MIRA INFORM REPORT

Report Date :

08.11.2012

IDENTIFICATION DETAILS

Name :	WIEDNER & ILTAR KG

Registered Office :	Modecenterstraße 22/B3/EG/105, A-1030 Wien

Country :	Austria

Financials (as on) :	30.04.2011

Date of Incorporation :	14.07.2004

Legal Form :	Limited Liability Partnership

Line of Business :	Wholesale of clothing

No. of Employees :	10 Approximately

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Austria

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

AUSTRIA - ECONOMIC OVERVIEW

Austria, with its well-developed market economy, skilled labor force, and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Following several years of solid foreign demand for Austrian exports and record employment growth, the international financial crisis of 2008 and subsequent global economic downturn led to a sharp but brief recession. Austrian GDP contracted 3.9% in 2009 but saw positive growth of about 2% in 2010 and 3% in 2011. Unemployment did not rise as steeply in Austria as elsewhere in Europe, partly because the government subsidized reduced working hour schemes to allow companies to retain employees. Stabilization measures, stimulus spending, and an income tax reform pushed the budget deficit to 4.7% in 2010 and 3.6% in 2011, from only about 1.3% in 2008. The international financial crisis of 2008 caused difficulties for Austria''s largest banks whose extensive operations in central, eastern, and southeastern Europe faced large losses. The government provided bank support - including in some instances, nationalization - to support aggregate demand and stabilize the banking system. Austria''s fiscal position compares favorably with other euro-zone countries, but it faces considerable external risks, such as Austrian banks'' continued high exposure to central and eastern Europe as well as political and economic uncertainties caused by the European sovereign debt crisis. In 2011 the government attempted to pass a constitutional amendment limiting public debt to 60% of GDP by 2020, but it was unable to obtain sufficient support in parliament and instead passed the measure as a simple law. In March 2012, the Austrian parliament approved an austerity budget that will bring public finances into balance by 2016.

Source : CIA

Basic company information


Company name:	Wiedner & Iltar KG
Status:	active company
Locations:	Modecenterstraße 22/B3/EG/105, A-1030 Wien
Phone:	0043 (1) 5457877
Fax:	0043 (1) 5454322
E-mail:	info@wiedner-iltar.com
Internet:	http://www.montgomery.at
Internet:	http://www.wiedner-iltar.com
Activities:	Önace 46421 100% Wholesale of clothing

Probability of Default (Basel II):	0,80% Low risk
comparison:	The Rating of this company meets industry average.
Recommendation:	In respect to solvency reasons, there is nothing to say against an establishment of a business relationship.

Detail Assessment:	Payment Merchandise is mainly imported. Domestic obligations are settled within net agreements.
	Assessment The company has a weak solvency. The profit and loss position,however, is regarded to be positive.

Additional company information

Year of incorporation:	2004
Type of company:	Wholesale and retail trade; repair of motor vehicles
Legal form:	limited liability partnership since 2004-06-16
companies' house number:	FN 249633 h Wien 2004-07-14
Activities:
Trade names:	Pascalini
Trade names:	Different
Trade names:	Montgomery
VAT number:	ATU 58097017
DVR number:	0882259
ARA-number:	10331
number - Austrian National Bank:	6527680


Import		Country
Import		world-wide	2012


Export	Country
Export	European Union	2012

Financial data

total turnover (total sales)	2011	EUR 6.800.000,00	(estimated)
total turnover (total sales)	2010	EUR 6.714.348,80	(exact)
total turnover (total sales)	2009	EUR 2.855.122,65	(exact)
total turnover (total sales)	2008	EUR 5.700.000,00	(estimated)
total turnover (total sales)	2007	EUR 5.308.100,45	(exact)
total employees	2012	10	(approx.)
white collar workers	2012	8	(approx.)
apprentices	2012	2	(approx.)
total company vehicles	2012	2	(approx.)
leasing vehicles	2012	2	(approx.)
cars	2012	1	(approx.)
lorries up to 3.5t	2012	1	(approx.)

Extraxt from the Companies' House

firm (style):

2 Wiedner & Iltar KG

legal form:

1 Kommanditgesellschaft
1 Rechtsform besteht seit 14.07.2004

registered office:

1 politischer Gemeinde Wien

business adress:

5 Modecenterstraße 22/B3/EG/Top 105
1030 Wien

general partner:

         C   "TUSA" ILTAR Handels-
             gesellschaft m.b.H.
    1        vertritt seit 14.07.2004 selbständig
         E   Ayten Iltar, geb. 27.07.1935
    4        nicht vertretungsbefugt

limited partner:

F Gülsüm KOC ILTAR, geb. 05.09.1971
6 ................................................... EUR 100

reference date annual accounts:

1 30. April
1 Gesellschaftsvertrag vom 16.06.2004 001

general table:

Handelsgericht Wien
   1 eingetragen am 14.07.2004                  Geschäftsfall 75 Fr 7601/04 k
       Antrag auf Neueintragung einer Firma eingelangt am 18.06.2004
   2 eingetragen am 02.09.2004                  Geschäftsfall 75 Fr 10370/04 h
      Antrag auf Änderung eingelangt am 26.08.2004
   4 eingetragen am 14.06.2006                  Geschäftsfall 75 Fr 1510/05 m
       Antrag auf Änderung eingelangt am 09.02.2005
   5 eingetragen am 02.07.2010                  Geschäftsfall 73 Fr 5750/10 b
       Antrag auf Änderung eingelangt am 12.04.2010
   6 eingetragen am 18.11.2011                  Geschäftsfall 73 Fr 24806/11 i
       Antrag auf Änderung eingelangt am 15.11.2011

Real estate

Real estate text:

