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Report Date : |
12.05.2014 |
IDENTIFICATION DETAILS
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Name : |
WORLD SHINER PTY
LIMITED |
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Registered Office : |
C/o S R SHETH & CO PTY LTD Unit 4, 96 Wigram Street, Harris Park, New South Wales, Zip code 2150 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2013 (Non-Consolidated) |
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Date of Incorporation : |
21.10.1996 |
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Com. Reg. No.: |
076056356 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
importer & wholesale
distributor of diamonds and Gold Jewellery Subject product ranges includes : · Diamonds Diamond Jewellery Gold Jewellery Gem Stone Gem Stone Jewellery |
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No of Employees : |
20 Employees (Subject) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
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 : World Shiner Pty Limited
Business address : Suite 4, Level 3, Dymocks Building
428 George Street
Town : Sydney
Province : New South Wales
Zip/postal code : 2000
Country : Australia
Tel : +61 2 92323557
Fax : +61 2 92323560
Email : sydney@worldshiner.com
Website : www.worldshiner.com
Registered address : C/o S R SHETH & CO PTY LTD
Unit 4, 96 Wigram Street
Town : Harris Park
Province : New South Wales
Zip/postal code : 2150
Country : Australia
Executive Summary
Date founded or registered : 21/10/1996
Legal form : Australian
Proprietary Company
Chief executive : Maulin Shah
Issued & paid up capital
: AUD 10
Sales turnover : AUD 40,648,237 (Non-Consolidated 12
months, 30/06/2013)
Net income : AUD -223,530
(Non-Consolidated 12 months, 30/06/2013)
Total fixed assets : AUD 22,944,344
(Non-Consolidated 12 months, 30/06/2013)
Line of business : Import & wholesale
distribution of diamonds and gold jewellery.
Staff employed : 20 employees (Subject)
Credit Risk
Interpretation
Credit risk theory : Reasonable 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 adequately experienced
Financial performance : Financial performance is fair
Organization structure : Organizational structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date : 21/10/1996
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 076056356
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 90076056356
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Maulin Shah
Designation : Managing Director
Appointments
Name : Maulin Shah
Designation : Director and Company Secretary
Appointment date : 05/10/08
Address : Unit 804, 80 Lorimer Street
Docklands,
VIC 3008
Australia
Biography : Born on 17-08-1977 in
Ahmedabad, India.
Name : Jiggar Doshi
Designation : Director and Company Secretary
Appointment date : 16/03/06
Address : Unit 3081, 3 Parkland
Boulevard
Brisbane, QLD 4000
Australia
Biography : Born on 06-06-1977 in Kochi,
India.
Staff employed : 20 employees (Subject)
Key Advisors
Auditors : Suhrid Rushikesh Sheth
Unit 4, 96
Wigram Street
Harris
Park, NSW 2150
Australia
Composition
Authorized Capital : AUD 10
No of shares : 10 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 10
Paid up capital : AUD 10
How listed : Full List
Composition
Shareholder name : TREASURE INVESTMENTS LTD
Address : C/o KSI SHAH &
ASSOCIATES
Suit 1003,
Khalid Al Attar Tower
Sheikh
Zayed Road
Dubai
United Arab Emirates
No. of shares : 10 Ordinary Shares
% of shares : 100%
Structure
Name : TREASURE INVESTMENTS LTD
Affiliation type : Parent
Company
Address : C/o KSI SHAH & ASSOCIATES
Suit 1003,
Khalid Al Attar Tower
Sheikh
Zayed Road
Dubai
United
Arab Emirates
Name : WORLD SHINER B.V.B.A
Affiliation type : Associate
Address : Hovenierstraat 30
Bus No.
122 Room No. 127
Antwerpen
2018
Belgium
Name : WORLD SHINER S. L.
Affiliation type : Associate
Address : C/
Abada, 2 Piso 4 Despacho 8
Madrid 28013
Spain
Name : WORLD
SHINER
Affiliation type : Associate
Address : Hariniwas Building, Ground Floor 26/A
New Queens Road, Opera
House
Mumbai 400004
Maharashtra
India
Name : WORLD
SHINER (UK) LIMITED
Affiliation type : Associate
Address : Suite 160, 1st Floor, Princess House
50-60 East Castle
Street
London W1W8EA
United Kingdom
Bank Details
Name of bank : HSBC Bank Australia Limited
Address : Australia
Account details : Current Account
Name of bank : The Australia and New Zealand
Banking Group Limited (ANZ 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.
FINAAL DATA
Description
Source of financial statement
: Commercial Registry Filings
Financial statement date : 30/06/13
Type of accounts : Full audited
Currency : Australia
Dollar (AUD)
Exchange rate : 1 USD = AUD 1.06 as of
11-05-2014
Summarized
Financial Information
Consolidation type : Non Consolidated Non Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar
(AUD)
Denomination : (x1) One (x1) One
Date of financial year end : 30/06/13 30/06/12
Length of accounts : 12 months 12 months
Sale turnover / Income : 40,648,237 39,231,095
Profit before tax : -173,848 3,565,568
Net income : -223,530 3,162,103
Non current assets : 110,971 135,436
Current assets : 22,833,373 20,644,494
Inventories : 14,790,000 12,090,000
Total assets : 22,944,344 20,779,930
Current liabilities : 19,500,896 17,112,951
Total liabilities : 19,500,896 17,112,951
Share equity : 3,443,448
3,666,979
Retained earning : 3,443,438
3,666,969
Main activities : The Subject engages in import &
wholesale distribution of diamonds and gold jewellery.
The
Subject is part of World Shiner Group of companies. World Shiner is a
diamond
and jewellery wholesale company operating in Australia, Belgium,
Canada,
India, Spain, Taiwan and United Kingdom.
Product & services : Diamonds
Diamond
jewellery
Gold jewellery
Gem stone
Gem stone
jewellery
Purchases
International : Mainly from India, Hong Kong,
Belgium
Sales
Local : Yes
International : No exports.
Property &
Assets
Premises : The Subject operates from
premises at the verified heading address
consisting of an administrative office.
Branches : In addition, the Subject
operates from branch offices located at:
Suite
1103, Wales Corner
227
Collins Street
Melbourne,
VIC 3000
Australia
Tel: +61 3
96546369
Suite
306-307, National Bank Building
180 Queen
Street
Brisbane,
QLD 4000
Australia
Tel: +61 7
32101237
Suite 1,
Level 6, Carillon City Tower
207 Murray
Street
Perth, WA
6000
Australia
Tel: +61 8
93212433
Other property : Total NBV of property, plant and
equipment as of 30-06-2013 was AUD
110,971
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, Telegraphic transfer,
Document against payment, Credit up to 180 days
Sales Term
Local : Prepayment, Bank
transfer, Cash, 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.
-
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.
-
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.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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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.