MIRA INFORM REPORT

Report No. :	341067
Report Date :	19.09.2015

IDENTIFICATION DETAILS

Name :	WORLD SHINER PTY LIMITED
Registered Office :	'Wales Corner' Suite 502, 227 Collins Street Melbourne Victoria VIC 3000
Country :	Australia
Financials (as on) :	30.06.2014
Date of Incorporation :	21.10.1996
Com. Reg. No.:	ACN: 076056356
Legal Form :	Australian Proprietary Company
Line of Business :	Wholesale trading of diamonds and jewelleries
No. of Employee :	18

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 :	Slow but correct
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

IDENTIFICATION

Given
Subject name:	WORLDSHINER PTY LTD
Address:	Suite 301 Level 3, The Cullinan Building 70 Castlereagh Street
Town:	Syndney
State/province:	NSW
Zip/postal code:	2000
Country:	Australia
Verified
Subject name:	WORLD SHINER PTY LIMITED
Address:	'Wales Corner' Suite 502, 227 Collins Street
Town:	Melbourne
State/province:	Victoria
Zip/postal code:	VIC 3000
Country:	Australia
Telephone:	+61 (3) 96546369
Fax:	+61 (3) 96501401
Email:	melbourne@worldshiner.com
Website:	www.worldshiner.com
Remarks:	The Subject's registered address is: S R SHETH & CO PTY LTD Unit 4, 96 Wigram Street Harris Park, NSW 2150 Australia

EXECUTIVE SUMMARY

Date registered:	21-10-1996
Legal form:	Australian Proprietary Company
Share capital:	AUD 10
Sales turnover:	AUD 43,099,563 (12 months, 30-06-2014)
Main activities:	Wholesale trading of diamonds and jewelleries
Employees:	18

REGISTRY DATA

Key Facts
Date registered:	21-10-1996
Legal form:	Australian Proprietary Company
Registration no:	ACN: 076056356
Registry auth.:	Australian Securities and Investments Commission
Tax number:	ABN: 90076056356
Registry status:	Live/Active

LEGAL FILINGS

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

MANAGEMENT & STAFF

Key Managers
Name:	Maulin Shah
Job title:	Director and Company Secretary
Name:	Jiggar Doshi
Job title:	Director and Company Secretary
Key Advisors
Auditor:	Suhrid Rushikesh Sheth Unit 4 96 Wigram Street Harris Park, NSW 2150 Australia
Staff
No of employees	18

BOARD OF DIRECTORS / OTHER APPOINTMENTS

Appointments
Name:	Jiggar Doshi
Board function:	Director and Company Secretary
Date appointed:	16/03/2006
Address:	Unit 3081 3 Parkland Boulevard Brisbane, QLD 4000 Australia
Biography:	Born: 06/06/1977 Birth Place: Kochi, India
Name:	Maulin Shah
Board function:	Director and Company Secretary
Date appointed:	05/10/2008
Address:	Unit 804 80 Lorimer Street Docklands, VIC 3008 Australia
Biography:	Born: 17/08/1977 Birth Place: Ahmedabad, India

SHARE CAPITAL

Composition
Authorised:	AUD 10
Number/type:	10 ORD shares
Share value:	AUD 1
Issued:	AUD 10
Paid-up:	AUD 10

Shareholders/Owners

How Listed	Full List
Composition
Name:	TREASURE INVESTMENTS LTD
No. of shares:	10 ORD shares
% of shares:	100%
Address:	Suit 1003 Khalid Al Attar Tower Sheikh Zayed Road Dubai United Arab Emirates

