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Report No. : |
326274 |
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Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
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Name : |
GREGORY BROS PTY LTD |
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Registered Office : |
The Trust Building 5/155 King Street , Sydney, New South Wales 2000 |
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Country : |
Australia
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Date of Incorporation : |
16.03.1982 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
The subject operates in the import and wholesale distribution of
jewellery. |
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No. of Employees : |
15 115 [Group] |
RATING & COMMENTS
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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 : |
Unknown |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 2014, Australia had experienced more than 20
years of continued economic growth, averaging more than 3% 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 |
REGISTERED NAME
GREGORY BROS PTY LTD
ACN: 002 389 817
ABN: 20 102 419 004
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Summary Panel |
||
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Established |
1979 |
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Incorporated |
1982 |
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Line of Business |
Jewellery wholesalers |
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Status |
Trading |
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Details pertaining to the subject’s financial and trading position were
unable to be obtained for the current enquiry.
Enquiries in trade quarters revealed satisfaction from suppliers
contacted in dealing with the subject on a credit basis.
Company Type Australian
Proprietary Company
Incorporation Date: 16
Mar 1982
Incorporation State: New
South Wales
Registered Office The Trust Building 5/155 King Street
Sydney,
New South Wales 2000 Australia
Number of Shares Issued: 12
Paid Capital: 12
Shareholders LAHDO GREGORY
Number of Shares: 6
CHRISTOPHER GREGORY
Number of Shares: 6
Directors GREGORY,
CHRISTOPHER
Appointment Date:
16 Mar 1982
Date of Birth: 01 Jan 1950
Gender: Male
Address: 37 LUCRETIA Avenue LONGUEVILLE, New
South Wales 2066 Australia
Resident Overseas: No
GREGORY, ISAK
Appointment Date: 16 Mar 1982
Date of Birth: 01 Jan 1942
Gender: Male
Address: 10 ROSE Street CROYDON PARK, New
South Wales 2133 Australia
Resident Overseas: No
GREGORY, LAHDO
Appointment Date: 16 Mar 1982
Date of Birth: 01 Jan 1946
Gender: Male
Address: 12 SEYMOUR Street CROYDON PARK, New
South Wales 2133 Australia
Resident Overseas: No
Secretary CHRISTOPHER
GREGORY
Appointment
Date: 16 Mar 1982
Effective 30 January 2012 the Personal Property Securities Register
(PPSR) was introduced to give the
different Commonwealth, State and Territory laws and registers regarding security
interests in personal property under one national system.
As a result of PPS Reform a number of existing Commonwealth, State and
Territory personal property security registers will close. Interests registered
on existing security interest registers will be migrated to the national PPS
Register. Subsequently Registered Charges are no longer lodged with the
Australian Securities and Investments Commission (ASIC).
TRADING ADDRESS Level
10
70 Castlereagh St
SYDNEY,
NSW 2000
TELEPHONE (612)
9221 3077
EMAIL Sydney@gregoryjewellers.com.au
WEBSITE www.gregoryjewellers.com.au
ASSOCIATED ENTITY GREGORY
JEWELLERS P/L
GROUP BRANCHES The
subject maintains 14 branches across New South Wales.
BANK Not
determined
EMPLOYEES 15
115
(Group)
The subject was incorporated in New South Wales on 167 March 1982 as Z Y
B F before adopting the current style on 1 June 1982.
The group has been established in Australia since 1979.
The subject operates in the import and wholesale distribution of
jewellery.
Gregory Jewellers Pty Ltd operates as the retail arm of the group
Products include a range of jewellery, diamonds and watches.
The group’s jewellery collections include Neon Runway, Gregory Heritage
and Gregory 925
The group also stocks watch brands such as Baume & Mercier, Bell
& Ross, Breitliing, Bremont, Frederique Constant, Gucci, IWC, Oris, Rado,
Tag Hauer, Tissot, TW Steel, Tudor, Raymond Weil and Seven Friday.
A search of of on 5 June 2015 failed to trace any litigation listed
against the subject at that date.
The subject is not required to lodge financial statements with the
Australian Securities and Investments Commission.
During the current interview conducted with the subjects Financial
Controller, she confirmed the subjects search and operational details however declined
to release any financial information as a matter of company policy.
Details in this regard were subsequently unable to be obtained for the
current enquiry.
Enquiries in trade quarters revealed satisfaction from one supplier
contacted in dealing with the subject on a credit basis.
The subject is noted to operate in its capacity on behalf of the Gregory
Bros Unit Trust. Unsecured creditors are placed at maximum risk when dealing
with a trustee company.
A trade survey on the subject traced the following accounts:
1. (Bright Group) Purchases range up to $5,000 per month on 30 day
terms. Payment is met in 30 days and the account is considered satisfactory
having been known for 3 years.
2. (Swatch) Nominated supplier failed to respond to correspondence
despite chasing.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.98.89 |
|
Euro |
1 |
Rs.72.31 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
|
|
|
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Report Prepared
by : |
TPT |
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.