|
Report Date : |
09.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
FIRST
STATE AUCTIONS PTY LIMITED |
|
|
|
|
Registered Office : |
Level
13, 22 Market Street, Sydney New South Wales 2000 |
|
|
|
|
Country : |
Australia |
|
|
|
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Date of Incorporation : |
26.06.1998 |
|
|
|
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Com. Reg. No.: |
083150298 |
|
|
|
|
Legal Form : |
Australian
Proprietary Company |
|
|
|
|
Line of Business : |
Jewellery
auction house. |
|
|
|
|
No. of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : FIRST STATE
AUCTIONS PTY LIMITED
Other
style / Business name : TAIBEL TRADING
/ FIRST STATE AUCTIONS
Business
address : Suite 1,
Level 12
155 Castlereagh Street
Town :
Sydney
Province
: New
South Wales
Zip/postal
code : 2000
Country
: Australia
Tel : +61 2
82688333
Fax : +61 2
92612841
Email
: info@firststateauctions.com.au
. / jewels@firststateauctions.com.au
Website
: www.firststateauctions.com
Registered
address : Level 13, 22
Market Street
Town :
Sydney
Province
: New
South Wales
Zip/postal
code : 2000
Country
: Australia
Executive Summary
Date
founded or registered : 26/06/1998
Legal
form : Australian
Proprietary Company
Chief
executive : Ari
Louis Taibel
Issued
& paid up capital : AUD 1
Line
of business : Jewellery
auction house.
Staff
employed : 15
employees
Country
risk : Country
risk is minimal
Operation
trend : Operational
trend is steady
Management
experience : Management is
reasonably experienced
Financial
performance : Financial
performance is undetermined
Organisation
structure : Organisational
structure is stable
Detrimental
: No detrimental found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 26/06/1998
Legal
form : Australian
Proprietary Company
Registration
no Australia Company Number: 083150298
Registered
authority : Australian
Securities & Investments Commission
Fiscal/
Tax no : Australia
Business Number: 84083150298
Registry
status : Live/Active
Previous
name : TAIBEL
TRADING PTY LIMITED (initial)
Change
of legal form : None
reported.
Other registration : TAIBEL
TRADING is a business name owned by the Subject registered on
06/10/2006
under business registration no: BN98248313.
FIRST
STATE AUCTIONS is a business name owned by the Subject registered
on
01/09/2000 under business registration no: BN97757765.
Key Management
Name :
Ari Louis Taibel
Designation
: Managing Director
BOARD
OF DIRECTORS/ OTHER APPOINTMENTS
Appointments
Name :
Ari Louis Taibel
Designation
: Director and Company Secretary
Appointment
date : 26/06/98
Address
: C/o FIRST STATE AUCTIONS PTY LIMITED
Suite
1, Level 12
155
Castlereagh Street
Sydney,
NSW 2000
Australia
Biography
: Born on 06-01-1970 in Cape Town, South Africa.
Staff
employed : 15 employees
Composition
Authorized
Capital : AUD 1
No of
shares : 1 Ordinary Share
Share
par value : AUD 1
Issued
capital : AUD 1
Paid
up capital : AUD 1
OWNERSHIP
/ SHAREHOLDERS
How
listed : Full List
Composition
Shareholder
name : Ari Taibel
Address
: C/o FIRST STATE AUCTIONS PTY LIMITED
Suite
1, Level 12
155
Castlereagh Street
Sydney,
NSW 2000
Australia
No. of
shares : 1 Ordinary Share
% of
shares : 100%
Structure
Name :
FIRST STATE AUCTIONS (NZ) PTY LIMITED
Affiliation
type : Sister Company
Address
: Suite 1, Level 12
155
Castlereagh Street
Sydney,
NSW 2000
Australia
Name :
FIRST STATE HOLDINGS PTY LIMITED
Affiliation
type : Sister Company
Address
: Suite 1, Level 12
155
Castlereagh Street
Sydney,
NSW 2000
Australia
Name :
FIRST STATE AUCTIONS INTERNATIONAL PTY LIMITED
Affiliation
type : Sister Company
Address
: Suite 1, Level 12
155
Castlereagh Street
Sydney,
NSW 2000
Australia
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
Date
of financial year end :
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 $12.5 million, and
-The
company and any entities it controls have fewer than 50 employees at the
end of
the financial year.
Main
activities : The Subject operates as a jewellery auction house.
Product
& services : Jewellery
Diamonds
Watches
Purchases
International
: Europe, Asia, Africa
Sales
Local
: Yes
International
: The Subject operates auction houses in Singapore, Hong Kong, New
Zealand
and Taiwan.
Property
& Assets
Premises
: The Subject operates from premises located at the verified heading
address
consisting of an administrative office.
Branches
: None reported.
Gross Domestic Products (GDP) &
Economic Overview
Central
bank : Reserve
Bank of Australia
Reserve
of foreign exchange & gold : US$
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)
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)
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
: Telegraphic transfer, D/P, D/A, Credit 30-90 days
Sales Term
Local
: Cash, Credit card
International
: Cash, Credit card
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.
-
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.
-
The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
-
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 –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and diverted
funds to businesses like real estate and capital markets. Many of themselves
made money from these businesses but their diamond companies have gone sick and
declared insolvency.
-
Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.40 |
|
|
1 |
Rs.81.56 |
|
Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.