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Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
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Name : |
WORLD SHINER PTY LIMITED |
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Registered Office : |
C/o S R SHETH & CO PTY LTD, Unit 4, 96 Wigram Street, Harris Park,
New South Wales, 2150 |
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Country : |
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Date of Incorporation : |
21.10.1996 |
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Com. Reg. No.: |
076056356 |
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Legal Form : |
Australian Proprietary Company |
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Line of business : |
Importer and wholesaler of diamonds, diamond jewelery, gem stone and
gem stone jewelery. |
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No. of Employees : |
30 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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.
|
Source : CIA |
Verified Address
Subject name :
WORLD SHINER PTY LIMITED
Business address :
Suite 4, Level 3
Dymocks Building
428 George Street
Town :
Sydney
Province :
New South Wales
Zip/postal code :
2000
Country :
Australia
Tel :
+61 2 92323557
Fax :
+61 2 92323560
Email :
sydney@worldshiner.com
Website :
www.worldshiner.com
Registered address :
C/o S R SHETH & CO PTY LTD
Unit 4, 96 Wigram Street
Town :
Harris Park
Province :
New South Wales
Zip/postal code :
2150
Country :
Australia
Executive Summary
Date founded or registered :
21/10/1996
Legal form :
Australian Proprietary Company
Chief executive :
Maulin Shah
Issued & paid up capital :
AUD 10
Sales turnover :
AUD 4,000,000 (Estimated Non-consolidated 12 months, 30/06/2011)
Line of business :
Importer and wholesaler of diamonds, diamond jewelery, gem stone and gem
stone jewelery.
Staff employed :
30 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
Credit amount asked :
Not described.
Registry Data
Registration date :
21/10/1996
Legal form :
Australian Proprietary Company
Registration no Australian Company Number : 076056356
Registered authority :
Australian Securities and Investments Commission
Fiscal/ Tax no :
Australian Business Number: 90076056356
Registry status :
Live/Active
Previous name :
None reported.
Change of legal form :
None reported.
Key Management
Name :
Maulin Shah
Designation :
Managing Director
Appointments
Name :
Maulin Shah
Designation :
Director and Company Secretary
Appointment date :
05/10/08
Address :
Unit 804, 80 Lorimer Street
Docklands, VIC 3008
Australia
Biography :
Born on 17-08-1977 in Ahmedabad, India.
Name :
Jiggar Doshi
Designation :
Director and Company Secretary
Appointment date :
16/03/06
Address :
Unit 3081, 3 Parkland Boulevard
Brisbane, QLD 4000
Australia
Biography :
Born on 06-06-1977 in Kochi, India.
Staff employed :
3 0 employees
Composition
Authorized Capital :
AUD 10
No of shares :
10 Ordinary Shares
Share par value :
AUD 1
Issued capital :
AUD 10
Paid up capital
: AUD 10
How listed :
Full List
Composition
Shareholder name :
TREASURE INVESTMENTS LTD
Address :
C/o KSI SHAH & ASSOCIATES
Suite 1003, Khalid Al Attar Tower
Sheikh
Zayed Road
Dubai
United Arab Emirates
No. of shares :
10 Ordinary Shares
% of shares :
100%
Structure
Name :
TREASURE INVESTMENTS LTD
Affiliation type :
Parent Company
Address :
C/o KSI SHAH & ASSOCIATES
Suite 1003, Khalid Al Attar Tower
Sheikh Zayed Road
Dubai
United Arab Emirates
Name :
WORLD SHINER B.V.B.A
Affiliation type :
Associate
Address :
Hovenierstraat 30
Bus
No. 122 Room No. 127
Antwerpen 2018
Belgium
Name :
WORLD SHINER CANADA INC.
Affiliation type :
Associate
Address :
Suite 808, 80 Richmond Street West
Toronto M5H 2A4
Ontario
Canada
Name :
DIAMANTRA GMBH
Affiliation type :
Associate
Address :
Hirschstraße 29
70173 Stuttgart
Germany
Name :
WORLD SHINER
Affiliation type :
Associate
Address :
Hariniwas Building, Ground Floor 26/A
New Queens Road, Opera House
Mumbai 400004
Maharashtra
India
Name : WORLD
SHINER KK
Affiliation type :
Associate
Address :
2nd Floor, Kiriya bldg.
1-25-9 Higashi Ueno
Taito Ku , Tokyo 110-0015
Japan
Name :
WORLD SHINER S. L.
Affiliation type :
Associate
Address :
C/ Abada, 2 Piso 4 Despacho 8
Madrid 28013
Spain
Name : FLAWLESS DIAMONDS CO., LTD.
Affiliation type :
Associate
Address :
9th Floor- 2 No. 267
Dunhuas. Road
Sec.2, Da-an Dist.
Taipei City 10675
Taiwan
Name :
WORLD SHINER (U.K.) LTD.
Affiliation type :
Associate
Address :
Suite 160, 1st Floor
Princess House
50-60 East Castle Street
London W1W8EA
United Kingdom
Bank Details
Name of bank :
HSBC Bank Australia Limited
Address :
Australia
Account details : Current
Account
Name of bank :
Commonwealth Bank Of Australia
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 :
30/06/11
Type of accounts :
Estimated key figures
Currency :
Australia Dollar (AUD)
Exchange rate :
1 USD = AUD 0.96 as of 04-01-2013
Summarized
Financial Information
Consolidation type :
Non Consolidated
Currency :
Australia Dollar (AUD)
Denomination :
(x1) One
Date of financial year end
: 30/06/11
Length of accounts :
12 months
Sale turnover / Income :
4,000,000
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 $12.5 million, and
-The company and any entities it controls
have fewer than 50 employees at the end of the financial year.
Main activities :
The Subject is engaged in import and wholesale of diamonds,
diamond jewelery, gem stone and gem stone
jewelery.
The Subject is part of World Shiner Group of
companies. World Shiner is a diamond and jewellery wholesale company operating
in Australia, Belgium, Canada, India, Spain, Taiwan and United Kingdom.
Purchases
International :
India
Sales
Local :
Yes
International :
No exports.
Property &
Assets
Premises :
The Subject operates from premises located at the verified heading address
consisting of an administrative office.
Branches :
In addition, the Subject operates from branch offices located at:
Suite 1103, Wales Corner
227 Collins Street
Melbourne, VIC 3000
Australia
Tel: +61 3 96546369
Suite 306-307, National Bank Building
180, Queen Street
Brisbane, QLD 4000
Australia
Tel: +61 7 32101237
Suite 1 Level 6, Carillon City Tower
207, Murray Street
Perth, WA 6000
Australia
Tel: +61 8
93212433
Gross Domestic
Products (GDP) & Economic Overview
Central bank :
Reserve Bank of Australia
Reserve of foreign exchange & gold :
US$ 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 :
76.00%
Purchase Term
International :
L/C, Telegraphic transfer, Document against payment, Credit
up to 180 days
Sales Term
Local :
Prepayment, Bank transfer, Cash, Credit up to 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 –
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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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
UK Pound |
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.49 |
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 |
|
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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.