MIRA INFORM REPORT
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Report Date : |
11.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SAPPHIRE EXPORTS PTY. LTD. |
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Registered Office : |
Level 3, 81
Elizabeth Street, Brisbane, Queensland, Zip/postal code 4000 |
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Country : |
Australia |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
13.12.1974 |
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Com. Reg. No.: |
009932389 |
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Legal Form : |
Australian
Proprietary Company |
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Line of Business : |
Wholesaler
of diamonds and manufactured jewellery. |
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No. of Employees : |
20 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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 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 :
SAPPHIRE EXPORTS PTY. LTD.
Business
address : Level 3, 81 Elizabeth
Street
Town : Brisbane
Province : Queensland
Zip/postal
code : 4000
Country : Australia
Tel : +61 7 32291250
Fax : +61 7 32214474
Email : sales@sapphireexport.com
Website : www.sapphireexport.com
Registered
address : Level 3, 81 Elizabeth Street
Town : Brisbane
Province : Queensland
Zip/postal
code : 4000
Country : Australia
Executive Summary
Date founded
or registered : 13/12/1974
Legal form : Australian
Proprietary Company
Chief
executive : Ronald
Arnold Mellers
Issued &
paid up capital : AUD 3,863,214
Sales turnover
: AUD 22,971,917
(Non-Consolidated 12 months, 31/03/2011)
Net income : AUD 1,227,362
(Non-Consolidated 12 months, 31/03/2011)
Total fixed
assets : AUD 16,414,155
(Non-Consolidated 12 months, 31/03/2011)
Line of
business : Wholesaler
of diamonds and manufactured jewellery.
Staff employed
: 20 employees
Company Analysis
Country risk :
Country risk
is minimal
Operation
trend : Operational
trend is progressing
Management
experience : Management is
adequately 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 : 13/12/1974
Legal form : Australian
Proprietary Company
Registration
no Australian
Company Number: 009932389
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no
: Australian
Business Number: 78009932389
Registry
status : Live/Active
Previous name
: None reported.
Change of
legal form : None reported.
Key Management
Name : Ronald Arnold Mellers
Designation : Managing Director
Appointments
Name : Ronald Arnold Mellers
Designation : Director and Company Secretary
Appointment
date : 26/08/90
Address : 15 Carson Drive
Bunya, QLD 4055
Australia
Biography : Born on 03/01/1952 in
Newcastle, New South Wales, Australia.
Name : Amit Arun Shah
Designation : Director and Company Secretary
Appointment
date : 06/09/04
Address : 1st Floor, Belgiëlei 121
2018 Antwerpen
Belgium
Biography : Born on 08/07/1980 in Surat,
Gujarat, India.
Name : Ankit Arun Shah
Designation : Director
Appointment
date : 21/04/06
Address : 92 Urvashi Apartment
66, Neapeansea Road
Malbarhill, Mumbai 400006
Maharashtra
India
Biography : Born on 30/08/1983 in Mumbai,
India.
Staff employed
: 20 employees
Key Advisors
Auditors : C/o LAWLER HACKETTS
Level 3, 549 Queen Street
Brisbane,
QLD 4000
Australia
Composition
Authorized
Capital : AUD 3,863,214
No of shares :
1,800 Ordinary Shares
Share par
value : No par value
Issued capital
: AUD 3,863,214
Paid up capital : AUD
3,863,214
How listed : Full List
Composition
Shareholder
name : ANKIT GEMS (HONG KONG)
LIMITED
Address : Room 403, 4/F., Chavelier
House
45-51 Chatham Road
South Tsim Sha Tsui, Kowloon
Hong Kong
No. of shares
: 1,800 Ordinary Shares
% of shares : 100%
Structure
Name : ANKIT GEMS (HONG KONG)
LIMITED
Affiliation
type : Parent
Company
Address : Room 403, 4/F., Chavelier
House
45-51 Chatham Road
South Tsim Sha Tsui, Kowloon
Hong Kong
Name : ANKIT GEMS PRIVATE
LIMITED
Affiliation
type : Associate
Address : DW 6251/6252, D Tower, G
Block
Bharat Diamond Bourse
Bandra Kurla Complex
Bandra East, Mumbai 400051
Maharashtra
India
Bank Details
Name of bank :
Westpac Banking
Corporation
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 : 31/03/11
Type of
accounts Full
audited
Currency : Australia
Dollar (AUD)
Exchange rate
: 1
USD = AUD 1.09 as of 09-07-2013
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 : 31/03/11 31/03/10
Length of
accounts : 12 months 12 months
Sale turnover
/ Income : 22,971,917 16,251,342
Profit before
tax : 1,669,662 1,057,853
Net income : 1,227,362 856,324
Non current
assets : 565,621 781,569
Current assets
: 15,848,534 13,946,841
Inventories : 11,552,088 9,822,738
Total assets :
16,414,155 14,728,410
Current
liabilities : 5,658,782
6,354,637
Non current
liabilities : 5,051,394 3,385,409
Total
liabilities : 10,710,176
9,705,046
Share equity :
5,703,979 5,023,364
Retained
earning : 1,840,765 1,160,150
Main
activities : The Subject
engages as wholesaler of diamonds and manufactured
jewellery.
Product & services : -
Loose Diamonds
- Loose
Coloured Stones
- Pearls &
Pearl Clasps
- Diamond
& Coloured Stone Jewellery
(including a
Ring Range of over 1500 designs)
- Handmade
Jewellery Range
- Gold Casting
Purchases
International
: India, Hong Kong, Israel
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
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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 –
-
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.60.13 |
|
UK Pound |
1 |
Rs.89.52 |
|
Euro |
1 |
Rs.76.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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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.