MIRA INFORM REPORT

 

 

Report Date :

29.08.2011

 

IDENTIFICATION DETAILS

 

Name :

SPARKLE IMPEX PTY. LIMITED

 

 

Registered Office :

Suite 702, 155 Castlereagh Street Sydney New South Wales 2000

 

 

Country :

Australia

 

 

Date of Incorporation :

16.05.1989

 

 

Com. Reg. No.:

003778694

 

 

Legal Form :

Australian Proprietary Company

 

 

Line of Business :

Suppliers of cut diamonds, polished diamonds, diamond and precious stone jewelry.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

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 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Australia

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

IDENTIFICATION DETAILS

 

 

Verified Address

 

Subject name                                     :   SPARKLE IMPEX PTY. LIMITED

 

Business address                               :   Suite 702, 155 Castlereagh Street

 

Town                                                 :   Sydney

 

Province                                             :   New South Wales

 

Zip/postal code                                   :   2000

 

Country                                              :   Australia

 

Tel                                                     :   +61 2 92676771

 

Fax                                                   :   +61 2 92676658

 

Email                                                 :   info@sparkleimpex.com

 

Website                                                www.spakleimpex.com

 

 

Registered address                             :   Suite 702, 155 Castlereagh Street

 

Town                                                 :   Sydney

 

Province                                             :   New South Wales

 

Zip/postal code                                   :   2000

 

Country                                              :   Australia

 

Postal address                                   :   P.O. Box 2285

 

Town                                                 : Sydney South Province :   New South Wales Zip/postal code        :   1235

   Country                                                                                :   Australia

 

 

SUMMARY DETAILS

 

Executive Summary

 

Date founded or registered                   :   16/05/1989

 

Legal form                                          :   Australian Proprietary Company

 

Chief executive                                   :   Rajendra Barmecha

 

Issued & paid up capital                      :   AUD 2

 

Line of business                                 :  Suppliers of cut diamonds, polished diamonds, diamond and precious stone jewelry.

Staff employed                                                                                          :   6 employees (Subject)

 

 

 

Company Analysis

 

 

Operation trend                                   :   Operational trend is steady

 

Management experience                     :  Management is reasonably experienced Financial performance                         : Financial performance is undetermined Organisation structure                         :  Organisational structure is stable Detrimental                                        : No detrimental records found

 

 

 

STATUTORY DETAILS

 

 

Registry Data

 

Registration date                                :   16/05/1989

 

Legal form                                          :   Australian Proprietary Company

 

Registration no                                       Australian Company Number: 003778694

 

Registered authority                            :   Australian Securities & Investments Commission

 

Fiscal/ Tax no                                    :   Australian Business Number: 49003778694

 

Registry status                                   :   Live/Active

 

Previous name                                    :  The Subject was established under the name CORPERS (NO. 729) PTY. LIMITED and changed to the current style on 22-06-1994.

 

Change of legal form                                                                              :   None reported.

 

 

MANAGEMENT / DIRECTORS

 

Key Management

 

Name                         :      Rajendra Barmecha

 

Designation                                              :            Managing Director

 

 

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

Appointments

 

Name                         :      Rajendra Barmecha

 

Designation                :      Director and Company Secretary

 

Appointment date        :      11/07/89

 

Address                     :      183 Kent Street

Sydney, NSW 2000

Australia

 

Biography                   :      Birth details: Born on 17-03-1965 in India.

 

 

Staff employed                                           :            6 employees (Subject)

 

 

SHARE CAPITAL

 

 

Composition

 

Authorized Capital                              :   AUD 2

 

No of shares                                       :   2 Ordinary Shares

 

Share par value                                   :   AUD 1

 

Issued capital                                     :   AUD 2

 

Paid up capital                                                                                         :   AUD 2

 

 

OWNERSHIP / SHAREHOLDERS

 

 

How listed                                             :   Full List

 

Composition

 

Shareholder name                                  :   Sushila Barmecha

 

Address                                                :   416-418 Pitt Street

Sydney, NSW 2000

Australia

 

No. of shares                                         :   1 Ordinary Share

 

% of shares                                           :   50%

 

 

Shareholder name                                  :   Rajendra Barmecha

 

Address                                                :   183 Kent Street

Sydney, NSW 2000

Australia

 

No. of shares                                         :   1 Ordinary Share

 

% of shares                                                                            :   50%

 

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

 

Structure

 

Name                                        :   UMRAWMAL & CO.

