MIRA INFORM REPORT

Report Date :

12.01.2013

IDENTIFICATION DETAILS

Name :	MICHAEL REICHL - REMITEX TEXTILMASCHINEN E.U.
Registered Office :	Kirchengasse  63, A-3610 Wösendorf Wachau
Country :	Austria
Year of Incorporation :	1990
Legal Form :	Sole Proprietor
Line of Business :	Wholesale of machinery for the textile industry and of sewing and knitting machines
No. of Employees :	2

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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	A2	A2

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:	Michael Reichl - REMITEX Textilmaschinen e.U.
Status:	active company
Locations:	Kirchengasse  63, A-3610 Wösendorf Wachau
Phone:	0043 (2715) 2452
Fax:	0043 (2715) 2452 – 10
E-mail:	michael.reichl@aon.at
Internet:	http://www.remitex.com
Internet:	http://www.michaelreichl.com
Internet:	http://www.remitex.com
Activities:	Önace 46640 100% Wholesale of machinery for the textile industry and of sewing and knitting machines
Recommendation:	In respect to solvency reasons, there is nothing to say against an establishment of a business relationship.
Detail Assessment:	Payment Payments are made according to conditions. There are no negative experiences at this time.
	Assessment Financial situation is average.

Additional company information

Year of incorporation:	1990
Type of company:	Wholesale and retail trade; repair of motor vehicles
Legal form:	sole proprietor since 2010-01-22
companies' house number:	FN 339484 t Krems 2010-01-22
Activities:
Trade names:	Remitex
Trade names:	Damgaard
Trade names:	Mehlhorn
Trade names:	3S-Werk
VAT number:	ATU 18579900
number - Austrian National Bank:	9661239
Import		Country
Import		world-wide	2013

Export	Country
Export	world-wide	2013

Financial data

total turnover (total sales)	2012		(no figures known)
total employees	2013	2	(approx.)

Extraxt from the Companies' House

firm (style):

1 Michael Reichl - REMITEX
Textilmaschinen e.U.

legal form:

1 Einzelunternehmer

registered office:

1 politischer Gemeinde Weißenkirchen in der Wachau

business adress:

1 Kirchengasse 63
3610 Wösendorf

owner:

A Michael Reichl, geb. 29.11.1961
1 eingetragen

general table:

Landesgericht Krems an der Donau
1 eingetragen am 22.01.2010 Geschäftsfall 10 Fr 3796/09 s
Antrag auf Neueintragung einer Firma eingelangt am 29.12.2009

Real estate

Registration number of real estate  747  Cadastral register  12192  Wösendorf N  Number and date of entry  2427/1998  Status of  2013-01-08 

Part A - type of real estate  :

.63 Baufläche 414 Wösendorf in der Wachau 63
1 a 2427/1998
Erhaltung des Objektes auf Gst .63 im öffentlichen Interesse gelegen

Part B - ownership details  :

4 ANTEIL: 1/2
Reichl Johanna
GEB: 1956-09-20 ADR: Wösendorf 23 3610
a 2982/1988 IM RANG 1438/1988 Kaufvertrag 1988-03-28 Eigentumsrecht
b 1644/1989 Veräußerungsverbot
5 ANTEIL: 1/2
Reichl Michael
GEB: 1961-11-29 ADR: Wösendorf 63 3610
a 888/1989 Schenkungsvertrag 1988-11-29 Eigentumsrecht
b 1644/1989 Veräußerungsverbot

Part C - registered charges  :

2 a 1644/1989 Schuldschein 1989-02-20
PFANDRECHT 100.000,--
2 %% Z, 9 %% VZ, NGS 10.000,-- für
Wohnbauförderungsfonds für das Bundesland Niederösterreich
b 1287/1994 Löschungsverpflichtung zugunsten
Volksbank Krems-Zwettl Aktiengesellschaft
3 a 1644/1989
VERÄUSSERUNGSVERBOT für
Wohnbauförderungsfonds für das Bundesland Niederösterreich
4 auf Anteil 5
a 1287/1994 Pfandurkunde 1994-02-23
PFANDRECHT Höchstbetrag 625.000,--
für Volksbank Krems-Zwettl Aktiengesellschaft
Eintragungen ohne Währungsbezeichnung sind Beträge in ATS

Private data

Surname	Date of birth	Address	Executive positions	Further executive positions (as registered in the companies' house)
Michael Reichl	1961-11-29	3610 Weißenkirchen Wachau Wösendorf 63	proprietor	2

Locations

Type	Locations	Description
		E-mail
operational	Kirchengasse  63, A-3610 Wösendorf Wachau	registered office, owned property
operational	Kirchengasse  63, A-3610 Wösendorf Wachau	registered headquarters, owned property
		michael.reichl@aon.at
former	Wösendorf  63, A-3610 Weißenkirchen Wachau	registered headquarters

related companies

Company name	Postal code	number	Companies House
Affiliated companies and further participations:
Jauerling-Lift, Gesellschaft m.b.H.	Hauptstraße  20, A-3620 Spitz Donau	551.547	FN 32558 f

Bankers

Banker	Bank sort code	Type of banking connection
Volksbank Krems-Zwettl Aktienges., 3500 Krems/Donau	41210	main bank connection

Historical development

Year of incorporation:	1990
Date of registration:	2010-01-22

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.54
UK Pound	1	Rs.88.05
Euro	1	Rs.72.29

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%)

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