MIRA INFORM REPORT

 

 

Report No. :

494876

Report Date :

05.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SAPPHIRE EXPORTS PTY LTD

 

 

Registered Office :

3, 81 Elizabeth St Brisbane, QLD 4000

 

 

Country :

Australia

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

13.12.1974

 

 

Legal Form :

Australian Proprietary Company

 

 

Line of Business :

·         The subject operates as one of the leading wholesale jewellery companies in Australia.

·         The company supplies loose stones and manufactured jewellery to both retailers and manufacturers’ throughout Australia and overseas.

 

 

No. of Employees :

15

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

 

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Australia

A1

A1

 

Risk Category

 

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 2018 facing a range of growth constraints, principally driven by the sharp fall in global prices of key export commodities. Demand for resources and energy from Asia and especially China has stalled and sharp drops in current prices have 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 benefited from a dramatic surge in its terms of trade in recent years, although this trend has reversed 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 WTO, APEC, the G20, and other trade forums. Australia’s free trade agreement (FTA) with China entered into force in 2015, adding to existing FTAs with the Republic of Korea, Japan, 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 10 ASEAN countries and China, Japan, Korea, New Zealand and India.

 

Source : CIA

 

 

CORPORATE REPORT  

 

REGISTERED NAME                SAPPHIRE EXPORTS PTY LTD

ACN: 009 932 389

                                                ABN: 78 009 932 389

 

 

Summary Panel

 

Established

1974

 

Incorporated

1974

 

Line of Business

Jewellery design and wholesale

Status

Trading

 

 

EXECUTIVE SUMMARY

 

Sapphire Export P/L

 

 

As at 31 March 2017

As at 31 March 2016

Change (%)

Revenue

$24,303,221.00

$26,310,617.00

-7.63%

Profit b/tax

$1,217,954.00

$1,049,773.00

16.02%

Profit a/tax

$859,235.00

$691,565.00

24.25%

Net Profit Margin

3.54%

2.63%

0.91%

 

 

During fiscal 2017, the subject recorded Net Cashflows from operating activities totalling $493,487.

 

As at 31 March 2017 the subject recorded Working Capital of $8,945,488 and a current ratio of 2.09 to 1 indicating sound liquidity levels.

 

Net Assets totalled $9,327,361 as at 31 March 2017. Nil intangibles were recorded at this time.

 

 

CORPORATE SEARCH

 

Company Type                         Australian Proprietary Company

 

INCORPORATED                      13 December 1974

 

REGISTERED ADDRESS          3, 81 Elizabeth St

                                                Brisbane, QLD 4000

 

SHARECAPITAL                        $3,863,214                   

 

SHAREHOLDERS                     ANKIT GEMS HONG KONG LTD Holds 1,800 shares

 

DIRECTORS                             SHAH, Ankit Arun

                                                Resident overseas

 

                                                SHAH, Amit Arun

                                                Resident overseas

 

                                                MELLERS, Ronald Arnold

                                                15 Carson Dr

                                                BUNYA, QLD 4055

                                                           

SECRETARY                            MELLERS, Ronald Arnold

                                                15 Carson Dr

                                                BUNYA, QLD 4055

 

 

SECURITY INTERESTS

 

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).

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 3rd Floor, 81 Elizabeth St

                                                BRISBANE, QLD 4000

 

TELEPHONE                             (617) 3229 1250

 

WEBSITE                                  www.sapphireexport.com

 

EMAIL                                      ben@sapphireexport.com

 

HOLDING ENTITY                      ANKIT GEMS HONG KONG LTD

 

ASSOCIATES                           ANKIT GEMS INDIA

                                                ANKIT SHEM DUBAI

                                                ANKIT DIAMONS NEW YORK

 

BANK                                       WESTPAC BANKING CORPORATION   

                                               

EMPLOYEES                            15

 

 

BACKGROUND

 

The subject was incorporated in Queensland on 13 December 1974 to commence operations under the current style as a new venture.

 

The subject is wholly owned by Ankit Gems Hong Kong Lt a corporation that was established in Hong Kong in 1985.

 

 

OPERATIONS

 

The subject operates as one of the leading wholesale jewellery companies in Australia.

 

The company supplies loose stones and manufactured jewellery to both retailers and manufacturers’ throughout Australia and overseas.

 

Products include:

 

- Loose Diamonds

 - Loose Coloured Stones

 - Pearls & Pearl Clasps

 - Diamond & Coloured Stone Jewellery

(including a Ring Range of over 1500 designs)

 - A Handmade Jewellery Range

 - Gold Casting

 

Activities are conducted from premises located at the above listed trading address.

 

 

ADVERSE

                                               

A search of records of on 1 March 2018 failed to trace any litigation listed against the subject at that date.

 

 

FINANCES

 

Below is a summary of the subject’s income results for the past two financial years.

 

Sapphire Export P/L

 

 

As at 31 March 2017

As at 31 March 2016

Change (%)

Revenue

$24,303,221.00

$26,310,617.00

-7.63%

Profit b/tax

$1,217,954.00

$1,049,773.00

16.02%

Profit a/tax

$859,235.00

$691,565.00

24.25%

Net Profit Margin

3.54%

2.63%

0.91%

 

During fiscal 2017, the subject recorded Net Cashflows from operating activities totalling $493,487.

 

As at 31 March 2017 the subject recorded total current assets of $17,136,864. They included cash of $790,084, receivables of $3,691,071 and inventories of $12,655,709.

 

Current liabilities at the same date totalled $8,191,376 and included payables of $1,394,335 and borrowings of $6,390,202.

 

As at 31 March 2017 the subject recorded Working Capital of $8,945,488 and a current ratio of 2.09 to 1 indicating sound liquidity levels.

 

Net Assets totalled $9,327,361 as at 31 March 2017. At this date, the subject further recorded a Debt to Equity ratio of 0.89 to 1. Nil intangibles were recorded at this time.

 

 

Sapphire Export P/L

 

 

As at 31 March 2017

As at 31 March 2016

Change (%)

Revenue

$24,303,221.00

$26,310,617.00

-7.63%

Profit b/tax

$1,217,954.00

$1,049,773.00

16.02%

Profit a/tax

$859,235.00

$691,565.00

24.25%

Net Profit Margin

3.54%

2.63%

0.91%

Current Assets

$17,136,864.00

$17,381,000.00

-1.40%

Non Current Assets

$479,382.00

$512,953.00

-6.54%

Total Assets

$17,616,246.00

$17,893,953.00

-1.55%

Current Liabilities

$8,191,376.00

$9,185,516.00

-10.82%

Non Current Liabilities

$97,509.00

$240,311.00

-59.42%

Total Liabilities

$8,288,885.00

$9,425,827.00

-12.06%

Net Assets

$9,327,361.00

$8,468,126.00

10.15%

Working Capital

$8,945,488.00

$8,195,484.00

9.15%

Current Ratio

2.09

1.89

10.56%

Debt to Equity

0.89

1.11

-20.16%

 

 

 

 

TRADE SURVEY

 

The subject imports all requirements. Details pertaining to the subject’s local suppliers were subsequently unable to be provided and a trade survey could not be conducted.

 

Trade payment records from further sources in the past 4 months have traced the following data for the subject. 

 

Total Owing: $667

Total Past Due: $500

Average Late Payment Days: 11

All Industries Late Payment Days: 10

 

Within terms: $166

1 – 30 days past due: $500

31 – 60 days past due: $0

61 – 90 days past due: $0

91+ days: $0

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.22

UK Pound

1

INR 89.71

Euro

1

INR 79.50

AUD

1

INR 50.42

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIY

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.