MIRA INFORM REPORT

Report Date :

01.01.2015

IDENTIFICATION DETAILS

Name :	BRIGHTSTAR LOGISTICS PTY LTD
Registered Office :	Level 5, 607 Bourke Street, Melbourne, Victoria, VIC 3000
Country :	Australia
Financials (as on) :	31.12.2013 (Consolidated)
Date of Incorporation :	15.10.2004
Com. Reg. No.:	111399752
Legal Form :	Australian Proprietary Company
Line of Business :	Provider of supply chain and logistics services.
No. of Employee :	515

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

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

IDENTIFICATION
Given
Subject name:	BRIGHTSTAR LOGISTICS PTY LTD
Address:	level 5 , 607 Bourke street,
Town:	Melbourne
Country:	Australia
Verified
Subject name:	BRIGHTSTAR LOGISTICS PTY LIMITED
Address:	Level 5, 607 Bourke Street
Town:	Melbourne
State/province:	Victoria
Zip/postal code:	VIC 3000
Country:	Australia
Telephone:	+61 (3) 86230300
Fax:	+61 (3) 96297511
Email:	info.au@brightstarcorp.com
Website:	www.brightstar.com (Group)

EXECUTIVE SUMMARY
Date registered:	15-10-2004
Legal form:	Australian Proprietary Company
Share capital	AUD 4,500,000
Sales turnover:	AUD 291,126,000 (12 months, 31-12-2013)
Main activities:	Provider of supply chain and logistics services.
Employees:	515

REGISTRY DATA
Key Facts
Date registered:	15-10-2004
Legal form:	Australian Proprietary Company
Registration no:	ACN: 111399752
Registry auth.	Australian Securities and Investments Commission
Tax number:	ABN: 58111399752
Registry status:	Live/Active

LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None

MANAGEMENT & STAFF
Key Managers
Name:	Arturo Alejandro Osorio
Job title:	Director
Name:	Norman Bean
Job title:	Director
Name:	Oscar Juan Fumagali
Job title:	Director
Key Advisors
Auditor:	KPMG 147 Collins Street Melbourne, VIC 3000 Australia
Staff
No of employees	515

BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Arturo Alejandro Osorio
Board function:	Director
Date appointed:	15/10/2004
Address:	37 David Street Hampton, VIC 3188 Australia
Biography:	Born: 14/05/1969 Birth Place: Caracas, Venezuela
Name:	Norman Bean
Board function:	Director
Date appointed:	29/09/2010
Address:	139 Taylors Road Skye, VIC 3977 Australia
Biography:	Born: 08/05/1968 Birth Place: Durban, South Africa
Name:	Oscar Juan Fumagali
Board function:	Director
Date appointed:	12/07/2011
Address:	9725 Nw 117 Ave Suite 300 Miami, FL 33178 USA
Biography:	Born: 14/06/1953 Birth Place: Havana, Cuba

SHARE CAPITAL
Composition
Authorised:	AUD 4,500,000
Number/type:	4,500,000 ordinary shares
Share value:	AUD 1
Issued:	AUD 4,500,000
Paid-up:	AUD 4,500,000

Shareholders/Owners
How Listed	Full List
Composition
Name:	BRIGHTSTAR CORP.
No. of shares:	4,500,000 ordinary shares
% of shares:	100%
Address:	2010 NW 84th Avenue Miami, Florida USA

CORPORATE AFFILIATIONS
Structure
Name:	BRIGHTSTAR CORP.
Affiliation type:	Parent Company
Address:	2010 NW 84th Avenue Miami, Florida USA
Name:	PREPAID PARTNERS PTY LTD
Affiliation type:	Wholly-owned Subsidiary
Address:	Australia
Name:	BRIGHTSTAR (THAILAND) LTD.
Affiliation type:	Associate
Address:	Thailand
Name:	BRIGHTSTAR ARGENTINA, S.A.
Affiliation type:	Associate
Address:	Argentina
Name:	BRIGHTSTAR ASIA LIMITED
Affiliation type:	Associate
Address:	Hong Kong
Name:	BRIGHTSTAR COLOMBIA LTDA.
Affiliation type:	Associate
Address:	Colombia
Name:	BRIGHTSTAR DISTRIBUTION SDN. BHD.
Affiliation type:	Associate
Address:	Malaysia
Name:	BRIGHTSTAR JAPAN K.K.
Affiliation type:	Associate
Address:	Japan
Name:	BRIGHTSTAR LOGISTICS PTE. LTD.
Affiliation type:	Associate
Address:	Singapore
Name:	BRIGHTSTAR NZ LIMITED
Affiliation type:	Associate
Address:	New Zealand
Comments	Subject is a member of BRIGHTSTAR Group of companies. Companies under the group will be considered as affiliates.

BANKING & FINANCING
Bankers
Bank name:	HSBC BANK AUSTRALIA LIMITED
Address:	Australia
Comments	It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.

