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Report No. : |
338666 |
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Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
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Name : |
LAVEREN PTY LTD |
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Registered Office : |
Suite 38b Level 38 C/-, Economos Pty Ltd, Citigroup Centre, 2-26 Park,
Street Sydney NSW, 2000 |
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Country : |
Australia |
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Year of Establishment : |
1977 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Subject is manufacture design and distribution of jewellery |
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No. of Employee : |
7 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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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
Following two decades of continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system, Australia enters 2015 facing a range of growth constraints, principally driven by a sharp fall in global prices of key export commodities. Although demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports, sharp drops in current prices have already impacted growth. 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, although this trend could reverse or slow due to falling 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 entered into free trade agreements (FTAs) with the Republic of Korea and Japan, and concluded an FTA with China, in 2014, adding to existing FTAs with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, and a regional FTA with ASEAN and New Zealand. Australia continues to negotiate bilateral agreements with India and Indonesia, as well as larger agreements with its Pacific neighbors and the Gulf Cooperation Council countries, and an Asia-wide Regional Comprehensive Economic Partnership that includes the ten ASEAN countries and China, Japan, Korea, New Zealand and India. Australia is also working on the Trans-Pacific Partnership Agreement with Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
|
Source
: CIA |
LAVEREN PTY LTD
VAROUJAN JEWELLERS
(Trading Name)
ACN: 050 326 184
ABN: 76 050 326
184
Summary
Panel
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Established |
1977 |
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Incorporated |
1990 |
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Line of Business
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|
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Status |
Trading |
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Chief Executive
Officer |
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Adverse Listings |
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Details
pertaining to the subject’s financial and trading position were unable to be
obtained for the current enquiry.
In view of the
above the subject has been assigned.
Company Type Australian
Proprietary Company
Status Registered
Incorporation Date 09 Nov 1990
Incorporation State NSW
Registered Office
SUITE 38B LEVEL 38 C/-
ECONOMOS PTY LTD
CITIGROUP CENTRE, 2-26 PARK
STREET SYDNEY NSW, 2000
Total: 1
Director Name DJEVAHIRDJIAN, VAROUJAN
Appointment Date 25 May 1995
Date of Birth 26 Jan 1960
Place of Birth BEIRUT LEBANON
Gender MALE
Resident Overseas N
Address 2A GILLIAN PDE, WEST PYMBLE
NSW 2073
Document Number 0E6289344
Total: 1
Secretary Name DJEVAHIRDJIAN, VAROUJAN
Appointment Date 14 Jul 1997
Date of Birth 26 Jan 1960
Place of Birth BEIRUT LEBANON
Address 2A GILLIAN PARADE WEST
PYMBLE NSW, 2073
Document Number 0E6289344
Total: 2 Amount: $2
Class ORDINARY SHARES [ORD]
Number of Shares Issued 2
Paid Capital $2.00
Total Amount Due and Payable $0.00
Document Number 002649949
Shareholder Name DJEVAHIRDJIAN, VAROUJAN
Address 2A GILLIAN PARADE WEST
PYMBLE NSW, 2073
Class ORD
Number Held 1
Beneficially Held Y
Fully Paid Y
Jointly Held N
Document Number 0E6289344
Shareholder Name DJEVAHIRDJIAN, LILY
Address 2A GILLIAN PARADE WEST
PYMBLE NSW, 2073
Class ORD
Number Held 1
Beneficially Held Y
Fully Paid Y
Jointly Held N
Document Number 1E8760875
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.
TRADING ADDRESS Level 3
Shop 3048 –B
70 Castlereagh St
SYDNEY NSW
2000
TELEPHONE (612) 9232 2328
(612) 9232
2329
FACSIMILE (612) 9223 0339
EMAIL info@varoujan.com.au
WEBSITE www.varoujan.com.au
BRANCH Pitt St, Sydney NSW 2000
TRADING STYLE VAROUJAN JEWELLERS
BANK Not determined
EMPLOYEES 7
The subject was
incorporated in New South Wales on 9 November 1990 under the current style.
Operations were
founded in 1977.
The subject operates in the in the
manufacture design and distribution of jewellery.
The in-house jewellery designers have won
multiple awards and recognitions from such associations as De Beers and Harpers
Bazaar Magazine’s Diamond Guild of Australia Awards competitions as well as the
Jewellers Association of Australia Awards
Products include
engagement rings, eternity rings, diamond necklaces, earrings etc.
A search of of on
27 August 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 Manager, he declined to confirm
or release any information pertaining to the subject unless the source of the
enquiry was released.
As a result,
details pertaining to the subject’s financial and trading position were unable
to be obtained for the current enquiry.
Details
pertaining to the subjects suppliers were not provided for the current enquiry.
A trade survey
on the subject was subsequently unable to be conducted.
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.
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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 –
-
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.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ASH |
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.