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Report No. : |
322965 |
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Report Date : |
23.05.2015 |
IDENTIFICATION DETAILS
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Name : |
MI OVERSEAS PTY LTD |
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Registered Office : |
7/112 A 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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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
The subject operates in the import and wholesale of Manchester and related
bedding products including towels, bath rugs, carpets and bed linen. |
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No. of Employees : |
3 to 4 (including Directors) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 2014, Australia had experienced more than 20 years of continued economic growth, averaging more than 3% 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 |
MI OVERSEAS PTY
LTD
T/AS MITTAL AUSTRALIA
ACN: 124 870 159
ABN: 83 124 870 159
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Established |
2007 |
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Incorporated |
2007 |
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Line of Business |
Import of Manchester and bedding |
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Chief Executive Officer |
Sunny Mittal |
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Adverse Listings |
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For the last financial year ended 30 June 2014 the subject traded profitably and recorded revenue of $12,000,000.
On a projected basis a similar result is expected for the current financial year ending 30 June 2015.
The subject maintains access to financing facilities with its bankers which are used to assist in funding working capital requirements.
Company Type Australian Proprietary
Company
Incorporation
Date: 12 Apr 2007
Incorporation
State: Victoria
Registered Office 7/112A
MARTIN Street
BRIGHTON,
Victoria 3186 Australia
Number
of Shares Issued: 200
Paid
Capital: 200
Shareholders SUNNY
MITTAL
Number
of Shares: 200
Directors GUPTA,
SHIVANI
Appointment Date: 07 Sep 2009
Date of Birth: 05 Mar 1983
Gender: Female
Address: 5 Olive Ct Chelsea Heights, VIC 3196
Resident Overseas: No
MITTAL, SUNNY
Appointment Date: 29 May 2009
Date of Birth: 18 Jun 1984
Gender: Male
Address: 6, 119 Alexandra Ave, South Yarra, VIC 3141
Resident Overseas: No
Secretary SURINDER
MITTAL
Appointment
Date: 15 Oct 2008
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
TRADING ADDRESS 2
Natalia Ave
OAKLEIGH
SOUTH, VIC 3167
TELEPHONE (613) 9544 0464
WEBSITE www.mittalaustralia.com.au
EMAIL sunny@mittalaustralia.com.au
BANK NATIONAL
AUSTRALIA BANK
EMPLOYEES 3
to 4 (including Directors)
The subject was incorporated in Victoria on 12 April 2007 to commence
operations under the current style as a new venture.
The subject operates in the import and wholesale of Manchester and related
bedding products including towels, bath rugs, carpets and bed linen.
The subject supply direct
to retailers and importers throughout Australia, from small independents to
high-end department stores.
All products are made on
demand at state of the art facilities in India
Activities are conducted from premises located at the above listed
trading address.
A search of of on 3 October 2014 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 investigation contact with the subjects
Director Sunny Mittal was unable to be established. It was advised that
he is away o business and could not be contacted for the current enquiry.
In an interview conducted with the subjects external accountant, Manoj
(0425 73 91 56) he advised that for the last financial year ended 30 June 2014
the subject traded profitably and recorded revenue of $12,000,000.
On a projected basis a similar result is expected for the current
financial year ending 30 June 2015.
For the financial year ended 30 June 2011 the subject traded profitably
and recorded revenue of $6,500,000.
For the year ended 30 June 2010 the subject recorded revenue of
$4,000,000. This compares to revenue of $1,300,000 for the previous
corresponding year ended 30 June 2009.
Current assets include stock on hand of $1,000,000 and receivables of
$1,200,000.
The subject maintains access to financing facilities with its bankers
which are used to assist in funding working capital requirements.
Current liabilities include creditors of close to $1,000,000.
The subject imports all requirements. Details pertaining to the
subject’s domestic suppliers were unable to be obtained and a trade survey
could not subsequently be conducted.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
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|
1 |
Rs.99.67 |
|
Euro |
1 |
Rs.70.83 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
VNT |
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.