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Report Date : |
23.04.2014 |
IDENTIFICATION DETAILS
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Name : |
FIRST STATE AUCTIONS PTY LIMITED |
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Formerly Known As : |
TAIBEL TRADING PTY LIMITED |
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Registered Office : |
Level 13, 22 Market Street Sydney New South Wales 2000 |
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Country : |
Australia |
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Date of Incorporation : |
26.06.1998 |
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Com. Reg. No.: |
083150298 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Subject operates as a Jewellery auction house |
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No. of Employees |
10 |
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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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, 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 : 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 : 10 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 undetermined
Organization structure : Organizational 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 Australian Company Number: 083150298
Registered authority : Australian Securities and Investments Commission
Fiscal/ Tax no : Australian 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
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 : 10 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
How listed : Full List
Composition
Shareholder name : Ari Louis 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 AUCTIONS INTERNATIONAL 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
Bank Details
Name of bank : HSBC Bank 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 bankers 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. Ari Louis Taibel 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 $12.5 million, and
-The company and any entities it controls have fewer than 50 employees at the
end of the financial year.
Main activities : The Subject operates as a jewellery auction house.
Product & services : Jewellery
Diamonds
Watches
Purchases
International : Europe, Asia, Africa
Sales
Local : Yes
International : The Subject operates auction houses in Singapore, Hong Kong, New
Zealand and Taiwan.
Property & Assets
Premises : The Subject operates from premises at the verified heading address
consisting of an administrative office.
Branches : None reported.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 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 & Poors: AAA
Moodys rating: Aaa
Moodys 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, D/P, D/A, Credit 30-90 days
Sales Term
Local : Cash, Bank transfer, Credit card
International : Cash, Telegraphic transfer, Credit card
Trade Reference/
Payment
Behaviour
Comments : As local and international trade references were not supplied, the Subjects
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.71 |
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1 |
Rs.102.04 |
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Euro |
1 |
Rs.83.77 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<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.