MIRA INFORM REPORT

Report Date :

09.10.2014

IDENTIFICATION DETAILS

Name :	PHANTO HANDELSGESELLSCHAFT M.B.H.
Registered Office :	Gentzgasse 156/6, A-1180 Wien
Country :	Austria
Financials (as on) :	31.12.2012
Date of Incorporation :	21.06.1990
Legal Form :	Limited Liability Company
Line of Business :	· Wholesale of watches and jewellery · Wholesale and retail trade; repair of motor vehicles
No of Employees :	03

RATING & COMMENTS

MIRA’s Rating :

Ba

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 3.8% in 2009 but saw positive growth of about 2% in 2010 and 2.7% in 2011. Growth fell to 0.6% in 2012. 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. The 2012 unemployment rate of 4.3% was the lowest within the EU. Stabilization measures, stimulus spending, and an income tax reform pushed the budget deficit to 4.5% in 2010 and 2.6% in 2011, from only about 0.9% 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 external risks, such as Austrian banks' continued 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 package consisting of a mix of expenditure cuts and new revenues that will bring public finances into balance by 2016. In 2012, the budget deficit rose to 3.1% of GDP.

Source : CIA

Basic company information

Last up-date:	2014-10-07
Company name:	PHANTO HANDELSGESELLSCHAFT M.B.H.
Status:	active company
Locations:	Gentzgasse 156/6, A-1180 Wien
Phone:	0043 (1)4780601
Fax:	0043 (1)4786942
E-mail:	office@phanto.at
Internet:	http://www.phanto.at
Activities:	Onace 46480 100% Wholesale of watches and jewellery
General Assessment:	Model: CompanyScore
Probability of Default (Basel	0,27%
II):	Low risk
comparison:	Rating of this company is better than industry average.
Recommendation:	In respect to solvency reasons, there is nothing to say against an establishment of
	a business relationship.
Detail Assessment:	Merchandise is mainly imported. Domestic obligations are settled according to
	conditions, in some cases there have been delays and reminders.
	Financial situation is satisfactory.

Additional company information
Year of incorporation:	1990
Activities:
Type of company:	Wholesale and retail trade; repair of motor vehicles
Legal form:	limited liability company since 1990-05-11
companies' house number:	FN 69501 h Wien 1990-06-21
Trade names:	Non Plus Ultra
VAT number:	ATU 16042208
number - Austrian National	1440020
Bank:

Import	Country
Import	Greece	2014
Import	Italy	2014
Import	Spain	2014
Export	Country
Export	Italy	2014
Export	Germany	2014

Financial data

total turnover (total sales)	2013	EUR 2.000.000,00	(estimated)
total employees	2014	3	(approx.)
white collar workers	2014	3	(approx.)
total investments	2012	EUR 68.742,65	(exact)
total company vehicles	2014	3	(approx.)

Extraxt from the Companies' House

Firm (style):

1 Phanto Handelsgesellschaft m.b.H.

Legal form:

1 Gesellschaft mit beschrankter Haftung

Registered office:

1 Politischer Gemeinde Wien

Business adress:

5 Gentzgasse 156/6

1180 Wien

Capital:

1 ATS 5 0 0.000

Reference date annual accounts:

1 31. Dezember

Annual accounts:

19 Zum 31.12.2012 eingereicht am 30.09.2013

Power of representation:

1 Die Generalversammlung bestimmt, wenn mehrere Geschafts-

Fuhrer bestellt sind, deren Vertretungsbefugnis.

1 Gesellschaftsvertrag vom 11.05.1990 001

Managing director:

C Theodoros Hristodoulidis, geb. 19.10.1961

2 Vertritt seit 24.10.1998 selbstandig

Shareholder

C 2 2	Theodoros Hristodoulidis, geb. 19.10.1961 ATS 500.000	ATS	250.000
	Summen: ATS 500.000	ATS	250.000

General table:

Handelsgericht Wien

1 Ersterfassung abgeschlossen am 22.12.1993 Geschaftsfall 904 Fr 1754/93 v

Ersterfassung gem. Art. XXIII Abs. 4 FBG

2 Eingetragen am 24.10.1998 Geschaftsfall 74 Fr 7611/98 y

Antrag auf Anderung eingelangt am 08.09.1998

5 eingetragen am 25.04.2001 Geschaftsfall 73 Fr 3162/01 t

Antrag auf Anderung eingelangt am 08.03.2001

19 eingetragen am 09.10.2013 Geschaftsfall 73 Fr 16392/13 d

Elektronische Einreichung Jahresabschluss eingelangt am 30.09.2013

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)
Theodoros Hristodoulidis	1961-10-19	1030 Wien Dampfschiffgasse 12	manager, partner	0

Balance Sheet (absolute)

All amounts in EUR

	2012-12-31
Intangible assets	2.580,00
Sum intangible assets	2.580,00
Tangible assets	87.965,65
Sum tangible assets	87.965,65
Sum fixed assets	90.545,65
Stocks	620.067,34
Sum stock	620.067,34
Claims against companies with shareholding relationship	794.573,00
Sum claims	794.573,00
Cash on hand, cheques and bank deposits	48.227,69
Sum cash and bank 48.227,69
Sum current assets	1.462.868,03
Deferred charges	1.204,04
Sum deferred charges	1.204,04
Assets	1.554.617,72
Subscribed/declared capital	36.336,42
Profit reserves	1.592,79
Balance sheet profit/balance sheet loss	721.029,59
Thereof profit/loss carried forward	771.414,72
stock	-18.168,21
Sum equity capital	740.790,59
Other reserves before taxes	1.427,85
Sum reserves before taxes	1.427,85
Reserves	4.852,44
Sum reserves	4.852,44
Liabilities	807.546,84
Sum liabilities	807.546,84
Liabilities	1.554.617,72
Balance sheet sum 1.554.617,72

Key ratios

	2012
Equity capital share	47,74
Fixed assets coverage	819,71

Locations

Type	Locations	Description
	Phone Fax	E-mail
operational	Gentzgasse 156/6, A-1180 Wien	registered office
operational	Gentzgasse 156/6, A-1180 Wien	registered headquarters, rented premises
	0043 664 3026848 0043 1 4786942 0043 1 4780601	office@phanto.at

former	DampfschiffstraGe 12, A-1030 Wien	registered office
former	DampfschiffstraGe 126/1/12, A-1180 Wien	registered headquarters

related companies

Company name	Postal code	Stake in %
Shares in this company are held by:
Theodoros Hristodoulidis	Dampfschiffgasse 12/1/12, A-1030 Wien	100 % 1990-05-02

Bankers

Banker	Bank sort code	Type of banking connection
Erste Bank der oesterreichischen Sparkassen AG, 1011 Wien	20111	main bank connection
Raiffeisen Zentralbank Osterreich, 1030 Wien	30000	main bank connection

Historical development

Year of incorporation:	1990
Date of registration:	1990-06-21

Former executives:
From	To	Function	Name
	1998-10-24	manager	Georgios Panetsos
	1998-10-24	individual signing clerk	Werner Hermann
Former shareholders:
From	To	Function	Name
1990-05-02	1998-10-24	partner	Georgios Panetsos

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.47
UK Pound	1	Rs.98.77
Euro	1	Rs.77.65

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SMN

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.