|
Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
MICHAEL SKLOVSKY PTY. LTD |
|
|
|
|
Registered Office : |
Level 1, 158-160 Yarra
Street, Warrandyte, Victoria, Zip/postal code 3113 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Date of Incorporation : |
02.03.1978 |
|
|
|
|
Com. Reg. No.: |
005417327 |
|
` |
|
|
Legal Form : |
Australian Proprietary
Company |
|
|
|
|
Line of Business : |
Retailer of clothing, gift wares, home wares, jewellery and
furniture products under the stores name ISHKA. |
|
|
|
|
No. of Employees : |
220 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
Verified Address
Subject name : MICHAEL SKLOVSKY PTY.
LTD.
Other style / Business name : ISHKA HANDCRAFTS
Business address : 300 Nicholson Street
Town : Fitzroy
Province : Victoria
Zip/postal code : 3065
Country : Australia
Tel : +61 3 94189339
Fax : +61 3 94189389
Email : marketing@ishka.com.au / michael@ishka.com.au
Website : www.ishka.com.au
Registered address : Level 1, 158-160 Yarra Street
Town : Warrandyte
Province : Victoria
Zip/postal code : 3113
Country : Australia
Executive Summary
Date founded or registered : 02/03/1978
Legal form : Australian
Proprietary Company
Chief executive : Michael
Gregory Weigall Sklovsky
Issued & paid up capital
: AUD 1,003,467
Sales turnover : AUD 20,000,000
(Estimated Non-Consolidated 12 months, 30/06/2013)
Line of business : Retailer of
clothing, gift wares, home wares, jewellery and furniture
products under the stores name ISHKA.
Staff employed : 220
employees
Company Analysis
Country risk : Country
risk is minimal
Operation trend : Operational
trend is steady
Management experience : Management is adequately
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 : 02/03/1978
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 005417327
Registered authority Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 70005417327
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Other registration : ISHKA HANDCRAFTS is a
business name owned by the Subject registered on
04/05/2001 under business registration no: B1570638D.
Key Management
Name : Michael Gregory Weigall
Sklovsky
Designation : Managing Director
Name : Justin Beggs
Designation : General Manager, Finance
Appointments
Name : Michael Gregory Weigall
Sklovsky
Designation : Director and Company Secretary
Appointment date : 12/04/78
Address : 8 Aintree Road
Glen Iris,
VIC 3146
Australia
Biography : Born on 03-10-1949 in
Melbourne, Victoria, Australia.
Name : Toby Lepoer Darvall
Designation : Director
Appointment date : 13/11/13
Address : 3 Jardine Street
Beechworth,
VIC 3747
Australia
Biography : Born on 06-12-1968 in
Princeton, New Jersey, United States.
Staff employed : 220 employees
Composition
Authorized Capital : AUD 1,003,467
No of shares : 43,467 Class B Shares
/ 960,000 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 1,003,467
Paid up capital : AUD 1,003,467
How listed : Full List
Composition
Shareholder name : BEGSKI PTY. LTD.
Address : 30 Aintree Road
Glen Iris,
VIC 3146
Australia
No. of shares : 40,133 Class
B Shares
Shareholder name Natalie Ann Fairweather
Address : 82 Fenton
Street
Ascot
Vale, VIC 3032
Australia
No. of shares : 3,334 Class
B Shares
Shareholder name : DARVALL GROUP PTY LTD
Address : 32 Oswald
Street
Elsternwick,
VIC 3185
Australia
No. of shares : 576,000
Ordinary Shares
Shareholder name : UDAIPUR LAKE PTY. LTD.
Address : Level 1,
158-160 Yarra Street
Warrandyte, VIC 3113
Australia
No. of shares : 384,000 Ordinary Shares
RELATED COMPANIES & CORPORATE
AFFILIATIONS
Structure
Related companies and
corporate affiliations comments : None reported.
Bank Details
Name of bank : National Australia Bank
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.
FINANCIAL
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
1.12 as of 07-01-2014
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 : 20,000,000
Comments : The estimated
turnover was provided by Mr. Justin Beggs.
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 $12.5 million, and
-The company and any
entities it controls have fewer than 50 employees at the
end
of the financial year.
Main activities : The Subject engages as retailer of
clothing, gift wares, home wares,
jewellery and furniture products under the stores name ISHKA.
Product & services : -
Home wares products:
Lanterns & Lighting
products
Storage products
Hooks
Glasses and Mugs
Furniture
-Gift wares:
Book Boxes & iPad Covers
Salt Lamps
Candle Holders & Candles
Gift Packs
Ishka Body Products
Music
Frames
Dream Catchers
Ornaments
Heat Pillows
Affirmation Products
Games & Cards
Scarves & Head Wraps
Sun Catchers & Wind
Chimes
Water Bottles
Incense & Perfumes
Bags & Wallets
Journals & Diaries
Clothing products:
Scarves & Head Wraps
Bags & Wallets
Womens clothing
Mens clothing
Jewellery products:
Costume Jewellery
Silver Jewellery
-Traditional craft products
Brand : ISHKA
Purchases
International : India, Indonesia, China, Thailand,
Vietnam, Guatemala, Morocco, Pakistan,
Nepal
Sales
Local : Yes
International : No exports.
Property &
Assets
Premises : The Subject operates from the
verified heading address consisting of a
retail store and an administrative office.
Branches : In addition, the Subject
operates from 26 other retail stores under the name ISHKA.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange
& gold : US$ 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 & aming), 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%
PAY
Purchase Term
International : Telegraphic transfer, D/P,
Credit 30-90 days
Sales Term
Local : Cash, Credit card, 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.
-
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.62.33 |
|
UK Pound |
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.