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Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
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Name : |
SPARKLE IMPEX PTY. LIMITED |
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Formerly Known As : |
CORPERS (NO. 729) PTY. LIMITED |
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Registered Office : |
Suite 702, 155 Castlereagh Street Sydney New South Wales 2000 |
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Country : |
Australia |
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Date of Incorporation : |
16.05.1989 |
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Com. Reg. No.: |
003778694 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Suppliers of cut
diamonds, polished diamonds, diamond and precious stone jewellery. |
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No. of Employees : |
8 employees |
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 – 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 : SPARKLE
IMPEX PTY. LIMITED
Business address : Suite
702, 155 Castlereagh Street
Town : Sydney
Province : New
South Wales
Zip/postal code : 2000
Country : Australia
Tel : +61 2 92676771
Fax :
+61 2 92676658
Email : info@sparkleimpex.com
Website : www.sparkleimpex.com
Registered address : Suite
702, 155 Castlereagh Street
Town : Sydney
Province : New
South Wales
Zip/postal code : 2000
Country : Australia
Postal address : P.O.
Box 2285
Town : Sydney
South
Province : New
South Wales
Zip/postal code : 1235
Country : Australia
Executive Summary
Date founded or registered : 16/05/1989
Legal form : Australian
Proprietary Company
Chief executive : Rajendra
Barmecha
Issued & paid up capital : AUD
2
Sales turnover : AUD
3,000,000 (Estimated Non-consolidated 12 months, 30/06/2012)
Line of business : Suppliers
of cut diamonds, polished diamonds, diamond and precious stone
jewellery.
Staff employed :
8 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 fair
Organization structure : Organizational structure is stable
Detrimental : No
detrimental found
Payment history : No
payment delays noted
Registry Data
Registration date : 16/05/1989
Legal form : Australian
Proprietary Company
Registration no Australian
Company Number: 003778694
Registered authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australian
Business Number: 49003778694
Registry status : Live/Active
Previous name : The Subject
was established under the name CORPERS (NO. 729) PTY.
LIMITED and
changed to the current style on 22-06-1994.
Change of legal form : None
reported.
Key Management
Name : Rajendra
Barmecha
Designation : Managing Director
Appointments
Name : Rajendra
Barmecha
Designation : Director and
Company Secretary
Appointment date : 11/07/89
Address : 183 Kent Street
Sydney, NSW 2000
Australia
Biography : Born on
17-03-1965 in India.
Staff employed : 8 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 : Sushila
Barmecha
Address : 416-418
Pitt Street
Sydney, NSW 2000
Australia
No. of shares : 1
Ordinary Share
% of shares : 50%
Shareholder name : Rajendra
Barmecha
Address : 183
Kent Street
Sydney, NSW 2000
Australia
No. of shares : 1
Ordinary Share
% of shares : 50%
Structure
Name : UMRAWMAL &
CO.
Affiliation type : Associate
Address : 1310, Prasad
Chambers Opera House
Mumbai 400 004
Maharashtra
India
Comments : Umrawmal & Co.
was established by Mr. Umrawmal Barmecha in 1972.
Umrawmal & Co. are importers, exporters
and manufacturers of cut and polished
diamonds. Products are manufactured in
state-of-the-art manufacturing unit
located at Navsari (Gujrat), India. Total
employees: 300
Diamonds are exported to Australia, US,
Europe, Southeast Asian countries and
the Middle East.
Name : SPARKLE DIAM
B.V.B.A.
Affiliation type : Associate
Address : Hoveniersstraat
2, Room No. 1210, Box 334
Antwerpen 2018 Belgium
Name : BARMECHA'S
IMPEX PRIVATE LIMITED
Affiliation type : Associate
Address : HG-27-33,
Navmangalam Complex
City Light Road,
Opp. Agarshen Bhavan
Surat 395007 Gujarat
India
Bank Details
Name of bank : National
Australia Bank 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
Source of financial statement : External
Sources
Financial statement date :
30/06/12
Type of accounts : Estimated
key figures
Currency : Australia
Dollar (AUD)
Exchange rate : 1
USD = AUD 0.98 as of 11-03-2013
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 : 3,000,000
Comments : 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 $12.5 million, and
-The company and any entities it controls
have fewer than 50 employees at the
end of the
financial year.
Main activities : The
Subject is engaged as a supplier of cut diamonds, polished diamonds,
diamond and precious stone jewelry.
Purchases
International : Mainly from India, Sri Lanka
Sales
Local : Yes
International : No exports.
Property &
Assets
Premises : The Subject
operates from premises located at the verified heading
address consisting
of an administrative office.
Branches : None reported.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange & gold : US$ 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)
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, Cash against document, , Credit 30-90 days
Sales Term
Local : Prepayment, Cash against document, Credit 30-90 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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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.
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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 –
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.
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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.54.44 |
|
|
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
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 |
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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 |
|
<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.