CORPORATE AFFILIATIONS

Structure
Name:	TREASURE INVESTMENTS LTD
Affiliation type:	Parent Company
Address:	Suit 1003 Khalid Al Attar Tower Sheikh Zayed Road Dubai United Arab Emirates
Name:	WORLD SHINER NZ LTD.
Affiliation type:	Sister Company
Address:	Suite 4k, 4th Floor 47 High Street Auckland 1010 New Zealand
Name:	DIACROWN
Affiliation type:	Associate
Address:	EW-9020, 9th Floor Bharat Diamond Bourse Bandra Kurla Complex Mumbai 400051 Maharashtra India
Name:	DIAMANTRA GMBH
Affiliation type:	Associate
Address:	Hirschstr. 29 Stuttgart D-70173 Germany
Name:	DIAMANTRA, INC.
Affiliation type:	Associate
Address:	5 S. Wabash Avenue, Suite 1721 Chicago IL 60603 USA
Name:	FLAWLESS DIAMONDS CO. LTD.
Affiliation type:	Associate
Address:	9th Floor- 2 No. 267, Dunhuas. Road Sec.2, Da-an Dist. Taipei City 10675 Taiwan (R. O. C.)
Name:	WORLD SHINER (U.K.) LTD.
Affiliation type:	Associate
Address:	Suite 160, 1st Floor Princess house 50-60 East Castle Street London W1W8EA United Kingdom
Name:	WORLD SHINER B.V.B.A
Affiliation type:	Associate
Address:	Hovenierstraat, 30 Bus No. 122 Room No. 127 Antwerpen 2018 Belgium
Name:	WORLD SHINER CANADA INC.
Affiliation type:	Associate
Address:	Suite 504 27 Queen Street East Toronto, ON M5C 2M6 Canada
Name:	WORLD SHINER KK
Affiliation type:	Associate
Address:	3-43-6 Taito 501, Nakaokachimachi Flats Taito-Ku Tokyo 110-0016 Japan
Name:	WORLD SHINER S. L.
Affiliation type:	Associate
Address:	c/ Abada, 2 Piso 4 despacho 8 Madrid 28013 Spain

BANKING & FINANCING

Bankers
Bank name:	THE AUSTRALIA AND NEW ZEALAND BANKING GROUP 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:	30-06-2014
Type of accounts:	Full audited
Currency:	Australian Dollar (AUD)
Exchange rate:	USD 1 = AUD 1.42 as of 11-09-2015
Summarised
	30-06-2014	30-06-2013
Period:	12 months	12 months
Sales turnover:	43,099,563	40,398,236
Profit before tax:	244,813	-173,848
Profit after tax:	150,143	-223,530
Non-current assets:	702,250	110,971
Current assets:	23,777,940	22,833,373
Inventories:	14,977,000	14,790,000
Total assets:	24,480,190	22,944,344
Current liabilities:	20,886,599	19,500,896
Total liabilities:	20,886,599	19,500,896
Shareholders' equity:	3,593,591	3,443,448

OPERATIONS & HISTORY

Activities
Full description:	The Subject is engaged in the wholesale trading of diamonds and other jewelleries in Australia.
Sales
Local:	Yes

PROPERTY & ASSETS

Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.
Branches	Suite-301 ,Level 3, The Cullinan Building, 70 Castlereagh Street, Sydney NSW 2000, Australia Tel.: +612 9232 3557 Fax: +612 9232 3560 Suite 306-307, National Bank Building, 180, Queen Street, Brisbane, QLD 4000, Australia Tel.: +617 3210 1237 Fax: +617 3210 1287 PO Box 5110 Canning Value South Perth, WA 6155, Australia Tel.: +618 9321 2433 Fax: +613 9650 1401

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 Ratios
	30-06-2014	30-06-2013	Trend
PROFITABILITY [%]
Gross Margin	N/A	N/A	N/A
Gross Profit / Sales Turnover * 100
Operating Margin	N/A	N/A	N/A
Operating Profit / Sales Turnover * 100
Net Profit Margin	0.35%	-0.55%	163.64%
Profit After Tax / Sales Turnover * 100
Return On Equity (ROE)	4.18%	-6.49%	164.41%
Profit After Tax / Equity * 100
Return On Assets (ROA)	0.61%	-0.97%	162.89%
Profit After Tax / Total Assets * 100
Return On Investment (ROI)	6.81%	-5.05%	234.85%
Profit Before Tax / Equity * 100
EFFICIENCY [%]
Asset Turnover	176.06%	176.07%	-0.01%
Sales Turnover / Total Assets * 100
Inventory Turnover	287.77%	273.15%	5.35%
Sales Turnover / Inventory * 100
LIQUIDITY [%]
Current Ratio (CR)	113.84%	117.09%	-2.78%
Current Assets / Current Liabilities * 100
Quick Ratio (QR)	42.14%	41.25%	2.16%
(Current Assets – Inventory) / Current Liabilities * 100
DEBT [%]
Debt Ratio	85.32%	84.99%	0.39%
Total Liabilities / Total Assets * 100
Long-Term Debt Ratio	0%	0%	0%
Long-Term Liabilities / Equity * 100

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.95
UK Pound	1	Rs.102.75
Euro	1	Rs.75.13

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	SDA

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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