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Report Date : |
09.12.2013 |
IDENTIFICATION DETAILS
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Name : |
WHITE CLOUD TRADING PTY. LIMITED |
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Formerly Known as: |
DEVIRE PTY. LIMITED |
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Registered Office : |
Unit 13, 21 Chester Street, Camperdown, New South Wales,
Zip code 2050 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
06.12.1988 |
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Com. Reg. No.: |
003667178 |
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Legal Form : |
Australian Proprietary
Company |
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Line of Business : |
importer, wholesaler and retail distributor of costume and silver
jewellery, clothing and fashion accessories |
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No. of Employees : |
302 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
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.
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Source : CIA |
Verified Address
Subject name : WHITE CLOUD TRADING
PTY. LIMITED
Other style / Business name :
TREE OF LIFE TREASURES
Business address : Unit 13, 21 Chester Street
Town : Camperdown
Province : New South Wales
Zip/postal code : 2050
Country : Australia
Tel : +61 2 85963933 / +61 2
95654530
Fax : +61 2 80791145
Email : customer@treeoflife.com.au
Website : www.treeoflife.com.au
Registered address : Unit 13, 21 Chester Street
Town : Camperdown
Province : New South Wales
Zip/postal code : 2050
Country : Australia
Postal address : P.O. Box 247
Town : Camperdown
Province : New South Wales
Zip/postal code : 2050
Country : Australia
Executive Summary
Date founded or registered : 06/12/1988
Legal form : Australian
Proprietary Company
Chief executive : John Philip Borthwick
Issued & paid up capital
: AUD 3
Sales turnover : AUD
26,257,571 (Non-Consolidated 12 months, 30/06/2013)
Net income : AUD -799,932
(Non-Consolidated 12 months, 30/06/2013)
Total fixed assets : AUD 9,714,746
(Non-Consolidated 12 months, 30/06/2013)
Line of business : Import, wholesale and
retail distribution of costume and silver jewellery, clothing
and fashion accessories.
Staff employed : 302 employees (Subject)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
steady
Management experience : Management is adequately experienced
Financial performance : Financial performance is gradually
declining
Organization structure : Organizational structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date : 06/12/1988
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 003667178
Registered authority : Australian Securities and Investments
Commission
Fiscal/ Tax no : Australian Business
Number: 26003667178
Registry status : Live/Active
Previous name : DEVIRE
PTY. LIMITED (initial)
Change of legal form : None reported.
Other registration : TREE OF LIFE TREASURES is a
business name owned by the Subject
registered on 15/04/2005under business registration no:
BN98133846.
Key Management
Name : John Philip
Borthwick
Designation : Managing Director
Appointments
Name : John Philip Borthwick
Designation : Director
Appointment date : 24/08/00
Address : 41 Johnston Street
Annandale,
NSW 2038
Australia
Biography : Born on 28-11-1941 in
Toowoomba, Queensland, Australia.
Name : Wendy Margaret Borthwick
Designation : Director
Appointment date : 10/10/12
Address : 41 Johnston Street
Annandale,
NSW 2038
Australia
Biography : Born on 14-04-1947 in
Toowoomba, Queensland, Australia.
Staff employed : 302 employees (Subject)
Composition
Authorized Capital : AUD 3
No of shares : 1 Class C Share / 2 Ordinary
Shares
Share par value : AUD 1
Issued capital : AUD 3
Paid up capital : AUD 3
How listed : Full List
Composition
Shareholder name : MEHERABAD PTY LIMITED
Address : C/o BEDFORD TITLEY
Level 6,
141 Walker Street
North
Sydney, NSW 2060
Australia
No. of shares : 1 Class C Share / 2 Ordinary
Shares
% of shares : 100%
Structure
Name : MEHERABAD PTY LIMITED
Affiliation type Parent Company
Address : C/o BEDFORD TITLEY
Level 6,
141 Walker Street
North
Sydney, NSW 2060
Australia
Bank Details
Name of bank : Westpac 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
Source of financial statement
: Commercial Registry Filings
Financial statement date : 30/06/13
Type of accounts : Full audited
Currency : Australia
Dollar (AUD)
Exchange rate : 1 USD = AUD
1.10 as of 06-12-2013
Summarized
Financial Information
Consolidation type : Non Consolidated Non Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar
(AUD)
Denomination : (x1) One (x1) One
Date of financial year end : 30/06/13 30/06/12
Length of accounts : 12 months 12 months
Sale turnover / Income : 26,257,571
28,537,725
Profit before tax : -1,046,276 -683,282
Net income : -799,932 -683,282
Non current assets : 5,193,576 6,505,812
Current assets : 4,521,170 4,492,474
Inventories : 3,250,459 3,865,884
Total assets : 9,714,746 10,998,286
Current liabilities : 1,648,961 2,119,992
Non current liabilities : 238,366 250,943
Total liabilities : 1,887,327 2,370,935
Share equity : 7,827,419 8,627,351
Retained earning : 7,826,000 8,625,932
Main activities : The Subject engages in
import, wholesale and retail distribution of costume
and silver jewellery, clothing and fashion accessories.
Product &
services :
· Jewellery
Silver Anklets
Rings
Toe Rings
Studs
Brooches
Earrings
Pendants
Necklace
Bracelet
Cuffs
Bangles
Clothing products:
Skirt
Pants
Dresses
Jackets & Wraps
Kaftans
Tops
Belt
Fashion Accessories:
Bags
Clutches
Headband
Hairband
Headpiece
Hats & Scarves
Purchases
International : India, Afghanistan
Sales
Local : Yes
International : None reported.
Property &
Assets
Premises : The Subject operates from
the verified heading address consisting of an
administrative office.
Branches : In addition, the Subject
operates from 49 shops located across Australia.
Other property : Total NBV of property, plant and
equipment as of 30-06-2013 was AUD
5,073,576
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 &
aming), 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,
Prepayment, D/P, Credit 30-60 days
Sales Term
Local : Cash, credit card, Bank
transfer, Credit 30-60 days
Trade Reference/
PaymentBehaviour
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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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 –
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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.
NT HISTORY
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.67 |
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UK Pound |
1 |
Rs.100.65 |
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Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.