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Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
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Name : |
PEARLSIDE INVESTMENTS PTY LTD |
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Registered Office : |
C/o GALLUCCIO GRIGGS 620 Newcastle Street Leederville Western Australia 6007 |
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Country : |
Australia |
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Date of Incorporation : |
20.01.1998 |
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Com. Reg. No.: |
081351546 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Manufacturer of monumental and memorial products, importer and manufacturer of 30mm kitchen bench tops in Western Australia. |
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No. of Employees : |
20 employees |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
AUSTRALIA - ECONOMIC OVERVIEW
Australia's abundant and diverse
natural resources attract high levels of foreign investment and include
extensive reserves of coal, iron ore, 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 also has a large services sector and is a
significant exporter of natural resources, energy, and food. Key tenets of
Australia''s trade policy include support for open trade and the successful
culmination of the Doha Round of multilateral trade negotiations, particularly
for agriculture and services. The Australian economy grew for 17 consecutive
years before the global financial crisis. Subsequently, the former RUDD
government introduced a fiscal stimulus package worth over US$50 billion to
offset the effect of the slowing world economy, while the Reserve Bank of
Australia cut interest rates to historic lows. These policies - and continued
demand for commodities, especially from China - helped the Australian economy
rebound after just one quarter of negative growth. The economy grew by 1.4%
during 2009 - the best performance in the OECD - by 2.7% in 2010, and by 1.8%
in 2011. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in
late 2009 and fell to 5.0% in 2011. As a result of an improved economy, the
budget deficit is expected to peak below 4.2% of GDP and the government could
return to budget surpluses as early as 2015. Australia was one of the first
advanced economies to raise interest rates, with seven rate hikes between
October 2009 and November 2010. The GILLARD government is focused on raising
Australia''s economic productivity to ensure the sustainability of growth, and
continues to manage the symbiotic, but sometimes tense, economic relationship
with China. Australia is engaged in the Trans-Pacific Partnership talks and
ongoing free trade agreement negotiations with China, Japan, and Korea.
Source : CIA
Verified Address
Subject name : PEARLSIDE INVESTMENTS
PTY LTD
Other style /
Business name : MIDLAND MONUMENTAL
WORKS / GRANITE CONSTRUCTION COMPANY
Business address :
Unit 2, 166 Welshpool
Road
Town : Welshpool
Province : Western
Australia
Zip/postal code : 6106
Country : Australia
Tel : +61 8 93580300
Fax : +61 8
92583600
Website : www.midlandmonumental.com.au
Registered address
: C/o GALLUCCIO GRIGGS
620 Newcastle Street
Town : Leederville
Province : Western
Australia
Zip/postal code : 6007
Country : Australia
Executive Summary
Date founded or
registered : 20/01/1998
Legal form : Australian
Proprietary Company
Chief executive : Amritlal Vaghji Shah
Issued & paid
up capital : AUD 3
Sales turnover : 4,000,000 (Estimated Non-consolidated
12 months, 30/06/2012)
Line of business : Manufacturer of
monumental and memorial products, importer and manufacturer
of 30mm kitchen bench tops in Western Australia.
Staff employed : 20 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 found
Payment history : No payment delays noted
Registry Data
Registration date
: 20/01/1998
Legal form : Australian
Proprietary Company
Registration no Australian Company Number:
081351546
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australian Business
Number: 56081351546
Registry status : Live/Active
Previous name : None reported.
Change of legal
form : None reported.
Other registration
: MIDLAND MONUMENTAL
WORKS is a business name owned by the Subject
registered on 19/02/2007 under business registration no: BN10728521.
GRANITE CONSTRUCTION COMPANY is a business name owned by the
Subject registered on 08/10/2008 under business registration no:
BN11170876.
Key Management
Name : Amritlal Vaghji Shah
Designation : Managing Director
Appointments
Name : Amritlal Vaghji Shah
Designation : Director and Company Secretary
Appointment date :
30/01/98
Address : 33 Yaringa Way
City Beach, WA 6015
Australia
Biography : Born on 07-09-1955 in
Jamnagar, India.
