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Report Date : |
26.10.2013 |
IDENTIFICATION DETAILS
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Name : |
JSK DIAMONDS PTY LTD |
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Registered Office : |
Level 1, Room 16, Dymock's Building |
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Country : |
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Date of Incorporation : |
23.04.2012 |
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Com. Reg. No.: |
157936797 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Import and distribution of cut and polished diamond. |
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No. of Employees : |
02 |
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 : |
Unknown |
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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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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,
Source
: CIA
Verified Address
Subject name : JSK
DIAMONDS PTY LTD
Business address : Level 1,
Room 16, Dymock's Building
428 George Street
Town : Sydney
Province : New
South Wales
Zip/postal code : 2000
Country : Australia
Tel : +61
2 92333155
Fax : +61
2 92332988
Registered address : Level 1,
Room 16, Dymock's Building
428 George Street
Town : Sydney
Province : New
South Wales
Zip/postal code : 2000
Country : Australia
Executive Summary
Date founded or registered : 23/04/2012
Legal form : Australian
Proprietary Company
Chief executive : Hitesh
Mehta
Issued & paid up capital : AUD
2
Line of business : Import
and distribution of cut and polished diamond.
Staff employed : Directors
are the only employees of the Subject
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 fair
Organization structure : Organizational
structure is acceptable
Detrimental : No
detrimental found
Payment history : No
payment delays noted
Credit amount asked : Not
described.
Registry Data
Registration date : 23/04/2012
Legal form : Australian
Proprietary Company
Registration no Australian Company Number: 157936797
Registered authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australian Business Number: 62157936797
Registry status : Live/Active
Previous name : None
reported.
Change of legal form :
None reported.
Key Management
Name : Hitesh Mehta
Designation : Managing Director
Appointments
Name : Robert
Saffo
Designation : Director
Appointment date : 23/04/12
Address : 6
Woodlands Avenue
Blakehurst, NSW 2221
Australia
Biography : Born
on 24-02-1979 in Istanbul, Turkey.
Name : Hitesh
Mehta
Designation : Director
Appointment date : 23/04/12
Address : Unit
7, 32 Cenntennial Avenue
Lane Cove, NSW 2066
Australia
Biography : Born
on 12-12-1976 in Mumbai, India.
Staff employed : Directors
are the only employees of the Subject
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 : Robert
Saffo
Address : 6
Woodlands Avenue
Blakehurst, NSW 2221
Australia
No. of shares : 1
Ordinary Share
% of shares : 50%
Shareholder name : Hitesh
Mehta
Address : Unit
7, 32 Cenntennial Avenue
Lane Cove, NSW 2066
Australia
No. of shares : 1
Ordinary Share
% of shares : 50%
Structure
Name : R SAFFO & Y SAFFO
Affiliation type : Associate
Address : Level
1, Room 16, Dymock's Building
428 George Street
Sydney, NSW 2000
Australia
Comments : R SAFFO
& Y SAFFO (ABN: 17192392932) is a partnership that owns the
business name JACOBSONS
JEWELLERY.
Name : YAHKO
& HAZME SAFFO
Affiliation type : Associate
Address : Shop
5044, Level 5, Westfield Shopping Centre
500 Oxford Street
Bondi Junction, NSW 2022
Australia
Comments : YAHKO
& HAZME SAFFO (ABN: 33446837942) is a partnership that owns the
business name JACOBSONS
JEWELLERY HOUSE.
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
Comments : The representative contacted
Mr. Hitesh Mehta advised that the Subject’s
estimated turnover for financial year end
30-06-2013 was AUD 1.1 to 1.4 million.
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 $12.5 million, and
-The company and any entities it controls
have fewer than 50 employees at the
end of the financial year.
Main activities : The Subject engages in import and distribution of cut
and polished diamond.
Purchases
International : India, Hong Kong, Belgium
Sales
Local : Yes
International : No exports.
Property &
Assets
Premises : The Subject
operates from the verified heading address consisting of an administrative
office.
Branches : None reported.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange & gold : US$ 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 : Telegraphic
transfer, Prepayment, Credit 30-90 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
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.
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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.
-
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.
-
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.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.