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Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
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Name : |
SARCS CORPORATION PTY LTD |
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Registered Office : |
C/o SIRE PROFESSIONAL GROUP 55 Keylana Drive Keysborough Victoria 3173 |
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Country : |
Australia |
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Date of Incorporation : |
03.12.2010 |
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Com. Reg. No.: |
147689905 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Import and wholesale distribution of natural stones. |
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No. of Employees : |
1 |
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 : SARCS CORPORATION PTY LTD
Business address :
Factory 7, 387-393 Old Geelong Road
Town : Hoppers Crossing
Province : Victoria
Zip/postal code : 3029
Country : Australia
Tel : +61 3 93695305
Fax : +61 3 88889944
Website : www.sarcsstones.com.au
Registered address
: C/o SIRE PROFESSIONAL GROUP
55 Keylana Drive
Town : Keysborough
Province : Victoria
Zip/postal code : 3173
Country : Australia
Comments : The provided address Unit 17,
100 Pipe Road, Laverton North, VIC 3026,
Australia is an old address of the Subject.
Executive Summary
Date founded or
registered : 03/12/2010
Legal form : Australian
Proprietary Company
Chief executive : Sandeep Saikia
Issued & paid
up capital : AUD 120
Sales turnover : AUD 200,000 (Estimated
Non-consolidated 12 months, 30/06/2012)
Line of business :
Import and wholesale
distribution of natural stones.
Staff employed : Directors are the only
employees of the Subject
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is in start-up
phase
Management
experience : Management is inadequately experienced
Financial
performance : Financial performance is poor
Organization
structure : Organizational structure is acceptable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date
: 03/12/2010
Legal form : Australian Proprietary Company
Registration no Australia Company Number: 147689905
Registered
authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australia Business Number:
72147689905
Registry status : Live/Active
Previous name : None reported.
Change of legal
form : None reported.
Key Management
Name : Rakesh
Bhagwani
Designation :
Director
Name : Chetan
Bhandari
Designation :
Director
Name : Sunny
Kapoor
Designation :
Director
Name : Alok Prasad
Designation :
Director
Name : Sandeep
Saikia
Designation :
Director
Appointments
Name : Rakesh Bhagwani
Designation : Director and Company Secretary
Appointment date :
03/12/10
Address : Unit 2812A, 100 Harbour Esplanade
Docklands, VIC 3008
Australia
Biography : Born on 15-01-1985 in India.
Name : Chetan Bhandari
Designation : Director and Company Secretary
Appointment date :
03/12/10
Address : 14 Shamrock Drive
Mill Park, VIC 3082
Australia
Biography : Born on 20-04-1985 in India.
Name : Sunny Kapoor
Designation : Director and Company Secretary
Appointment date :
03/12/10
Address : Unit 14, 36 Ridley Street
Albion, VIC 3020
Australia
Biography : Born on 27-12-1984 in India.
Name : Alok Prasad
Designation : Director and Company Secretary
Appointment date :
03/12/10
Address : 5 Windrest Way
Point Cook, VIC 3030
Australia
Biography : Born on 24-09-1981 in India.
Name : Sandeep Saikia
Designation : Director and Company Secretary
Appointment date :
03/12/10
Address : 8 Triller Court
Williams Landing, VIC 3027
Australia
Biography : Born on 14-09-1979 in India.
Staff employed : Directors
are the only employees of the Subject
Composition
Authorized Capital
: AUD 120
No of shares : 120 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 120
Paid up capital : AUD 120
How listed : Full
List
Composition
Shareholder name : Chetan Bhandari
Address : 14 Shamrock Drive
Mill Park, VIC 3082
Australia
No. of shares : 24 Ordinary Shares
Shareholder name :
Alok Prasad
Address : 5 Windrest Way
Point Cook, VIC 3030
Australia
No. of shares : 24 Ordinary Shares
Shareholder name :
Sunny Kapoor
Address : Unit 14, 36 Ridley Street
Albion, VIC 3020
Australia
No. of shares : 24 Ordinary Shares
Shareholder name :
Sandeep Saikia
Address : 8 Triller Court
Williams Landing, VIC 3027
Australia
No. of shares : 24 Ordinary Shares
Shareholder name :
Rakesh Bhagwani
Address : Unit 2812A, 100 Harbour
Esplanade
Docklands, VIC 3008
Australia
No. of shares : 24 Ordinary Shares
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
Source of
financial statement : Provided by the
Subject
Financial
statement date : 30/06/12
Type of accounts : Estimated key figures
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.96 as of
04-02-2013
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 : 200,000
Comments : The estimated turnover was provided by Mr.
Alok Prasad.
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 $12.5 million, and
-The company and any entities it controls have fewer than 50 employees
at the
end of the financial year.
Main activities :
The Subject is engaged in import and wholesale distribution of natural stones.
Purchases
International :
India
Sales
Local : Yes
International : No
exports.
Property & Assets
Premises : The
Subject operates from premises located at the verified heading
address consisting
of a warehouse and administrative office.
Branches : None
reported.
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign
exchange & gold : US$ 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
International :
Prepayment, Telegraphic transfer, Credit 30-60 days
Sales Term
Local :
Prepayment, Bank transfer, 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
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|
1 |
Rs.83.96 |
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Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.