Affiliation type                            :   Associate

Address                                    :   1310, Prasad Chambers

Opera House, Mumbai 400004

India

 

Comments                                :   Umrawmal & Co. was established by Mr. Umrawmal Barmecha in 1972.

Umrawmal & Co. are importers, exporters and manufacturers of cut and polished diamonds. Products are manufactured in state-of-the-art manufacturing unit located at Navsari (Gujrat), India. Total employees: 300

Diamonds are exported to Australia, US, Europe, Southeast Asian countries and the Middle East.

 

 

Name                                        :   SPARKLE DIAM B.V.B.A.

Affiliation type                            :   Associate

Address                                    :   Hoveniersstraat 30, Bus 240, Room 529

2018 Antwerpen

Belgium

 

Name                                        :   BARMECHA'S IMPEX PVT. LTD.

Affiliation type                            :   Associate

Address                                                          :   India

 

 

BANK & MORTGAGES

 

Bank Details

 

Name of bank                :   National Australia Bank Limited

 

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

 

 

FINANCIAL DATA

 

 

Description

 

Comments                                         :   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.

 

 

 

OPERATION DETAILS

 

 

Main activities                                    :   The Subject is engaged as a supplier of cut diamonds, polished diamonds, diamond and precious stone jewelry.

Purchases

 

International                                       :   Mainly from India, Sri Lanka

 

 

Sales

 

Local                                                 :   Yes

 

Property & Assets

 

 

Premises                                           :   The Subject operates from premises located at the verified heading address consisting of administrative office.

Branches                                                                                :   None reported.

 

 

SUMMARIZED COUNTRY RISK

 

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                          :   Reserve Bank of Australia

Reserve of foreign exchange & gold         :   US$ 41.385 billion

Gross domestic product - GDP               :   US$ 1.235 trillion

 

GPP (Purchasing power parity)               :   918.529 billion of International dollars

 

GDP per capita - current prices               :   US$ 55,590

 

GDP - composition by sector                  :           agriculture: 4.1%

industry: 26%

services: 70%

 

Inflation                                                 :           2008: 4.4%

2009: 1.8%

2010: 2.8%

 

Unemployment rate                                :           2008: 4.2%

2009: 5.6%

2010:5.2%

 

Public debt

(General Government gross debt as a % GDP):   2008: 11.6%

2009: 17.6%

2010: 22.3%

 

Government bond ratings            :           Standard & Poor's: AAA/Stable/A-1+ Moody's rating: Aaa

Moody's outlook: STA

Market value of publicly traded shares:   US$1.258 trillion

 

Largest companies in the country            :   Commonwealth Bank (Banking), BHP Billiton (Materials), Westpac Banking Group (Banking), Rio Tinto (Materials), National Australia Bank (Banking), ANZ Banking (Banking), Telstra (Telecommunications Services)

 

 

Trade & Competitiveness Overview

 

 

Total exports                 :   US$210.7 billion

 

Exports commodities     :   coal, iron ore, gold, meat, wool, alumina, wheat

 

Total imports                 :   US$187.2 billion

 

Imports commodities      :   machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products

 

Export - major partners   :   Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India

   5.5%, UK 4.2%

 

Import - major partners   : China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany 5.2%, UK 4.3%,        Thailand 4.2%

 

FDI Inflows                    :   2007: US$45,477 million

    2008: US$46,722 million

    2009: US$22,572 million

 

FDI Outflows                          :   2007: US$16,822 million

    2008: US$32,819 million

    2009: US$18,426 million

 

Best countries for doing business:   10 out of 183 countries

 

Global competitiveness ranking   :   16 (ranking by country on a basis of 133, the first is the best)

 

Country and Population Overview

 

 

Total population :   22.23 million

 

Total area          :   7,692,024 km2

 

Capital              :   Canberra

 

Currency         :   Australian dollars (AUD)

Internet users as % of total population:   74.00%

 

 

PAYMENT HISTORY

 

Purchase Term

 

International                                       :   Cash against document, Prepayment, Credit 30 days

 

 

Sales Term

 

Local                                                 :   Prepayment, Cash against document, Credit 30 days

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.05

UK Pound

1

Rs.75.19

Euro

1

Rs.66.47

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.