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Report No. : |
309512 |
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Report Date : |
03.03.2015 |
IDENTIFICATION DETAILS
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Name : |
MACABI DIAMOND RINGS PTY LTD |
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Registered Office : |
Suite 4/21 Angove Street, North Perth, Western Australia, WA 6006 |
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Country : |
Australia |
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Date of Incorporation : |
05.08.2010 |
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Com. Reg. No.: |
ACN: 145616235 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
The Subject is engaged in manufacturing, exporting, and distributing
of polished diamonds such as white and fancy colour diamonds and related
products. |
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No. of Employees : |
10 [Estimated] |
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 : |
Unknown |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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
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.
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Source
: CIA |
IDENTIFICATION
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Subject name: |
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Other style: |
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Address: |
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Town: |
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State/province: |
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Zip/postal code: |
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Country: |
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Telephone: |
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Toll free: |
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Fax: |
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Email: |
marketing@macabidiamonds.com |
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Website: |
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Remarks: |
The Subject's registered address is: D. BAKER & ASSOCIATES PTY LTD Unit 1, 4-10 Farrall Road Midvale, WA 6056 Australia |
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EXECUTIVE SUMMARY
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Date registered: |
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Legal form: |
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Main activities: |
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Employees: |
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REGISTRY DATA
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Key Facts |
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Date registered: |
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Legal form: |
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Registration no: |
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Registry auth. |
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Tax number: |
ABN: 31251753175 (The trustee for the MACABI
DIAMONDS TRUST) |
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Registry status: |
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Comments: |
MACABI DIAMONDS is a business name of Subject
which registered since 22-02-2014. |
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LEGAL FILINGS
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Bankruptcy
filings: |
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Court
judgements: |
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Tax liens: |
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Other: |
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MANAGEMENT & STAFF
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No of employees |
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BOARD OF DIRECTORS / OTHER APPOINTMENTS
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Menora, WA 6050 Australia |
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Birth Place: Israel |
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SHARE CAPITAL
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Composition |
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Authorised: |
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Number/type: |
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Share value: |
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Issued: |
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Paid-up: |
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Shareholders/Owners
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Menora, WA 6050 Australia |
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CORPORATE AFFILIATIONS
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FINANCIAL ACCOUNTS
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Required to file: |
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Source: |
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Private Companies in Australia are not required
to file accounts unless classified as "Large", which at the moment
means that two out of the following three conditions are met: - The company has a sales turnover of over
AUD 25,000,000; - The company has total assets of over AUD
12,500,000; - The company employs 50 people or more. The Subject does not meet the criteria of
being a large proprietary company. |
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OPERATIONS & HISTORY
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Full description: |
The Subject is engaged in manufacturing, exporting,
and distributing of polished diamonds such as white and fancy colour diamonds
and related products. |
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PROPERTY & ASSETS
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The Subject
principally operates from premises located at the heading address, consisting
of production facilities, a warehouse and administrative offices. |
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PAYMENTS
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Local: |
Credits 14-30
days |
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Imports: |
Credits 30 days
net |
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Local: |
Credits 14-30
days |
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Exports: |
Credits 30 days
net |
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As trade references were not supplied, the
Subject's payment track record history CANNOT BE ACCURATELY DETERMINED. |
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INVESTIGATIVE NOTES
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Sources: |
Interviews and material provided by the Subject Other official
and local business sources |
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.82 |
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1 |
Rs.95.27 |
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Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TPT |
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.