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Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
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Name : |
TERACAST PTY LTD |
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Formerly Known As : |
AGARWALLA INTERNATIONAL PTY LTD |
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Registered Office : |
C/o CARTHILLS Level 1, 2072 Logan Road Upper Mount Gravatt Queensland 4122 |
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Country : |
Australia |
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Date of Incorporation : |
08.11.1996 |
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Com. Reg. No.: |
076313374 |
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Legal Form : |
Australian Proprietary Company |
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LINE OF BUSINESS : |
DIAMOND
MERCHANTS. |
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No. of Employees : |
7 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 : |
Unknown |
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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 |
|
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 : TERACAST PTY LTD
Business address :
Suite 10, Level 9, T & G
Building
141 Queen Street
Town : Brisbane
Province : Queensland
Zip/postal code : 4000
Country : Australia
Tel : +61 7 30031788
Fax : +61 7 30031799
Email : shweta@teracast.com.au
Website : www.teracast.com.au
Registered address
: C/o CARTHILLS
Level 1, 2072 Logan Road
Town : Upper Mount Gravatt
Province : Queensland
Zip/postal code : 4122
Country : Australia
Executive Summary
Date founded or
registered : 08/11/1996
Legal form : Australian
Proprietary Company
Chief executive : Manish Agarwal
Issued & paid
up capital : AUD 2
Line of business :
Diamond merchants.
Staff employed : 7 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
: 08/11/1996
Legal form : Australian Proprietary Company
Registration no Australian Company Number:
076313374
Registered
authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business Number:
61076313374
Registry status : Live/Active
Previous name : AGARWALLA INTERNATIONAL PTY LTD
(until 17-05-2000)
Change of legal
form : None reported.
Key Management
Name : Manish Agarwal
Designation : Managing Director
Appointments
Name : Manish Agarwal
Designation : Director and Company Secretary
Appointment date :
08/11/96
Address : 51 Conda Place
Carindale, QLD 4152
Australia
Biography : Born on 14-07-1972 in Calcutta, India.
Name : Shweta Sharmila Agarwal
Designation : Director
Appointment date :
14/06/02
Address : 51 Conda Place
Carindale, QLD 4152
Australia
Biography : Born on 21-08-1974 in Suva, Fiji.
Staff employed : 7
employees
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
How listed : Full List
Composition
Shareholder name :
Manish Agarwal
Address : 51 Conda Place
Carindale, QLD 4152
Australia
No. of shares : 1 Ordinary Share
% of shares : 50%
Shareholder name :
Shweta Sharmila Agarwal
Address : 51 Conda Place
Carindale, QLD 4152
Australia
No. of shares : 1 Ordinary Share
% of shares : 50%
Structure
Related companies
and corporate
affiliations
comments: None reported.
Bank Details
Name of bank : Suncorp Bank
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
Ms. Tammy 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 $12.5 million, and
-The company and any entities it controls have fewer than 50 employees
at the
end of the financial year.
Main activities : The Subject engages as diamond
merchants.
Purchases
International :
Mainly from India, Hong Kong, Belgium
Sales
Local : Yes
International : No
exports.
Property & Assets
Premises : The
Subject operates from premises at the verified heading address
consisting of an
administrative office.
Branches : None
reported.
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign
exchange & gold : US$ 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, D/P, Credit
30-120 days
Sales Term
Local : Bank transfer, Cash, D/P, Credit
30-120 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.
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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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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.
-
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.
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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.64.69 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.