|
Report Date : |
04.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
TERACAST PTY LTD |
|
|
|
|
Formerly Known As : |
AGARWALLA INTERNATIONAL PTY LTD |
|
|
|
|
Registered Office : |
C/o CARTHILLS |
|
|
|
|
Country : |
Australia |
|
|
|
|
Date of Incorporation : |
08.11.1996 |
|
|
|
|
Com. Reg. No.: |
076313374 |
|
|
|
|
Legal Form : |
Australian Proprietary Company, Limited by Shares |
|
|
|
|
Line of Business : |
The Subject is a dormant company. The Subject was previously engaged
as diamond merchants. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Dormant |
|
Payment Behaviour : |
-- |
|
Litigation : |
-- |
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
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
|
Verified
Address |
|
Subject
name |
Registered
address |
|
Report
Summary |
|
Date
registered |
Paid-up
capital |
|
Registry
Information |
|
Date
registered |
Statutory
status ADORA DIAMONDS is a business name owned by the Subject registered on
26/09/2006 bearing registration number BN20040465. AMITY IMPORTS is a
business name owned by the Subject registered on 26/09/2006 bearing
registration number BN20040428. STARFIRE DIAMONDS is a business name owned by
the Subject registered on 01/12/2008 bearing registration number BN21000074.
UNIQUE CREATIONS is a business name owned by the Subject registered on
26/09/2006 bearing registration number BN20040441. |
|
Key
Personnel |
|
Name |
|
|
Appointments |
|
Name |
Staff
employed |
|
Composition |
|
Authorized
capital |
Paid-up
capital |
|
Composition |
|
How
listed |
|
|
Structure |
|
Company
name |
Remarks
on corporate affiliations and related companies |
|
Bank
Details |
|
Name
of bank |
Comments |
|
Mortgages |
|
None reported. |
|
|
Legal
Filings |
|
Bankruptcy
filings |
Tax
liens |
|
Remarks |
|
The Subject is a dormant company hence financial information is not
available with the Australian Securities & Investments Commission. 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 |
|
Operational
Details |
|
Main activities The Subject is a dormant company. The Subject was previously engaged
as diamond merchants. |
|
Purchases |
|
Local |
International |
|
Sales |
|
Local |
International |
|
Business
Facilities and Assets |
|
Premises |
Branches |
|
Gross
Domestic Products (GDP) and Economic Overview |
|
Central
bank |
Public
debt (general Government gross debt as percentage (%) of GDP) 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
and Competitiveness Overview |
|
Total
exports |
Major
export partners |
|
Country
and Population Overview |
|
Total
population |
Currency |
|
Purchases
Term |
|
Local |
International |
|
Sales
Term |
|
Local |
International |
|
Trade
Reference / Payment Behaviour |
|
Comments |
|
|
Investigation
Note |
|
Sources 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.59.72 |
|
|
1 |
Rs.102.45 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NNA |
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.