered:	27-02-1996
Legal form:	Australian Proprietary Company
Share capital:	AUD 1
Sales turnover:	AUD 573,813,000 (Consolidated 12 months, 31-05-2014)
Main activities:	Retailer of jewellery, watches and giftware.
Employees:	4,905
REGISTRY DATA
Key Facts
Date registered:	27-02-1996
Legal form:	Australian Proprietary Company
Registration no:	ACN: 073053273
Registry auth.:	Australian Securities & Investments Commission
Tax number:	ABN: 99073053273
Registry status:	Live/Active
Previous names:	PASCOES AUST. PTY LTD Changed to the present style on 01/09/1997.
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Anne Norman
Job title:	Director
Name:	David Norman
Job title:	Director
Name:	Terence Edmond Johnstone
Job title:	Director and Company Secretary
Name:	Michael Allan Bright
Job title:	Company Secretary
Key Advisors
Auditor:	PRICEWATERHOUSECOOPERS Darling Park Tower Suite 2 201 Sussex Street Sydney, NSW 2000 Australia
Staff
No of employees	4,905
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Anne Norman
Board function:	Director
Date appointed:	29/03/1996
Address:	6 Te Kowhai Place Remuera, Auckland New Zealand
Biography:	Born: 10/07/1945 Birth Place: New Zealand
Name:	David Norman
Board function:	Director
Date appointed:	29/03/1996
Address:	6 Te Kowhai Place Remuera, Auckland New Zealand
Biography:	Born: 02/03/1949 Birth Place: United Kingdom
Name:	Terence Edmond Johnstone
Board function:	Director and Company Secretary
Date appointed:	01/07/2011
Address:	6 Leverton Close St Ives, NSW 2075 Australia
Biography:	Born: 15/10/1943 Birth Place: Waratah, New South Wales
Name:	Michael Allan Bright
Board function:	Company Secretary
Date appointed:	16-09-2014
Address:	49a Angara Circuit Glenwood, NSW 2768 Australia
Biography:	Born: 02/10/1972 Birth Place: Paddington, New South Wales
SHARE CAPITAL
Composition
Authorised:	AUD 1
Number/type:	1 ordinary share
Share value:	AUD 1
Issued:	1 ordinary share
Paid-up:	AUD 1
Shareholders/Owners
How Listed	Full List
Composition
Name:	JAMES PASCOE LIMITED
% of shares:	100%
Address:	29 Union Street Newton Auckland, 1145 New Zealand
CORPORATE AFFILIATIONS
Structure
Name:	JAMES PASCOE LIMITED
Affiliation type:	Parent Company
Address:	29 Union Street Newton Auckland, 1145 New Zealand
Name:	JAMES PASCOE PTY LTD
Affiliation type:	Associate
Address:	28 Parramatta Road Summer Hill, NSW 2130 Australia
Comments	The full list of subsidiaries is attached to this report.
BANKING & FINANCING
Bankers
Bank name:	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Address:	Australia
Bank name:	WESTPAC BANKING CORPORATION
Address:	Australia
Comments	It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.
FINANCIAL ACCOUNTS
Description
Required to file:	Yes
Source:	Commercial Registry Filings
Presentation:	Attached to this report / Summarised below
Date of accounts:	31-05-2014
Type of accounts:	Full audited
Currency:	Australian Dollar (AUD)
Exchange rate:	USD 1 = AUD 1.22 as of 15-01-2015
Summarised
	31-05-2014		31-05-2013		31-05-2012
Consolidation:	Consolidated		Consolidated		Consolidated
Period:	12 months		12 months		12 months
Sales turnover:	573,813,000		584,692,000		597,333,000
Profit before tax:	23,507,000		25,561,000		22,166,000
Profit after tax:	16,446,000		17,926,000		15,612,000
Non-current assets:	123,959,000		119,237,000		119,850,000
Current assets:	261,096,000		263,364,000		271,315,000
Inventories:	245,506,000		236,228,000		244,414,000
Total assets:	385,055,000		382,601,000		391,165,000
Current liabilities:	202,430,000		178,906,000		244,397,000
Non-cur. liabilities:	11,355,000		49,533,000		12,041,000
Total liabilities:	213,785,000		228,439,000		256,438,000
Shareholders' equity:	171,270,000		154,162,000		134,727,000
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in the retail of jewellery, watches, and giftware in Australia. It offers rings, earrings and pendants, necklaces, bracelets and bangles, and men’s jewellery; watches for ladies, men, and kids; and diamond, gemstone, gold, and silver jewellery. It serves customers online; and through stores in Australia.
Products/services:	Jewellery:- Diamonds Precious Stones Gold Jewellery Silver and Pearls Watches Giftware Jewellery Repairs:- •Resizing •Chain and Bracelet Soldering •Charm soldering •Clean and polish •Claw re-tipping •Remakes and remodelling •Hand made pieces Watch Repairs:- •Batteries •Watch band adjustment or replacement •Pin replacement •Watch service and clean •Glass replacement •Swiss watch repairs and service completed by the relevant watch company
Sales
Export:	China Czech Republic
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.
PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Exports:	L/Cs Credits 30 days net
Debt Collections / Judgements	No negative information was found.
Payment Experience
Payment behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.
INVESTIGATIVE NOTES
Sources:		Interviews and material provided by the Subject Other official and local business sources
ATTACHMENTS
Attachments:		Financial statements Financial ratios List of subsidiaries

Financial Ratios
	31-05-2014	31-05-2013	31-05-2012	Trend
PROFITABILITY [%]
Gross Margin	N/A	N/A	N/A	N/A
Gross Profit / Sales Turnover * 100
Operating Margin	N/A	N/A	N/A	N/A
Operating Profit / Sales Turnover * 100
Net Profit Margin	2.87%	3.07%	2.61%	9.56%
Profit After Tax / Sales Turnover * 100
Return On Equity (ROE)	9.6%	11.63%	11.59%	-16.67%
Profit After Tax / Equity * 100
Return On Assets (ROA)	4.27%	4.69%	3.99%	6.7%
Profit After Tax / Total Assets * 100
Return On Investment (ROI)	13.73%	16.58%	16.45%	-16.05%
Profit Before Tax / Equity * 100
EFFICIENCY [%]
Asset Turnover	149.02%	152.82%	152.71%	-2.41%
Sales Turnover / Total Assets * 100
Inventory Turnover	233.73%	247.51%	244.39%	-4.31%
Sales Turnover / Inventory * 100
LIQUIDITY [%]
Current Ratio (CR)	128.98%	147.21%	111.01%	14.96%
Current Assets / Current Liabilities * 100
Quick Ratio (QR)	7.7%	15.17%	11.01%	-25.56%
(Current Assets – Inventory) / Current Liabilities * 100
DEBT [%]
Debt Ratio	55.52%	59.71%	65.56%	-15.38%
Total Liabilities / Total Assets * 100
Long-Term Debt Ratio	6.63%	32.13%	8.94%	-13.54%
Long-Term Liabilities / Equity * 100

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.51
UK Pound	1	Rs.97.85
Euro	1	Rs.70.50

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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%)

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