FINANCIAL ACCOUNTS
Description
Required to file:	Yes
Source:	Commercial Registry Filings
Presentation:	Attached to this report / Summarised below
Date of accounts:	31-12-2013
Type of accounts:	Full audited
Currency:	Australian Dollar (AUD)
Exchange rate:	USD 1 = AUD 1.23 as of 23-12-2014
Summarised
	31-12-2013	31-12-2012
Period:	12 months	12 months
Sales turnover:	291,126,000	163,741,000
Gross profit:	47,537,000	43,542,000
Profit before tax:	18,731,000	13,634,000
Profit after tax:	14,478,000	10,531,000
Non-current assets:	8,756,000	7,635,000
Current assets:	180,622,000	181,710,000
Total assets:	189,378,000	189,345,000
Current liabilities:	93,179,000	97,761,000
Non-cur. liabilities:	2,755,000	2,040,000
Total liabilities:	95,934,000	99,801,000
Shareholders' equity:	93,444,000	89,544,000

OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in the provision of supply chain and logistics services, retail services and the distribution of mobile phones and accessories. Subject is a part of BRIGHTSTAR Group which is the world’s largest specialized wireless distributor and a leading global services company, serving mobile device manufacturers, wireless operators and retailers.
Products/services:	Distribution – BRIGHTSTAR subsidiary, Prepaid Partners, is an accredited distributor of Telstra prepaid products throughout Australia. Supply chain Solutions – offers end to end supply chain operations such as forward and reverse logistics, inventory ownership and management, device portfolio management. Retail solutions – provides a suite of commerce applications and services for retailing telecommunication devices.

PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.

PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Exports:	L/Cs Credits 30 days net
Debt Collections / Judgements	No negative information was found.
Payment Experience
Payment behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.

INVESTIGATIVE NOTES
Sources:	Interviews and material provided by the Subject Other official and local business sources

ATTACHMENTS
Attachments:	Financial statements Financial ratios

Financial statements

BRIGHTSTAR LOGISTICS PTY LTD
STATEMENTS OF COMPREHENSIVE INCOME
For the financial year ended 31-12-2013
	CONSOLIDATED
	2013	2012
Currency	AUD’000	AUD’000
Revenue	291,126	163,741
Cost of sales and direct cost of services performed	(243,589)	(120,199)
Gross profit	47,537	43,542
Administrative expenses	(41,318)	(28,478)
Depreciation and amortization expenses	(1,954)	(1,888)
Management fee income/ (expense)	15,738	(196)
Other expenses	(5,053)	(4,788)
Results from operating activities	14,950	8,192
Finance expense	(9,621)	(129)
Finance income	13,402	5,571
Net finance income	3,781	5,442
Profit before income tax	18,731	13,634
Income tax expense	(4,253)	(3,103)
Profit for the year	14,478	10,531

BRIGHTSTAR LOGISTICS PTY LTD
STATEMENTS OF FINANCIAL POSITION
As at 31-12-2013
	CONSOLIDATED
	2013	2012
Currency	AUD’000	AUD’000
CURRENT ASSETS
Cash and cash equivalents	14,535	13,486
Trade and other receivables	59,524	47,584
Inventories	14,656	10,486
Prepayments	1,611	2,140
Related party receivables	87,763	105,495
Current tax receivable	2,533	2,519
TOTAL CURRENT ASSETS	180,622	181,710
NON-CURRENT ASSETS
Property, plant and equipment Receivables	2,779	2,018
Intangibles	796	821
Deferred tax assets	4,413	4,520
Investments in subsidiary	-	-
Other non current receivables	768	276
TOTAL NON-CURRENT ASSETS	8,756	7,635
TOTAL ASSETS	189,378	189,345
CURRENT LIABILITIES
Trade and other payables	75,977	62,453
Bank overdraft	-	24,253
Employee benefits	11,671	8,977
Other current liabilities	2,213	1,377
Related party payables	3,318	701
TOTAL CURRENT LIABILITIES	93,179	97,761
NON-CURRENT LIABILITIES
Employee benefits	2,127	1,406
Provisions	628	634
TOTAL NON-CURRENT LIABILITIES	2,755	2,040
TOTAL LIABILITIES	95,934	99,801
NET ASSETS	93,444	89,544
EQUITY
Share capital	4,500	4,500
Retained earnings	88,944	85,044
TOTAL EQUITY	93,444	89,544

Financial ratios

Financial Ratios
	31-12-2013	31-12-2012	Trend
PROFITABILITY [%]
Gross Margin	16.33%	26.59%	-38.59%
Gross Profit / Sales Turnover * 100
Operating Margin	N/A	N/A	N/A
Operating Profit / Sales Turnover * 100
Net Profit Margin	4.97%	6.43%	-22.71%
Profit After Tax / Sales Turnover * 100
Return On Equity (ROE)	15.49%	11.76%	31.72%
Profit After Tax / Equity * 100
Return On Assets (ROA)	7.65%	5.56%	37.59%
Profit After Tax / Total Assets * 100
Return On Investment (ROI)	20.05%	15.23%	31.65%
Profit Before Tax / Equity * 100
EFFICIENCY [%]
Asset Turnover	153.73%	86.48%	77.76%
Sales Turnover / Total Assets * 100
Inventory Turnover	N/A	N/A	N/A
Sales Turnover / Inventory * 100
LIQUIDITY [%]
Current Ratio (CR)	193.84%	185.87%	4.29%
Current Assets / Current Liabilities * 100
Quick Ratio (QR)	N/A	N/A	N/A
(Current Assets – Inventory) / Current Liabilities * 100
DEBT [%]
Debt Ratio	50.66%	52.71%	-3.89%
Total Liabilities / Total Assets * 100
Long-Term Debt Ratio	2.95%	2.28%	29.39%
Long-Term Liabilities / Equity * 100

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.33
UK Pound	1	Rs.98.58
Euro	1	Rs.77.00

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	DPT

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.