|
Report Date : |
14.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
WORLD SHINER PTY LIMITED |
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Registered Office : |
C/o S.R. SHETH & CO. PTY. LIMITED Unit 4, 96 Wigram Street, Harris Park, New South Wales 2150 |
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Country : |
Australia |
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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 : |
30 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
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 : |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
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
The Australian economy has experienced continuous growth and
features low unemployment, contained inflation, very low public debt, and a
strong and stable financial system. By 2012, Australia had experienced more
than 20 years of continued economic growth, averaging 3.5% a year. Demand for
resources and energy from Asia and especially China has grown rapidly, creating
a channel for resources investments and growth in commodity exports. The high
Australian dollar has hurt the manufacturing sector, while 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, stemming from rising 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 has bilateral free trade agreements
(FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has
a regional FTA with ASEAN and New Zealand, is negotiating agreements with
China, India, Indonesia, Japan, and the Republic of Korea, as well as with its
Pacific neighbors and the Gulf Cooperation Council countries, and is also
working on the Trans-Pacific Partnership Agreement with Brunei Darussalam,
Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and
Vietnam.
|
Source
: CIA |
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. LIMITED
Unit 4, 96 Wigram Street
Town : Harris
Park
Province : New
South Wales
Zip/postal code : 2150
Country : Australia
Executive Summary
Date founded or registerred : 21/10/1996
Legal form : Australian
Proprietary Company
Chief executive : Maulin
Shah
Issued & paid up capital : AUD
10
Line of business : Importer
and wholesaler of diamonds, diamond jewelery, gem stone and gem
stone jewelery.
Staff employed : 30
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 undetermined
Organization structure : Organizational
structure is stable
Detrimental : No detrimental found
Payment history : No
payment delays noted
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 : Unit
804, 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 : Unit
3081, 3 Parkland Boulevard
Brisbane, QLD 4000
Australia
Biography : Born
on 06-06-1977 in Kochi, India.
Staff employed : 30
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 : C/o
KSI SHAH & ASSOCIATES
Suite 1003, 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 : C/o KSI SHAH
& ASSOCIATES
Suite 1003, 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 S.
L.
Affiliation type : Associate
Address : C/ Abada, 2 Piso
4 Despacho 8
Madrid 28013
Spain
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
(UK) LIMITED
Affiliation type : Associate
Address : Suite 160, 1st
Floor, Princess House
50-60 East Castle Street
London W1W8EA
Bank Details
Name of bank : HSBC
Bank Australia 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.
Description
Comments : The representative contacted declined
to provide any financial information until the inquiring party details are
revealed.
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 $12.5 million, and
-The company and any entities it controls
have fewer than 50 employees at the end of the financial year.
Main activities : The Subject is engaged in import and
wholesale of diamonds, diamond jewelery, gem stone and gem stone jewelery.
The Subject is part of World Shiner Group of
companies. World Shiner is a diamond and jewellery wholesale company operating
in Australia, Belgium, Canada, India, Spain, Taiwan and United Kingdom.
Product & services : Diamonds
Diamond jewellery
Gem stone
Gem stone jewellery
Purchases
International : Mainly
from India, Hong Kong, Belgium
Sales
Local : Yes
International : No
exports.
Property &
Assets
Premises : The Subject operates from
premises at the verified heading address consisting of an administrative
office.
Branches : In
addition, the Subject operates from branch offices located at:
Suite 1103, Wales Corner
227 Collins Street
Melbourne, VIC 3000
Australia
Tel: +61 3 96546369
Suite 306-307, National Bank Building
180 Queen Street
Brisbane, QLD 4000
Australia
Tel: +61 7 32101237
Suite 1, Level 6, Carillon City Tower
207 Murray Street
Perth, WA 6000
Australia
Tel: +61 8 93212433
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange & gold : US$ 46.714 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 : 2010:
2.8%
2011: 3.4%
2012: 2.7%
Unemployment rate : 2010:
5.2%
2011: 5.1%
2012: 5.2%
Public debt
(General Government gross debt as
a % GDP): 2010: 20.4%
2011: 22.9%
2012: 24%
Government bond ratings : Standard
& Poor's: AAA
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded
shares: US$1.198
trillion
Largest companies in the country : Qantas
Airways (Airline),Coca-Cola Amatil (Beverages), CSL (Biotechs),
Brambles (Business & Personal
Services),Crown Ltd (Casinos & Gaming), Amcor (Containers &
Packaging),Suncorp-Metway (Diversified Insurance), BHP Billiton (Diversified
Metals & Mining),Newcrest Mining (Diversified Metals & Mining), Orica
(Diversified Metals & Mining), Iluka
Resources(Diversified Metals & Mining), Origin
Energy (Electric Utilities), AGL Energy (Electric Utilities), Wesfarmers (Food
Retail), Woolworths
(Food Retail), Metcash (Food Retail),
Macquarie Group (Investment
services), AMP (Investment services),
Challenger Ltd (Investment
services), Fortescue Metals Group (Iron
& Steel), Bluescope Steel (Iron & Steel), Commonwealth Bank (Major
Banks), Westpac Banking Group
(Major Banks), National Australia Bank
(Major Banks), ANZ (Major Banks), Woodside Petroleum (Oil & Gas
Operations), Santos (Oil & Gas
Operations), Caltex Australia (Oil & Gas
Operations), WorleyParsons (Oil
Services & Equipment), Toll Holdings
(Other Transportation), Transurban
Group (Other Transportation), QBE Insurance
Group (Property & Casualty Insurance), Insurance Australia Group (Property
& Casualty Insurance), QR National (Railroads), Westfield Group (Real
Estate), Stockland Australia (Real Estate), Westfield Retail Trust (Real
Estate), Lend Lease (Real Estate), CFS Retail Property Trust (Real Estate),
Goodman Group (Real Estate), Bendigo & Adelaide Bank (Regional Banks), Bank
of Queensland (Regional Banks), Incitec Pivot (Specialized Chemicals), Telstra
(Telecommunications Services)
Trade &
Competitiveness Overview
Total exports : US$263.9
billion
Exports
commodities : Coal,
iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment
Total imports : US$239.7
billion
Imports
commodities : Machinery
and transport equipment, computers and office machines, telecommunication
equipment and parts; crude oil and petroleum products
Export - major partners : China
27.4%, Japan 19.2%, South Korea 8.9%, India 5.8%
Import - major partners : China
18.5%, US 11.4%, Japan 7.9%, Singapore 6.3%, Germany 4.7%
FDI Inflows : 2009:
US$26,554 million
2010: US$35,556
million
2011: US$41,317
million
FDI Outflows : 2009:
US$16,693 million
2010: US$12,791 million
2011: US$19,999 million
Best countries for doing business : 10
out of 185 countries
Global competitiveness ranking : 20
(ranking by country on a basis of 144, the first is the best)
Country and
Population Overview
Total population : 22.68
million
Total area : 7,692,024
km2
Capital : Canberra
Currency : Australian
dollars (AUD)
Internet users as % of total
population: 79%
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
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.61.43 |
|
|
1 |
Rs.95.76 |
|
Euro |
1 |
Rs.81.76 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.