MIRA INFORM REPORT
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Report Date : |
02.05.2012 |
IDENTIFICATION DETAILS
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Name : |
WORLD SHINER PTY LIMITED |
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Registered Office : |
C/O S R Sheth
& Co Pty Ltd, Unit 4, 96 Wigram Street, Harris Park, New South Wales,
Zip/Postal Code 2150 |
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Country : |
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Date of Incorporation : |
21.10.1996 |
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Com. Reg. No.: |
076056356 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Importer and wholesaler of diamonds, diamond jewelery, gem stone and gem stone jewelery |
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No. of Employees : |
10 |
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 : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Verified Address
Subject name : WORLD SHINER PTY LIMITED
Business address : Suite
4, Level 3
Dymocks Building
428 George Street
Town : Sydney
Province : New South Wales
Zip/postal code : 2000
Country : Australia
Tel : +61 2 92323557
Fax : +61 2 92323560
Email : sydney@worldshiner.com
Website : www.worldshiner.com
Registered address : C/o
S R SHETH & CO PTY LTD
Unit 4, 96 Wigram Street
Town : Harris Park
Province : New South Wales
Zip/postal code : 2150
Country : Australia
Executive Summary
Date founded or registered : 21/10/1996
Legal form : Australian Proprietary Company
Chief executive : Maulin Shah
Issued & paid up capital : AUD 10
Sales turnover : AUD 4,000,000 (Estimated
Non-consolidated 12 months, 30/06/2011)
Line of business :
Importer and wholesaler of diamonds,
diamond jewelery, gem stone and gem stone jewelery.
Staff employed : 10 employees
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is reasonably experienced
Financial performance : Financial performance is fair
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount asked : Not described.
Registry Data
Registration date : 21/10/1996
Legal form : Australian Proprietary Company
Registration no : Australian Company Number: 076056356
Registered authority : Australian Securities and Investments Commission
Fiscal/ Tax no : Australian Business Number: 90076056356
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Maulin
Shah
Designation : Managing Director
Appointments
Name : Maulin
Shah
Designation : Director and Company Secretary
Appointment date : 05/10/08
Address : 80
Lorimer Street
Docklands, VIC 3008
Australia
Biography : Born
on 17-08-1977 in Ahmedabad, India.
Name : Jiggar
Doshi
Designation : Director and Company Secretary
Appointment date : 16/03/06
Address : 3
Parkland Boulevard
Brisbane, QLD 4000
Australia
Biography : Born
on 06-06-1977 in Kochi, India.
Staff employed : 10 employees
Composition
Authorized Capital : AUD 10
No of shares : 10 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 10
Paid up capital : AUD 10
How listed : Full List
Composition
Shareholder name TREASURE INVESTMENTS LTD
Address Khalid Al Attar Tower
Sheikh Zayed Road
Dubai
United Arab Emirates
No. of shares 10 Ordinary Shares
% of shares 100%
Structure
Name TREASURE INVESTMENTS LTD
Affiliation type Parent Company
Address Khalid Al Attar Tower Sheikh Zayed Road Dubai, United Arab Emirates
Name WORLD SHINER B.V.B.A
Affiliation type Associate
Address Hovenierstraat 30
Bus No. 122 Room No. 127
Antwerpen 2018
Belgium
Name WORLD SHINER CANADA INC.
Affiliation type Associate
Address Suite 808, 80 Richmond Street West
Toronto M5H 2A4
Ontario
Canada
Name DIAMANTRA GMBH
Affiliation type Associate
Address Hirschstraße 29
70173 Stuttgart
Germany
Name WORLD SHINER
Affiliation type Associate
Address Hariniwas Building, Ground Floor 26/A New Queens Road, Opera House Mumbai 400004
Maharashtra
India
Name WORLD SHINER KK
Affiliation type Associate
Address 2nd Floor, Kiriya bldg.
1-25-9 Higashi Ueno
Taito Ku , Tokyo 110-0015
Japan
Name WORLD SHINER S. L.
Affiliation type Associate
Address C/ Abada, 2 Piso 4 Despacho 8
Madrid 28013
Spain
Name FLAWLESS DIAMONDS CO., LTD.
Affiliation type Associate
Address 9th Floor- 2 No. 267
Dunhuas. Road Sec.2, Da-an Dist. Taipei City 10675
Taiwan
Name WORLD SHINER (U.K.) LTD.
Affiliation type Associate
Address Suite 160, 1st Floor
Princess House
50-60 East Castle Street
London W1W8EA United Kingdom
Bank Details
Name of bank : HSBC Bank Australia Limited
Address : Australia
Account details : Current Account
Name of bank : Commonwealth Bank Of Australia
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.
Description
Source of financial statement : External
Sources
Financial statement date : 30/06/11
Type of accounts : Estimated key figures
Currency : Australia Dollar (AUD)
Exchange rate : 1 USD = AUD 0.94 as of 06-03-2011
Summarized Financial Information
Consolidation type : Non Consolidated
Currency : Australia Dollar (AUD)
Denomination : (x1) One
Date of financial year end : 30/06/11
Length of accounts : 12 months
Sale turnover / Income : 4,000,000
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 $12.5 million, and
-The company
and any entities it controls have fewer than 50 employees at the end of the
financial year.
Main activities : The Subject is engaged in import and
wholesale of diamonds, diamond jewelery, gem stone and gem stone jewelery.
The Subject is part
of World Shiner Group of companies. World Shiner is a diamond and jewellery
wholesale company operating in Australia, Belgium, Canada, India, Spain, Taiwan
and United Kingdom.
Purchases
International : India
Sales
Local : Yes
International : No exports.
Property & Assets
Premises : The Subject operates from premises
located at the verified heading address consisting of administrative office.
Branches : In addition, the Subject operates from
branch offices located at:
Suite 1103, Wales Corner
227 Collins Street
Melbourne, VIC 3000
Australia
Tel: +61 3 96546369
Suite 306-307, National Bank Building
180, Queen Street
Brisbane, QLD 4000
Australia
Tel: +61 7 32101237
Suite 1 Level 6, Carillon City Tower
207, Murray Street
Perth, WA 6000
Australia
Tel: +61 8 93212433
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 43.879 billion
Gross domestic product – GDP : US$ 1.448 trillion
GPP (Purchasing power parity) : 918.529 billion of International dollars
GDP per capita - current prices : US$ 64,351
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 :
Westpac Banking Group (Major Banks),
BHP Billiton (Diversified Metals & Mining), Commonwealth Bank (Major
Banks), National Australia Bank (Major Banks), ANZ Banking (Major Banks),
Telstra (Telecommunications services), Wesfarmers (Food Retail)
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 2008: US$46,722 million
2009: US$22,572 million
2010: US$32,472 million
FDI Outflows 2008: US$32,819 million
2009: US$18,426 million
2010: US$26,431 million
Best countries for doing business : 10
out of 183 countries
Global competitiveness ranking : 20
(ranking by country on a basis of 142, 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
: 76.00%
Purchase Term
International : L/C, Telegraphic transfer, Document against payment, Credit up to
180 days
Sales Term
Local : Prepayment, Bank transfer, Cash, Credit
up to 120 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
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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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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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 –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.51 |
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UK Pound |
1 |
Rs.85.49 |
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Euro |
1 |
Rs.69.61 |
INFORMATION DETAILS
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Report Prepared
by : |
PDT |
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.