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Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
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Name : |
TRANSWORLD
ENTERPRISES PTY LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
26.06.2001 |
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Com. Reg. No.: |
097267966 |
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Legal Form : |
Australian
Proprietary Company |
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Line of Business : |
Retail sales
of jewellery and watches under the stores named Grahams and Shiels. |
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No. of Employees : |
350 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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, 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 |
Subject name :
TRANSWORLD
ENTERPRISES PTY LTD
Other style /
Business name : GRAHAMS / SHIELS
Business
address : 21-25 Compton Street
Town : Adelaide
Province : South Australia
Zip/postal code : 5000
Country : Australia
Tel : +61 8 81104110
Fax : +61 8 81104199
Website : www.shiels.com.au /
www.grahamsjewellers.com.au
Registered
address : 21-25 Compton Street
Town : Adelaide
Province : South Australia
Zip/postal code : 5000
Country : Australia
Postal address : P.O. Box 10040, Gouger Street
Town : Adelaide
Province : South Australia
Zip/postal code : 5000
Country : Australia
Executive Summary
Date founded
or registered : 26/06/2001
Legal form : Australian
Proprietary Company
Chief
executive : Toby
Bensimon
Issued &
paid up capital : AUD 1,000
Sales turnover
: AUD 74,000,000 (Estimated
Non-Consolidated 12 months, 30/06/2013)
Line of business
: Retail sales of
jewellery and watches under the stores named GRAHAMS and
SHIELS.
Staff employed
: 350 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 good
Organization
structure : Organizational
structure is stable
Detrimental : No detrimental found
Payment
history : No payment
delays noted
Registry Data
Registration
date :
26/06/2001
Legal form : Australian
Proprietary Company
Registration
no Australian Company Number: 097267966
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no
: Australian
Business Number: 13097267966
Registry
status : Live/Active
Previous name
: None
reported.
Change of
legal form : None
reported.
Key Management
Name : Toby Bensimon
Designation : Managing Director
Name : Michael Amey
Designation : Chief Financial Officer
Appointments
Name : Albert Bensimon
Designation : Director and Company Secretary
Appointment
date : 26/06/01
Address : 151 Fisher Street
Malvern, SA 5061
Australia
Biography : Born on 15-02-1948 in Cairo,
Egypt.
Staff employed
: 350 employees
Composition
Authorized
Capital : AUD 1,000
No of shares :
1,000 Ordinary Shares
Share par
value : AUD 1
Issued capital
: AUD 1,000
Paid up
capital : AUD 1,000
How listed : Full List
Composition
Shareholder
name : SHIELS JEWELLERS (SA) PTY
LTD
Address : 21-25 Compton Street
Adelaide, SA 5000
Australia
No. of shares
: 999 Ordinary Shares
Shareholder
name : FRESHMO INVESTMENTS PTY.
LTD.
Address : 21-25 Compton Street
Adelaide, SA 5000
Australia
No. of shares
: 1 Ordinary Share
Structure
Name : SHIELS JEWELLERS (SA) PTY LTD
Affiliation type
: Parent Company
Address : 21-25 Compton Street
Adelaide, SA 5000
Australia
Name : TRANSWORLD DIAMONDS PTY LTD
Affiliation
type : Sister Company
Address : 21-25 Compton Street
Adelaide, SA 5000
Australia
Name : 24 CARAT NOMINEES PTY LTD
Affiliation
type : Sister Company
Address : 21-25 Compton Street
Adelaide, SA 5000
Australia
Name : TRANSWORLD IMPORTS PTY. LTD.
Affiliation
type : Sister Company
Address : 21-25 Compton Street
Adelaide, SA 5000
Australia
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 : Provided by the
Subject
Financial
statement date : 30/06/13
Type of
accounts : Estimated
key figures
Currency : Australia Dollar
(AUD)
Exchange rate
: 1 USD = AUD 1.14
Summarized Financial Information
Consolidation
type : Non Consolidated
Currency : Australia Dollar
(AUD)
Denomination :
(x1) One
Date of
financial year end : 30/06/13
Length of
accounts : 12 months
Sale turnover
/ Income : 74,000,000
Comments : The estimated turnover was provided by Mr.
Michael Amey.
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 $12.5 million, and
-The company and any entities it controls have fewer than 50 employees
at the
end of the financial year.
Main
activities : The Subject
engages in retail sales of jewellery and watches under the
stores named GRAHAMS and SHIELS.
Product & services : Diamond jewellery
Gold jewellery
Silver jewellery
Precious stone jewellery
Watches
Brand : GRAHAMS
SHIELS
Purchases
International :
Italy, Switzerland, Germany, Spain, Belgium, United Kingdom, United
States, India,
Thailand, China
Sales
Local : Yes
International
: No exports.
Property & Assets
Premises : The
Subject operates from the verified heading address consisting of an
administrative
office.
Branches : In
addition, the Subject operates from 8 retail stores under the name
GRAHAMS and 40
retail stores under the name SHIELS.
Gross Domestic Products (GDP) &
Economic Overview
Central bank :
Reserve
Bank of Australia
Reserve of
foreign exchange & gold : US$
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
: L/C, Telegraphic transfer, D/P, Credit 30-120 days
Sales Term
Local : Cash, Credit
card, Bank transfer, Prepayment
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.
-
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.62.32 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
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 |
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-- |
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.