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Report Date : |
05.03.2013 |
IDENTIFICATION DETAILS
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Name : |
MI OVERSEAS PTY. LTD. |
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Registered Office : |
C/o PHALANX ACCOUNTING SERVICES PTY LTD Suite 7, 112A Martin Street Brighton Victoria 3186 |
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Country : |
Australia |
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Date of Incorporation : |
12.04.2007 |
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Com. Reg. No.: |
124870159 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Importer and wholesaler of carpets, rugs, bed linen and other textile products. |
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No. of Employees : |
3 employees |
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 : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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
Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, 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 also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia''s trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the former RUDD government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.4% during 2009 - the best performance in the OECD - by 2.7% in 2010, and by 1.8% in 2011. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.0% in 2011. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia''s economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.
Source
: CIA
Verified Address
Subject name : MI OVERSEAS PTY. LTD.
Other style /
Business name : MITTAL AUSTRALIA
Business address :
2 Natalia Avenue
Town : Oakleigh
South
Province : Victoria
Zip/postal code : 3167
Country : Australia
Tel : +61 3
95440464
Fax : +61 3
95446910
Email :
info@mittalaustralia.com.au
Website :
www.mittalaustralia.com.au
Registered address
: C/o PHALANX ACCOUNTING
SERVICES PTY LTD
Suite 7, 112A Martin Street
Town : Brighton
Province : Victoria
Zip/postal code : 3186
Country : Australia
Executive Summary
Date founded or
registered : 12/04/2007
Legal form : Australian
Proprietary Company
Chief executive : Sunny Mittal
Issued & paid
up capital : AUD 200
Sales turnover : AUD
15,000,000 (Estimated Non-consolidated 12 months, 30/06/2012)
Line of business :
Importer and
wholesaler of carpets, rugs, bed linen and other textile products.
Staff employed : 3 employees
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management
experience : Management is modestly experienced
Financial
performance : Financial performance is
fair
Organization
structure : Organizational structure
is stable
Detrimental : No
detrimental found
Payment history : No payment delays noted
Registry Data
Registration date
: 12/04/2007
Legal form : Australian
Proprietary Company
Registration no Australia Company
Number: 124870159
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australia Business
Number: 83124870159
Registry status : Live/Active
Previous name : None reported.
Change of legal
form : None reported.
Other registration
: MITTAL AUSTRALIA is
a business name owned by the Subject registered on
06/01/2011 under business registration no: B2339856E.
Key Management
Name : Sunny Mittal
Designation : Managing Director
Appointments
Name : Sunny Mittal
Designation : Director and Company Secretary
Appointment date :
29/05/09
Address : Unit 807, 18 Waterview Walk
Docklands, VIC 3008
Australia
Biography : Born on 18/06/1984 in Panipat, India.
Name : Shivani Gupta
Designation : Director
Appointment date :
07/09/09
Address : 5 Olive Court
Chelsea Heights, VIC 3196
Australia
Biography : Born on 05/03/1983 in Dagshai, India.
Name : Manoj Kumar Gupta
Designation : Director
Appointment date :
02/06/10
Address : 5 Olive Court
Chelsea Heights, VIC 3196
Australia
Biography : Born on 22/05/1980 in Dharampur, India.
Staff employed : 3
employees
Composition
Authorized Capital
: AUD 200
No of shares : 200 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 200
Paid up capital : AUD 200
How listed : Full
List
Composition
Shareholder name :
Sunny Mittal
Address : Unit 807, 18 Waterview Walk
Docklands, VIC 3008
Australia
No. of shares : 200 Ordinary Shares
% of shares : 100%
Structure
Related companies
and corporate
affiliations
comments: None reported.
Bank Details
Name of bank : National Australia Bank
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 :
Estimated key figures
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.98 as of
01-03-2013
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
: 12 months
Sale turnover /
Income : 15,000,000
Comments : The estimated
turnover was provided by Mr. Manoj Kumar Gupta.
The Subject is classified as a small proprietary company by the
Australian
Securities & Investments Commission hence is not required to
disclose their
financial statement.
A proprietary company is defined as small for a financial year if it
satisfies at least
two of the following:
- The consolidated revenue for the financial year of the company and any
entities
it controls is less than $25 million;
-The value of the consolidated gross assets at the end of the financial
year of the
company and any entities it controls is less than $12.5 million, and
-The company and any entities it controls have fewer than 50 employees
at the
end of the financial year.
Main activities : The Subject is engaged as a importer and wholesaler
of carpets, rugs, bed
linen and other textile products.
Product &
services : Products
- Bath Rugs
- Bed Linen
- Broadloom carpets, guntufted carpets, hand knotted carpets
Brand : ADISON
CASUAL ELEGANCE
LUXURY LIVING
KYLIE DAVIS
Purchases
International :
Mainly from India
Sales
Local : Yes
International :
Directly from India to New Zealand
Property & Assets
Premises : The
Subject operates from the verified heading address consisting of a
administrative
office, showroom and warehouse.
Branches : None
reported.
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign
exchange & gold : US$ 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 : 2008:
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%
Purchase Term
International :
Prepayment, Telegraphic transfer, Credit 30-60 days
Sales Term
Local : Prepayment,
Bank transfer, Credit 30-60 days
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.05 |
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|
1 |
Rs.82.75 |
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Euro |
1 |
Rs.71.61 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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.