Name : Girish Shah
Designation : Director
Appointment date :
01/05/07
Address : 84 St Johns Wood Boulevard
Mount Claremont, WA 6010
Australia
Biography : Born on 16-09-1959 in
Eldoret, Kenya.
Staff employed : 20 employees
Composition
Authorized Capital
: AUD 3
No of shares : 3 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 3
Paid up capital : AUD 3
How listed : Full List
Composition
Shareholder name :
ALLSKY ENTERPRISES PTY LTD
Address : C/o GALLUCCIO GRIGGS
620 Newcastle Street
Leederville, WA 6007
Australia
No. of shares : 1 Ordinary Share
Shareholder name :
EVERSANDS PTY LTD
Address : C/o GALLUCCIO GRIGGS
620 Newcastle Street
Leederville, WA 6007
Australia
No. of shares : 1 Ordinary Share
Shareholder name :
GREENPEAK PTY LTD
Address : C/o GALLUCCIO GRIGGS
620 Newcastle Street
Leederville, WA 6007
Australia
No. of shares : 1 Ordinary Share
Structure
Name : PEARLSIDE INVESTMENTS
(WA) PTY LTD
Affiliation type :
Associate
Address : Unit 2, 166 Welshpool Road
Welshpool, WA 6106
Australia
Name : QUICK CORPORATE
AUSTRALIA PTY LTD
Affiliation type :
Associate
Address : 63 Belmont Ave
Belmont, WA 6104
Australia
Name : JAZELLA NOMINEES PTY
LTD
Affiliation type :
Associate
Address : C/o GALLUCCIO GRIGGS
620 Newcastle Street
Leederville, WA 6007
Australia
Bank Details
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 : 30/06/12
Type of accounts :
Estimated key figures
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.97 as of
11-10-2012
Summarized Financial Information
Consolidation type
: Non Consolidated
Currency : Australia Dollar
(AUD)
Denomination : (x1) One
Date of financial
year end : 30/06/12
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 $12.5 million, and
-The company and any entities it controls have fewer than 50 employees
at the
end of the financial year.
Main activities : The Subject consists of
two business divisions, Midland Monumental
Works, which has been offering a range of monumental and memorial
products and services and Granite Construction Company, importer and
manufacturer of 30mm kitchen bench tops in Western Australia.
Purchases
International : Mainly from India,
China
Sales
Local : Yes
International : No exports.
Property & Assets
Premises : The Subject
operates from premises located at the verified heading
address consisting of an production facilities, warehouse and
administrative office.
Branches : In addition, the
Subject operates from showrooms located at:
504 Railway Road
Karrakatta, WA 6010
Australia
Tel: +61 8 93848306
Unit 5, 4 Picton Road
Bunbury, WA 6230
Australia
Tel: +61 8 97911000
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign
exchange & gold : US$ 43.879
billion
Gross domestic
product - GDP : US$ 1.586
trillion
GPP (Purchasing
power parity) : 954.296
billion of International dollars
GDP per capita -
current prices : US$ 68,916
GDP - composition
by sector : agriculture: 4%
industry: 25.6%
services: 70.4%
Inflation : 2009:
1.8%
2010: 2.8%
2011: 3.4%
Unemployment rate
: 2009: 5.6%
2010: 5.2%
2011: 5.1%
Public debt
(General
Government gross debt as
a % GDP): 2009:
16.9%
2010: 20.4%
2011: 22.9%
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)
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$46,843
million
2009: US$25,716 million
2010: US$32,472 million
FDI Outflows : 2008: US$33,604
million
2009: US$16,160 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%
Purchase Term
Local :
Prepayment, Bank transfer, Credit 30-60 days
International :
Prepayment, Telegraphic transfer, D/P, Credit 30-60 days
Sales Term
Local :
Prepayment, Bank transfer, Cash, Credit 30-60 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.07 |
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1 |
Rs.84.95 |
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Euro |
1 |
Rs.68.24 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.