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Report No. : |
330954 |
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Report Date : |
14.07.2015 |
IDENTIFICATION DETAILS
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Name : |
ADORA DIAMONDS PTY LTD |
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Registered Office : |
Level 7, Suite
8, 141 Queen St, Brisbane, QLD 4000 |
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Country : |
Australia |
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Date of Incorporation : |
20.02.2012 |
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Legal Form : |
Private Company |
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Line of Business : |
Subject is engaged in wholesale distribution of a range of lose
diamonds and jewellery |
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No. of Employee : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Slow but correct |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Australia |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
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Source
: CIA |
ADORA DIAMONDS PTY
LTD
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Summary Panel |
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Established |
2014 |
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Incorporated |
2012 |
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Line of Business
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Distribution of diamonds and jewellery |
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Status |
Trading |
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Chief Executive
Officer |
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Adverse Listings |
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Rating |
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The subject was formed
to restructure the assets and operations of an existing business effective from
1 July 2014.
For the last
financial year ended 30 June 2015 the subject recorded revenue of $5,000,000
which resulted in a Gross Profit of $400,000.
Improved
profitability is expected for the current financial year ending 30 June 2016.
The subject
maintains no overdraft facilities or external borrowings as all operations are
funded through the internal cashflows of the company.
Status Registered
Incorporation Date 20 Feb 2012
Incorporation State QLD
Registered Office LEVEL 1 CARTHILLS
CHARTERED ACCOUNTANTS,
2072 LOGAN ROAD UPPER
MOUNT GRAVATT QLD, 4122
Current Directors Total: 1
Director Name AGARWAL, MANISH
Appointment Date 20 Feb 2012
Date of Birth 14 Jul 1972
Place of Birth CALCUTTA INDIA
Gender MALE
Veda File Number 245035303
Resident Overseas N
Address 50 FLAME TREE CRS,
CARINDALE QLD 4152
Document Number 7E6839185
Company Shares Total: 1 Amount: $1
Class ORDINARY SHARES [ORD]
Number of Shares Issued 1
Paid Capital $1.00
Total Amount Due and Payable $0.00
Document Number 1E8121797
Current Shareholders
Shareholder Name AGARWAL, MANISH
Address 50 FLAME TREE CRESCENT
CARINDALE QLD, 4152
Class ORD
Number Held 1
Beneficially Held Y
Fully Paid Y
Jointly Held N
Document Number 7E6839185
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.
TRADING ADDRESS Level 7, Suite 8, 141 Queen St
BRISBANE,
QLD 4000
TELEPHONE (617) 3003 1788
FACSIMILE (617) 3003 1799
WEBSITE www.adoradiamonds.com.au
EMAIL info@adoradiamonds.com.au
BANK SUNCORP
EMPLOYEES 4
The subject was
incorporated in Queensland on 20 February 2012 under the current style.
The subject was formed
to restructure the assets and operations of an existing business that was
established for 15 years. The restructure was effective from 1 July 2014.
The subject operates in the wholesale
distribution of a range of lose diamonds and jewellery.
Activities are
conducted from premises located at the above listed trading address.
A search of of
on 7 July 2015 failed to trace any litigation listed against the subject at
that date.
The subject is not
required to lodge financial statements with the Australian Securities and
Investments Commission.
During the
current interview conducted with Director Manish Agarwal he advised that the
subject was formed to restructure the assets and operations of an existing
business effective from 1 July 2014.
For the last
financial year ended 30 June 2015 the subject recorded revenue of $5,000,000
which resulted in a Gross Profit of $400,000.
The subject
recorded reduced margins during the last financial year as a result of
restructuring expenses, Improved profitability is expected for the current
financial year ending 30 June 2016.
Current assets
include stock on hand of $3,000,000 and receivables of $1,200,000.
The subject maintains
no overdraft facilities or external borrowings as all operations are funded
through the internal cashflows of the company.
Current
liabilities include creditors of $850,000
The subject
imports all requirements and is not a seeker of domestic credit.
A trade survey
on the subject was subsequently unable to be conducted.
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.
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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.
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Excerpts from Times of India dated 30th
October 2010 is as under –
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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.
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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.63.47 |
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|
1 |
Rs.98.47 |
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Euro |
1 |
Rs.70.69 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.