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Report Date : |
04.07.2014 |
IDENTIFICATION DETAILS
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Name : |
TRANSWORLD
DIAMONDS PTY LTD |
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Formerly Known as : |
TRANSWORLD DIAMOND PTY LTD |
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Registered Office : |
C/o Hood
Sweeney Pty Ltd Level 3,
11-16 South Terrace, Adelaide, South Australia, Zip code 5000 |
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Country : |
Australia |
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Date of Incorporation : |
16.10.2009 |
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Com. Reg. No.: |
140044408 |
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Legal Form : |
Australian Proprietary
Company |
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Line of Business : |
import and distributor of jewellery and watches for the Shiels Jewellers retail operations. |
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No of Employees : |
05 |
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
|
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.
|
Source : CIA |
Verified Address
Subject name :
TRANSWORLD DIAMONDS PTY LTD
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
Registered
address : C/o HOOD SWEENEY PTY LTD
Level 3, 11-16 South Terrace
Town : Adelaide
Province : South Australia
Zip/postal
code : 5000
Country : Australia
Executive Summary
Date founded
or registered : 16/10/2009
Legal form : Australian
Proprietary Company
Chief
executive : Albert
Bensimon
Issued &
paid up capital : AUD 1,000
Line of
business : Import
& distribution of jewellery and watches.
Staff employed
: 5 employees
Credit Risk
Interpretation
Credit risk
theory : Sufficient
financial and operational base. Small credits may be considered with
some confidence that commitments will
be sustained under normal circumstances. This is based on criterions such as
years of establishment, number of employees, sales turnover, profit after tax,
total assets, reserve, and
others. A cautious credit control policy applies.
Company Analysis
Country risk :
Country risk
is minimal
Operation
trend : Operational
trend is steady
Management
experience : Management is
modestly experienced
Financial
performance : Financial
performance is undetermined
Organization
structure : Organizational
structure is acceptable
Detrimental : No detrimental found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 16/10/2009
Legal form : Australian
Proprietary Company
Registration
no Australian
Company Number: 140044408
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no
: Australian
Business Number: 35140044408
Registry
status : Live/Active
Previous name
: The Subject was
previously known as TRANSWORLD DIAMOND PTY LTD and
changed to the current style on 20-10-2009.
Change of
legal form : None reported.
Key Management
Name : Albert Bensimon
Designation : Managing Director
Appointments
Name : Albert Bensimon
Designation : Director and Company Secretary
Appointment
date : 16/10/09
Address : 151 Fisher Street
Malvern, SA 5061
Australia
Biography : Born on 15-02-1948 in Cairo,
Egypt.
Name : Ian Colin Elliss
Designation : Company Secretary
Appointment
date : 16/10/09
Address : 73 Conyngham Street
Frewville, SA 5063
Australia
Biography : Born on 09-03-1957 in Broken
Hill, New South Wales, Australia.
Staff employed
: 5 employees
Composition
Authorized
Capital : AUD 1,000
No of shares :
900 Class A
Shares / 100 Class B 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
: 900 Class A
Shares
Shareholder
name : GOLD DISC PTY.
LTD.
Address : 21-25 Compton
Street
Adelaide, SA 5000
Australia
No. of shares
: 100 Class B
Shares
Structure
Name : SHIELS JEWELLERS (SA)
PTY LTD
Affiliation
type : Parent
Company
Address : 21-25 Compton Street
Adelaide, SA 5000
Australia
Comments : Own and operate 33 Shiels
jewellery retail stores.
Name : GOLD DISC PTY. LTD.
Affiliation
type : Shareholder
Address : 21-25 Compton Street
Adelaide, SA 5000
Australia
Name : TRANSWORLD IMPORTS PTY.
LTD.
Affiliation
type : Associate
Address : 21-25 Compton Street
Adelaide, SA 5000
Australia
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.
Comments : The representative contacted
Ms. Joanne Knapp declined to provide any financial
information even
though the name of the supplier Indigo Jewellery has been disclosed.
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
$12.5 million, and
-The company and any entities it controls have
fewer than 50 employees at the
end of
the financial year.
Main
activities : The
Subject engages in import and distribution of jewellery and watches for
the Shiels Jewellers retail operations.
Purchases
International
: Italy, Switzerland,
Germany, Spain, Belgium, England, United States, India, Thailand,
China
Sales
Local : Yes
International
: No exports.
Property &
Assets
Premises : The Subject operates from
premises located at the verified heading
address consisting of administrative office.
Branches : None reported.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange & gold : US$ 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
: L/C, Cash
against document, Telegraphic transfer, Credit up to 120 days
Sales Term
Local : Bank
Transfer, Credit up to 120 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
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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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.72 |
|
|
1 |
Rs.102.45 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
-- |
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.