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MIRA INFORM REPORT
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Report No. : |
507126 |
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Report Date : |
08.05.2018 |
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 : |
Australian Proprietary Company |
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Line of Business : |
Importers of jewellery and diamonds to the jewellery industry in
Australia. |
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No. of Employees : |
6 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 is growing at a slower pace and sharp drops in export 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 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.
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Source
: CIA |
COMPANY
NAME
REGISTERED
NAME SPARKLE IMPEX PTY LTD
ACN: 003 778
694
ABN: 49 003
778 694
Summary
Panel
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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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EXECUTIVE
SUMMARY
Details
pertaining to the subject’s financial and trading position were unable to be
obtained for the current enquiry.
CORPORATE SEARCH
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
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 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
BACKGROUND
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.
OPERATIONS
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.
ADVERSE
A
search of of on 2 May 2018 failed to trace any litigation listed against the
subject at that date.
FINANCES
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, he
advised that the subject has been continuing to trade profitably, however
declined to provide any financial information for the current enquiry.
Details
in this regard were subsequently unable to 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.
TRADE
SURVEY
A
trade survey on the subject traced the following accounts:
(Brinks)
Purchases average $1,000 per month on 30 day terms. Payment is met to terms and
the account is considered satisfactory having been known since February 1998.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.11 |
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1 |
INR 90.85 |
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Euro |
1 |
INR 80.12 |
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AUD |
1 |
INR 49.99 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.