MIRA INFORM REPORT

 

 

Report No. :

352985

Report Date :

11.12.2015

 

IDENTIFICATION DETAILS

 

Name :

PALAK TRADING CO PTY LTD

 

 

Registered Office :

1/606 Sherwood Road Sherwood, Queensland 4075

 

 

Country :

Australia

 

 

Date of Incorporation :

07.01.1998

 

 

Legal Form :

Australian Proprietary Company

 

 

Line of Business :

The subject operates in the distribution of jewellery and precious stones.

 

 

No. of Employee :

Not Available

 

 

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 :

Unknown

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Australia

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

AUSTRALIA - ECONOMIC OVERVIEW

 

Following two decades of continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system, Australia enters 2015 facing a range of growth constraints, principally driven by a sharp fall in global prices of key export commodities. Although demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports, sharp drops in current prices have already impacted growth.

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, although this trend could reverse or slow due to falling 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 entered into free trade agreements (FTAs) with the Republic of Korea and Japan, and concluded an FTA with China, in 2014, adding to existing FTAs with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, and a regional FTA with ASEAN and New Zealand. Australia continues to negotiate bilateral agreements with India and Indonesia, as well as larger agreements with its Pacific neighbors and the Gulf Cooperation Council countries, and an Asia-wide Regional Comprehensive Economic Partnership that includes the ten ASEAN countries and China, Japan, Korea, New Zealand and India. Australia is also working on the Trans-Pacific Partnership Agreement with Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.

 

Source : CIA

 

 

Company NAME         

 

PALAK TRADING CO PTY LTD

ACN: 081 211 118

ABN: 93 081 211 118

 

 

Summary Panel

 

Incorporated

1998

 

Line of Business

Jewellery distribution

Status

Trading

Chief Executive Officer

Paresh Bothra

Adverse Listings

Nil

 

Rating

NA 5

 

 

 

EXECUTIVE SUMMARY

 

Details pertaining to the subject’s financial and trading position were unable to be obtained for the current enquiry.

 

In view of the above the subject has been assigned with a rating of ‘NA 5’.

 

 

CORPORATE SEARCH

 

Company Type             Australian Proprietary Company

 

Incorporation Date:        07 Jan 1998

 

Incorporation State:       Queensland

 

Registered Office

1/606 SHERWOOD Road SHERWOOD, Queensland 4075 Australia

 

Number of Shares Issued: 2

 

Paid Capital: 2

 

Shareholders

 

Shareholder Name: EKTA BOTHRA

Number of Shares: 1

 

Shareholder Name: PARESH HERENDRA BOTHRA

Number of Shares: 1

 

Current Directors

Director Name: BOTHRA, PARESH HERENDRA

Appointment Date: 07 Jan 1998

Date of Birth: 05 Sep 1967

Gender: Male

Address: 2905/148 ELIZABETH Street SYDNEY, New South Wales 2000 Australia

 

Secretary

Secretary Name: PARESH HERENDRA BOTHRA

Appointment Date: 09 Jun 1998

 

 

SECURITY INTERESTS

 

Effective 30 January 2012 the Personal Property Securities Register (PPSR)  was introduced to give the different Commonwealth, State and Territory laws and registers regarding security interests in personal property under one national system.

As a result of PPS Reform a number of existing Commonwealth, State and Territory personal property security registers will close. Interests registered on existing security interest registers will be migrated to the national PPS Register. Subsequently Registered Charges are no longer lodged with the Australian Securities and Investments Commission (ASIC).

 

Please contact us should you require a search of the PPSR.

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS     Suite 909A, Level 9/250, PITT Street,

Sydney 2000 NSW

 

TELEPHONE                 (612) 9261 8958

 

MOBILE                        0419 774 858

 

BANK                           Not determined

                                               

EMPLOYEES                Not determined

 

 

BACKGROUND

 

The subject was incorporated in Queensland on 7 January 1998 under the current style.

OPERATIONS

 

The subject operates in the distribution of jewellery and precious stones.

 

Activities are conducted from premises located at the above listed trading address.

 

 

ADVERSE

                                               

A search of of on 3 December 2015 failed to trace any litigation listed against the subject at that date.

 

 

FINANCES

 

The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.

 

During the current investigation all queries pertaining to the subject were forwarded to Director Paresh Bothra. Contact with Mr Bothra was unable to be established for the current enquiry. It was advised that he is overseas o business and could not be contacted for the current enquiry.

 

As a result, details pertaining to the subjects operating trading or financial position were unable to be obtained for the current enquiry.

 

 

TRADE SURVEY

 

During the current investigation, contact with the subject’s principals was unable to be established.

 

Subsequently details pertaining to the company’s suppliers were unable to be obtained and a trade survey could not be conducted.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.79

UK Pound

1

Rs.101.37

Euro

1

Rs.73.46

 

1

Rs.48.36

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

Report Prepared by :

TRU

 

 

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%)

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