MIRA INFORM REPORT
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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
FAST REMIT EXCHANGE HOUSE PTY LTD |
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Registered Office : |
Unit 703, |
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Country : |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
29.11.2011 |
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Com. Reg. No.: |
154514057 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Subject is engaged as online
money transfer service providers |
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No. of Employees : |
05 employees including
directors |
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 : |
Slow but Correct |
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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 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
Verified Address
Subject name : FAST REMIT EXCHANGE
HOUSE PTY LTD
Other style / Business name : FAST REMIT EXCHANGE HOUSE
Business address : 108 Railway Street
Town : Rockdale
Province : New South Wales
Zip/postal code : 2216
Country : Australia
Tel : +61 2 95995077 / 96591557
Email : admin@fastremit.com.au
Website : www.fastremit.com.au
Registered address : Unit 703, 7 Keats Avenue
Town : Rockdale
Province : New South Wales
Zip/postal code : 2216
Country : Australia
Executive Summary
Date founded or registered : 29/11/2011
Legal form : Australian
Proprietary Company
Chief executive : Md Iqbal Eusuf
Issued & paid up capital
: AUD 90
Sales turnover : AUD 5,900,562 (Non-Consolidated 7 months, 30/06/2012)
Net income : AUD 1,525.44
(Non-Consolidated 7 months, 30/06/2012)
Total fixed assets : AUD 139,595
(Non-Consolidated 7 months, 30/06/2012)
Line of business Money transfer service
providers.
Staff employed : 5 employees including
directors
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is in
start-up phase
Management experience : Management is inadequately experienced
Financial performance : Financial performance is poor
Organisation structure : Organisational structure is
acceptable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date : 29/11/2011
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 154514057
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian
Business Number: 73154514057
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Other registration : FAST REMIT EXCHANGE HOUSE is
a business name owned by the Subject
registered on 17/02/2011 under business registration: BN98553824.
Key Management
Name : Md Iqbal
Eusuf
Designation : Managing Director
Appointments
Name : Kamrul Huda
Designation : Director
Appointment date : 29/11/11
Address : 3 Ghisla Close
Cherrybrook,
NSW 2126
Australia
Biography : Born on 01/12/1974 in New
Delhi, India.
Name : Md Iqbal Eusuf
Designation : Director
Appointment date : 29/11/11
Address : Unit 703, 7 Keats Avenue
Rockdale,
NSW 2216
Australia
Biography : Born on 01/01/1977 in Khulna,
Bangladesh.
Name : Md Sazzadur Rahman Khan
Designation : Director
Appointment date : 29/11/11
Address : Unit 703, 7 Keats Avenue
Rockdale,
NSW 2216
Australia
Biography : Born on 01/10/1976 in
Faridpur, Bangladesh.
Staff employed : 5 employees including directors
Composition
Authorized Capital : AUD 90
No of shares : 90 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 90
Paid up capital : AUD
90
How listed : Full List
Composition
Shareholder name : Kamrul Huda
Address : 3 Ghisla Close
Cherrybrook,
NSW 2126
Australia
No. of shares : 30 Ordinary Shares
Shareholder name : Md Iqbal Eusuf
Address : Unit 703, 7 Keats Avenue
Rockdale,
NSW 2216
Australia
No. of shares : 30 Ordinary Shares
Shareholder name : Md Sazzadur Rahman Khan
Address : Unit 703, 7 Keats Avenue
Rockdale,
NSW 2216
Australia
No. of shares : 30 Ordinary Shares
Structure
Related companies and
corporate affiliations comments :
None reported.
Bank Details
Name of bank : Westpac Bank
Address : Australia
Account details : Current Account
Name of bank : Australia and New Zealand Banking
Group Limited
Address : Australia
Account details : Current Account
Comments : It is generally not the policy
of local banks to provide credit status information to
non
related parties, however interested parties would be advised to consult first
with the
Subject if banker's references are required.
Mortgages : None
reported.
