MIRA INFORM REPORT

Report Date :

02.10.2014

IDENTIFICATION DETAILS

Name :	AURORA JEWEL PTY LTD

Registered Office :	14B Rosehill Street Parramatta New South Wales 2150

Country :	Australia

Date of Incorporation :	12.08.2009

Com. Reg. No.:	138821164

Legal Form :	Australian Proprietary Company, Limited by Shares

Line of Business :	Import and distribution of jewelry and diamonds.

No. of Employees :	01

RATING & COMMENTS

MIRA’s Rating :

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Australia

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

Company name and address

Verified Address

Subject name
AURORA JEWEL PTY LTD
Business address
14B Rosehill Street
Town
Parramatta
Province
New South Wales
Zip / Postal code
2150
Country
Australia
Telephone
+61 411235219 (Mobile No.)
Email
aurorajewel1@hotmail.com
Remarks
The Subject does not operate from a physical office in Australia however all correspondence are directed through the Director’s residential premises.

Registered address
14B Rosehill Street
Town
Parramatta
Province
New South Wales
Zip / Postal code
2150
Country
Australia

SUMMARY DETAILS

Report Summary

Date registered
12/08/2009
Legal form
Australian Proprietary Company, Limited by Shares
Key personnel
Joykumar Upadhyay
Line of business
The Subject’s business consist of import and distribution of jewelry and diamonds.
Staff employed
Mr. Joykumar Upadhyay and his wife Ms. Harshida Upadhyay is the only employee of the Subject

Paid-up capital
AUD200.00
Sales turnover / Revenue / Income
AUD3,000,000.00 (Estimated Non-Consolidated 12 months, 30/06/2014)

Subject’s Credit Risk Analysis

Country risk
Country risk is minimal
Operation trend
Operational trend is in start-up phase
Management experience
Management is modestly experienced
Financial performance
Financial performance is fair

Organisation structure
Organisational structure is acceptable
Detrimental
No detrimental found
Payment history
No payment delays noted
Credit amount requested
Not described.

STATUTORY DETAILS

Registry Information

Date registered
12/08/2009
Legal form
Australian Proprietary Company, Limited by Shares
Registration number
Australian Company Number: 138821164
Registered authority
Australian Securities and Investments Commission
Tax / VAT number
Australian Business Number: 81138821164

Statutory status
Active
Previous name
None reported.
Change of legal form
None reported.

BOARD OF MANAGEMENT

Key Personnel

Name
Joykumar Upadhyay
Designation
Chief Executive Officer

BOARD OF DIRECTORS

Appointments

Name
Harshida Upadhyay
Title
Director and Company Secretary
Appointment date
12/08/09
Address
14B Rosehill Street
Parramatta, NSW 2150
Australia
Biography
Born on 12/11/1968 in India.

Staff employed
Mr. Joykumar Upadhyay and his wife Ms. Harshida Upadhyay is the only employee of the Subject

SHARE CAPITAL

Composition

Authorized capital
AUD200.00
Number / Type of shares
200 Ordinary Shares
Share par value
AUD1.00
Issued capital
AUD200.00

Paid-up capital
AUD200.00

OWNERSHIP / SHAREHOLDERS

Composition

How listed
Full list
Shareholder name
Joykumar Upadhyay
Address
14B Rosehill Street
Parramatta, NSW 2150
Australia
Number / Type of shares
100 Ordinary Shares
Percentage (%) of shares
50%
Shareholder name
Harshida Upadhyay
Address
14B Rosehill Street
Parramatta, NSW 2150
Australia
Number / Type of shares
100 Ordinary Shares
Percentage (%) of shares
50%

CORPORATE AFFILIATIONS AND RELATED COMPANIES

Structure

Remarks on corporate affiliations and related companies
None reported.

BANK AND MORTGAGES

Bank Details

Name of bank
Commonwealth Bank of Australia
Address
Australia

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 Filings

Bankruptcy filings
None reported.
Court judgements
None reported.

Tax liens
None reported.
Others
None reported.

FINANCIAL STATISTICS

Description

Financial statement source
Provided by the Subject
Financial statement date
30/06/14
Style of financial statement
Estimated key figures

Currency of financial statement
Australia Dollar (AUD)
Exchange rate
1 USD = AUD 1.14 as of 30-09-2014

_{Concise Financial Data}	_{Consolidation style}	_{Non-Consolidated}
	_Currency	_{Australia Dollar (AUD)}
	_{Date of financial year end}	_30/06/14
	_{Length of financial accounts}	_{12 months}
	_{Sales turnover / Revenue / Income}	_3,000,000.00

Remarks

The estimated turnover was provided by Mr. Joykumar Upadhyay.

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.

BUSINESS DETAILS

Operational Details

Main activities
The Subject engages in import and distribution of jewelry and diamonds.

Purchases

Local
None reported.

International
The Subject sources its product(s) / material(s) from countries such as India, Hong Kong, United States, Israel.

Sales

Local
The Subject sells its product(s) locally.

International
The Subject exports its product(s) to countries such as Hong Kong, New Zealand.

Business Facilities and Assets

Premises
The Subject operates from residential premises at the verified heading address consisting of an administrative office.

Branches
None reported.

SUMMARIZED COUNTRY RISK

Gross Domestic Products (GDP) and Economic Overview

Central bank
Reserve Bank of Australia
Reserve of foreign exchange and gold
US$ 46.714 billion
Gross domestic product (GDP)
US$ 1.586 trillion
Purchasing power parity (GPP)
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 percentage (%) of 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
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
US$263.9 billion
Export commodities
Coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment
Total imports
US$239.7 billion
Import commodities
Machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
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)

Major export partners
China 27.4%, Japan 19.2%, South Korea 8.9%, India 5.8%
Major import 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

Country and Population Overview

Total population
22.68 million
Total area
7,692,024 km2
Capital
Canberra

Currency
Australian dollars (AUD)
Internet users as percentage (%) of total population
79%

PAYMENT OUTLOOK

Purchases Term

International
Telegraphic transfer, D/P, Prepayment, Credit up to 120 days

Sales Term

Local
Bank transfer, Prepayment, Cheque, Credit up to 90 days

International
Telegraphic transfer, D/P, Prepayment, Credit up to 90 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 8^th Century B.C. India, in fact, remained undisputed leader till 18^th 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 30^th 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.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIS

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.