No real estate property registered

Private data

Surname

Date of birth

Address

Executive positions

Further executive positions (as registered in the companies' house)

Ayten Iltar

1935-07-27

1030 Wien p.A. Modecenterstraße 22

general partner

Gülsüm KOC ILTAR

1971-09-05

2372 Gießhübl Gutmanngasse 15

limited partner

Balance Sheet

(absolute) all amounts in EUR

	2011-04-30
Franchises, patents, licences, trademarks and similar rights and advantages	373.819,88
Sum intangible assets	373.819,88

Other tangible assets	2.755,99
Other operating and business equipment	13.439,74
Sum tangible assets	16.195,73

Sum fixed assets	390.015,61

Finished products	487.988,21
Sum stock	487.988,21

Claims from delivered goods and performed services	1.325.086,36
Other claims and assets	16.712,45
Sum claims	1.341.798,81

Cash on hand, cheques and bank deposits	496.147,40
Sum cash and bank	496.147,40

Sum current assets	2.325.934,42

Deferred charges	5.383,21
Sum deferred charges	5.383,21
Assets	2.721.333,24

Capital silent partner	-244.594,39
Share general partner	-152.497,92
Sum equity capital	-397.092,31

Other reserves	67.201,31
Sum reserves	67.201,31

Liabilities against credit institutes	1.786.527,33
Liabilities from delivered goods and performed services from the acceptance of drafts and emission of promissory notes	977.296,07
Liabilities against shareholders	238.447,51
Other liabilities	48.953,33
Sum liabilities	3.051.224,24

Liabilities	2.721.333,24

Balance sheet sum	2.721.333,24

P / L Account

(absolute) all amounts in EUR

	2011-04-30
Gross sales	6.739.914,19
Sales reductions	-25.565,39
Sum turnover or sum gross profit	6.714.348,80

Profits from retirement of fixed assets, except financial assets	800,00
Income from dissolution of reserves	21.532,62
Other operating profits	6.068,33
Other operating profits totally	28.400,95

Discount profit from material costs	59,34
Costs for obtained services	-31.865,63
Special account material costs	-5.437.708,77
Costs for obtained services totally	-5.469.515,06

Wages	-26.417,71
Salaries	-205.354,41
Costs for severance pays	-3.824,89
Legal fringe benefits and other payments depending on salaries	-64.465,41
Other social fringe benefits	-1.817,57
Personnel expenses totally	-301.879,99

Depreciation of intangible assets, tangible assets,activated expenses for the set up and expansion of business operation	-7.354,97
Depreciation tangible assets / intangible assets totally	-7.354,97

Different operating costs	-659.136,33
Other operating costs totally	-659.136,33

Operating result totally	304.863,40

Interest income, securties income and similar income	3.340,00
Interest and similar disbursements	-67.559,01
Financial profits totally	-64.219,01

Results from usual business activity totally	240.644,39

Taxes on income and profits	-768,35
Taxes on income and profits totally	-768,35
Annual surplus/annual deficit totally	239.876,04

Annual profit/annual loss totally	239.876,04

B/S profit/ B/S loss from profit and loss account	239.876,04

Key ratios

	2011
Cash flow II	247.231,01
Debt amortisation period	10,60
Bank indebtedness	65,64
Equity capital share	-14,59
Social capital share	0,00
Fixed assets coverage	-101,81
Net profit ratio	3,58
Capital turnover	2,46
Return on investment	11,32
Cash flow in % of operating performance	3,68
Cash flow I	247.999,36
Gross productivity	22,24
Net productivity	4,12
Operating performance	6.714.348,80
Inventories in % of operating performance	7,26
Gross profit	1.244.833,74

Locations

Type	Locations	Description
		E-mail
operational	Modecenterstraße 22/B3/EG/Top 105, A-1030 Wien	registered office

operational	Modecenterstraße 22/B3/EG/105, A-1030 Wien	registered headquarters, rented premises
		info@wiedner-iltar.com
former	Modecenterstraße 22/A1/1 OG/2, A-1030 Wien	registered office

former	Praterstraße 11, A-1020 Wien	registered office

former	Modecenterstraße 22/A1/1.OG/2, A-1030 Wien	registered headquarters

former	Praterstraße 11, A-1020 Wien	registered headquarters

related companies

Company name	Postal code		number	Companies House
Shares in this company are held by:
"TUSA" ILTAR Handelsgesellschaft m.b.H.	Modecenterstraße 22, 1. OG/2, A-1030 Wien	2004-07-14	275.557	FN 91245 i

1 "TUSA" ILTAR Handels- gesellschaft m.b.H.
1 Gesellschaft mit beschränkter Haftung
1 ATS 500.000
A Mag Vural Iltar, geb. 13.06.1961 1 vertritt seit 30.10.1989 selbständig
A Mag Vural Iltar, geb. 13.06.1961 8 .................... ATS 500.000 8 ............................................... ATS 250.000 ------------------------------------------------------ Summen: ATS 500.000 ATS 250.000

Bankers

Banker

Bank sort code

Type of banking connection

UniCredit Bank Austria AG, 1011 Wien

12000

main bank connection

Historical development

Year of incorporation:	2004
Date of registration:	2004-07-14

Change of company name:
From	To	Company name
	2004-09-02	Wiedner und Iltar KG
2004-09-02		Wiedner & Iltar KG

Former shareholders:
From	To	Function	Name
2004-07-14	2004-11-24	general partner	Bettina Wiedner
2004-07-14	2006-06-14	general partner	Mag. Vural Iltar
2004-07-14	2011-11-18	limited partner	HORST WIEDNER GMBH

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.25
UK Pound	1	Rs.87.00
Euro	1	Rs.69.83

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
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
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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
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
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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%)

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.