|
Report Date : |
30.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
TRANSWORLD
DIAMONDS PTY LTD |
|
|
|
|
Formerly Known as : |
TRANSWORLD DIAMOND PTY LTD |
|
|
|
|
Registered Office : |
C/o Hood Sweeney Pty Ltd Level 3, 11-16 South
Terrace, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
16.10.2009 |
|
|
|
|
Com. Reg. No.: |
140044408 |
|
|
|
|
Legal Form : |
Australian Proprietary
Company |
|
|
|
|
Line of Business : |
import and distributor of jewellery and watches for the Shiels Jewellers retail operations. |
|
|
|
|
No of Employees : |
05 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – 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 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 : 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
-
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.60.10 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.