3decades

MIRA INFORM REPORT

Report No. :	505469
Report Date :	27.04.2018

IDENTIFICATION DETAILS

Name :	MI OVERSEAS PTY LTD

Registered Office :	7/112A Martin Street Brighton, Victoria 3186 Australia

Country :	Australia

Date of Incorporation :	12.04.2007

Legal Form :	Australian Proprietary Company

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.

No. of Employees :	3

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Acceptable Risk

Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	Slow but correct

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

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 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.

Source : CIA

CORPORATE REPORT

REGISTERED NAME MI OVERSEAS PTY LTD

T/AS MITTAL AUSTRALIA

ACN: 124 870 159

ABN: 83 124 870 159

Summary Panel
Established	2007
Incorporated	2007
Line of Business	Import of Manchester and bedding
Chief Executive Officer	Sunny Mittal

EXECUTIVE SUMMARY

Current financial and trading details could not be obtained for the current enquiry.

For the financial year ended 30 June 2016 the subject traded profitably and recorded revenue of $16,000,000.

The subject was expecting to record revenue of $20,000,000 for the last financial year ending 30 June 2017.

CORPORATE SEARCH

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.

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 40 – 42 Winterton Rd

CLAYTON VIC

TELEPHONE (613) 9544 0464

MOBILE 0411 329 383

WEBSITE www.mittalaustralia.com.au

EMAIL sunny@mittalaustralia.com.au

BANK NATIONAL AUSTRALIA BANK

EMPLOYEES 3

BACKGROUND

The subject was incorporated in Victoria on 12 April 2007 to commence operations under the current style as a new venture.

OPERATIONS

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.

ADVERSE

A search of of on 24 April 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 investigation all queries pertaining to the subject were forwarded to Director Sunny Mittal. Contact with Mr Mittal could not be established for the current enquiry. It was advised that he is overseas on business and is not due back until next week.

As a result current financial and trading details could not be obtained for the current enquiry.

For the financial year ended 30 June 2016 the subject traded profitably and recorded revenue of $16,000,000. This compares to revenue of $12,000,000 to $13,000,000 for the previous corresponding year ended 30June 2015.

The subject was expecting to record revenue of $20,000,000 for the last financial year ending 30 June 2017.

For the year ended 30 June 2014 the subject traded profitably and recorded revenue of $12,000,000.

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.

TRADE SURVEY

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

Total Owing: $118

Total Past Due: $0

Average Late Payment Days: 0

All Industries Late Payment Days: 9

Within terms: $118

1 – 30 days past due: $0

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 66.83
UK Pound	1	INR 93.17
Euro	1	INR 81.37
AUD	1	INR 50.43

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

INFORMATION DETAILS

Analysis Done by :	VAR

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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