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
Description
Source of financial statement
: Provided by the Subject
Financial statement date : 30/06/12
Type of accounts : Summarised
audited
Currency : Australia
Dollar (AUD)
Exchange rate : 1 USD = AUD
1.08 as of 25-06-2013
Summarized
Financial Information
Consolidation type : Non Consolidated
Currency : Australia
Dollar (AUD)
Denomination : (x1) One
Date of financial year end : 30/06/12
Length of accounts : 7 months
Sale turnover / Income : 5,900,562
Net income : 1,525.44
Total assets : 139,595
Total liabilities : 138,437
Share equity : 1,158
Comments : The
audited financial information was provided by Mr. Kamrul Huda. He
further
advised that the Subject income is based on commission basis. For the financial
year end 30-06-2012, the Subject commission was AUD 97,022. This figure was
derived from the sale turnover AUD 5,900,562 less expenses AUD 5,803,540.
Main activities : The Subject
is engaged as online money transfer service providers to
India, Bangladesh, Pakistan, Nepal and other countries.
Product & services : - Instant Money Transfer to
Bangladesh and Worldwide
- Instant
cash pickup from any Uttara Bank or any Islamic Bank
Bangladesh
(same as Moneygram and Western Union)
- Direct
Deposit to any Bank Account
Purchases
Local : None
reported.
International : None reported.
Sales
Local : Yes
International : None reported.
Property &
Assets
Premises : The Subject
operates from premises at the verified heading address
consisting of an administrative office.
Branches : In addition, the
Subject operates from branch office located at:
43 Railway
Parade
Lakemba,
NSW 2195
Australia
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 43.879 billion
Gross domestic product – GDP : US$ 1.586 trillion
GPP (Purchasing power parity) : 954.296 billion of International dollars
GDP per capita - current prices : US$ 68,916
GDP - composition by sector : agriculture: 4% industry: 25.6% services: 70.4%
Inflation : 2009: 1.8%
2010: 2.8%
2011: 3.4%
Unemployment rate 2009: 5.6 %
2010: 5.2 %
2011:5.1 %
Public debt
(General Government gross
debt as a % GDP) 2009: 16.9%
2010: 20.4%
2011: 22.9 %
Government bond
ratings Standard
& Poor's: AAA-/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded shares US$ 1.258 trillion
Largest companies in the country Commonwealth Bank (Banking), BHP Billiton (Materials), Westpac
Banking Group (Banking), Rio Tinto (Materials), National Australia Bank (Banking), ANZ Banking (Banking), Telstra (Telecommunications)
Trade & Competitiveness Overview
Total exports US$210.7
billion
Exports commodities coal,
iron ore, gold, meat, wool, alumina, wheat
Total imports US$187.2
billion
Imports commodities machinery and transport
equipment, computers and office machines, telecommunication equipment and
parts, crude oil and petroleum products
Export - major partners Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India
5.5%, UK 4.2%
Import - major partners China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany
5.2%, UK 4.3%, Thailand 4.2%
FDI Inflows 2009: US$46,843 million
2009: US$25,716 million
2010: US$32,472 million
FDI Outflows 2008: US$33,604 million
2009: US$ 16,160 million
2010: US$26,431 million
Best countries for doing business : 10
out of 183 countries
Global competitiveness ranking : 20
(ranking by country on a basis of 142, the first is the best)
Country and Population Overview
Total population :
22.23 million
Total area :
7,692,024 km2
Capital : Canberra
Currency : Australian Dollars (AUD)
Internet
users as % of total population
: 76%
Sales Term
Local : Cash, Bank
transfer
Trade Reference/
Payment Behaviour
Comments : As local and
international trade references were not supplied, the Subject's
payment
track record history cannot be appropriately determined but based
on our
research, payments are believed to be met without delay.
Investigation Note
Sources : Interviews and
material provided by the Subject
Other official and local business sources
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.70 |
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UK Pound |
1 |
Rs.92.25 |
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Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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.