MIRA INFORM REPORT

 

 

Report Date :

10.01.2011

 

IDENTIFICATION DETAILS

 

Name :

ELION & CO PTY LTD

 

 

Formerly Known As :

Elion & Co (Aust) P/L

 

 

Registered Office :

2/67 Astor Terrace, Spring Hill, Queensland 4000

 

 

Country :

Australia

 

 

Date of Incorporation :

15.12.2006

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

diamond and Gem Wholesalers

 

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 :

Unknown

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Australia

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

REGISTERED NAME      

 

ELION & CO PTY LTD

T/AS ELION DIAMONDS

ACN: 123 150 185

ABN: 39 704 864 673

 

     

CORPORATE SEARCH

 

Incorporation Date:                     15 Dec 2006

 

Incorporation State:                    Queensland

 

Registered Office                       2/67 ASTOR Terrace

SPRING HILL, Queensland 4000 Australia

 

Charges                                    Date Registered: 11 Feb 2010

Chargee Name: 004 044 937 NATIONAL AUSTRALIA

Charge Type: Fixed and floating charge

ASIC Charge No: 1926662

 

Number of Shares Issued:           1

 

Paid Capital:                              1

 

Shareholders                             MICHAEL JOHN BROWN

Number of Shares: 1

 

Directors                                   BROWN, MICHAEL JOHN

Appointment Date: 18 Jan 2007

Date of Birth: 08 Jul 1938

Gender: Male

Address: 21 WEBB Road SUNSHINE BEACH, Queensland 4567 Australia

Resident Overseas: No

 

Secretary                                  MICHAEL JOHN BROWN

Appointment Date: 18 Jan 2007

 

           

BUSINESS STRUCTURE

 

TRADING ADDRESS     60 Park St

                                    SYDNEY, NSW 2000                            

 

TELEPHONE                 (612) 9267 9955

 

FACSIMILE                   (612) 9267 9441

 

TRADING STYLE           ELION DIAMONDS

 

BANK                           NATIONAL AUSTRALIA BANK

                                               

EMPLOYEES                6         

 

 

BACKGROUND

 

The subject was incorporated in Queensland on 15 December 2006 as Elion P/L changing name on 23 February 2007 to Elion & Co (Australia) P/L, changing name on 2 April 2007 to Elion & Co (Aust) P/L before adopting the current style on 28 March 2008.

 

For more than 40 years, Elion & Co has been involved with importing diamonds from Antwerp, Moscow, New York, and Tel Aviv.

 

Over the past 20 years the business has grown and now offers a range beyond pink, including coloured and white diamonds. 

 

 

OPERATIONS

 

The subject operates as one of Australia’s leading diamond and gem wholesalers, with access to the world’s rarest gems. 

 

The subject is a key supplier of Argyle pinks in Australia.

 

Activities are conducted from leased premises located at the above listed trading address.

 

 

ADVERSE

                                               

A search of the of Baycorp Advantage Limited failed to trace any litigation listed against the subject at that date.

 

 

FINANCES

 

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, he confirmed the subjects search and operational details, however declined to provide any financial or trading information as a matter of strict company policy.

 

Subsequently details in this regard were unable to be obtained during the current investigation.

 

The subject maintains a financing facility with the National Australia Bank, which is secured by a registered charge over certain fixed and floating assets of the company.

 

The subject is noted to operate in its capacity on behalf of the Elion Trust. Unsecured creditors are placed at maximum risk when dealing with a trustee company.

 

 

TRADE SURVEY

 

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.

 

 

SUMMARY

 

The subject was incorporated in Queensland on 15 December 2006 before adopting the current style on 28 March 2008.

 

For more than 40 years, Elion & Co has been involved with importing diamonds from Antwerp, Moscow, New York, and Tel Aviv.

 

Details pertaining to the subject’s financial and trading position were unable to be obtained for the current enquiry.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.70.38

Euro

1

Rs.58.93

 

 

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.