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Report No. : |
341623 |
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Report Date : |
24.09.2015 |
IDENTIFICATION DETAILS
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Name : |
SPARKLE IMPEX PTY LTD |
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Registered Office : |
702/155 Castlereagh Street Sydney, New South Wales 2000 |
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Country : |
Australia |
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Date of Incorporation : |
16.05.1989 |
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Legal Form : |
Private company |
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Line of Business : |
Subject operates as
importers of jewellery and diamonds to the jewellery industry |
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No. of Employee : |
6 |
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 – 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, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
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Source
: CIA |
SPARKLE IMPEX PTY LTD
ACN: 003 778 694
ABN: 49 003 778 694
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Established |
1987 |
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Incorporated |
1989 |
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Line of Business |
Jewellery and diamond merchants |
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Status |
Trading |
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Chief Executive
Officer |
Raj Barcmecha |
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Adverse Listings |
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Details
pertaining to the subject’s financial and trading position were unable to be
obtained for the current enquiry.
Enquiries in
trade quarters revealed satisfaction from suppliers.
Company Type Australian Proprietary Company
Incorporation Date: 16 May 1989
Incorporation State: New South Wales
Registered Office 702/155 CASTLEREAGH Street
SYDNEY,
New South Wales 2000 Australia
Number of Shares Issued: 2
Paid Capital: 2
Shareholders RAJENDRA BARMECHA
Number of
Shares: 1
SUSHILA
BARMECHA
Number of
Shares: 1
Directors BARMECHA, RAJENDRA
Appointment
Date: 11 Jul 1989
Date of
Birth: 17 Mar 1965
Gender: Male
Address: 21
KULGOA Road BELLEVUE HILL, New South Wales 2023 Australia
Resident
Overseas: No
Secretary RAJENDRA BARMECHA
Appointment
Date: 24 Feb 1997
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 Suite 702, 155
Castlereagh St
SYDNEY,
NSW 2000
TELEPHONE (612) 9267 6771
FACSIMILE (612)
9267 6658
WEBSITE http://www.sparkleimpex.com
EMAIL raj@sparkleimpex.com
BANK ANZ
BANKING GROUP
EMPLOYEES 6
The subject was incorporated in New South Wales on 16 May 1989 as Corpers
(No 729) P/L before adopting the current style on 4 September 1989.
Operations were
founded in Australia as a new venture in 1987.
In 1999, Sparkle Impex
sought diversification by expanding into diamond jewellery.
2004 saw the launch of Sparkle Impex’s first
brand of “DIAMOND ESSENTIALS” followed
by “DIAMONDS, EXPRESS YOURSELF”
and “DIAMOND DESIRES”.
In 2008 the “AMORO” range of gent’s wedding bands
was launched. In 2009 it was
complimented by the “AMORÈ”
range of ladies wedding bands.
The subject operates as importers of jewellery and diamonds to the
jewellery industry in Australia.
Activities are
conducted from premises located at the above listed trading address.
A search of of on
17 September 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 the subjects Director Raj Barmecha, requested that any query pertaining to the subject be conducted in writing. An email was subsequently sent, however no reply has been received.
As a result,
details pertaining to the subject’s financial and trading position could not be
obtained for the current enquiry.
In regards to asset
backing, Director Raj Barmecha is noted to own the premises located at the
above listed trading address. A property search can be conducted at your
request to confirm ownership.
Enquiries in trade
quarters revealed satisfaction from one supplier contacted in dealing with the
subject on a credit basis.
A trade survey on the subject traced the following accounts:
1. (Brinks)
Purchases average $2,500 per month on 30 day terms. Payment is met in 30 days
and the account is considered satisfactory, having been known over 10 years.
2. (Too
Priority) Nominated supplier was unable to be contacted for a reference.
Trade payment from
further sources in the past 4 months have traced the following data for the
subject.
Total Owing: $2,760
Total Past Due: $0
Average Late Payment Days: 0
All Industries Late Payment Days: 9
-
Within
terms: $2,760
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1 – 30
days past due: $0
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31 – 60
days past due: $0
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61 – 90
days past due: $0
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91+
days: $0
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
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Indian Rupees |
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US Dollar |
1 |
Rs.65.97 |
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|
1 |
Rs.101.19 |
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Euro |
1 |
Rs.73.38 |
INFORMATION DETAILS
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Analysis Done by
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KIN |
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Report Prepared
by : |
ANK |
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.