MIRA INFORM REPORT

Report No. :	321725
Report Date :	16.05.2015

IDENTIFICATION DETAILS

Name :	BLUE AIR SYSTEMS GMBH

Registered Office :	Achenfeldweg 8 A-6250 Kundl

Country :	Austria

Financials (as on) :	31.12.2013

Date of Incorporation :	21.01.2011

Legal Form :	Limited Liability Company

Line of Business :	Wholesale of other machinery and equipment Manufacture of other pumps and compressors

No. of Employees :	5 (Exact)

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	Slow

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)

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 relatively sound industrial sector, and a small, but highly developed agricultural sector. Economic growth was anemic at less than 0.5% in 2013 and 2014, and; growth in 2015 is not expected to exceed 0.5%. Austria’s 5.6% unemployment rate, while low by European standards, is at an historic high for Austria. Without extensive vocational training programs and generous early retirement, the unemployment rate would be even higher. Public finances have not stabilized even after a 2012 austerity package of expenditure cuts and new revenues. On the contrary, in 2014, the government created a “bad bank” for the troubled nationalized “Hypo Alpe Adria” bank, pushing the budget deficit up by 0.9% of GDP to 2.4% and public debt to 84.5% of the GDP. Although Austria's fiscal position compares favorably with other euro-zone countries, it faces several external risks, such as Austrian banks' continued exposure to Central and Eastern Europe, repercussions from the Hypo Alpe Adria bank collapse, political and economic uncertainties caused by the European sovereign debt crisis, the current crisis in Russia/Ukraine, the recent appreciation of the Swiss Franc, and political developments in Hungary.

Source : CIA

Company name and address

BLUE AIR SYSTEMS GMBH

Achenfeldweg 8

A-6250 Kundl

Phone:	(0043) 5338 21171
Fax:	(0043) 5338 21171 - 20
E-mail:	info@blue-air.at
Internet:	http://www.blue.air.at

Activities

ÖNACE 46690 50% Wholesale of other machinery and equipment

ÖNACE 28130 50% Manufacture of other pumps and compressors

Financial data

Financial details can also be entered during the period, irrespective of the balance sheet date.

total turnover (total sales)	2014	EUR	960.000,00	(estimated)
total turnover (total sales)	2013	EUR	960.000,00	(estimated)
total turnover (total sales)	2012	EUR	960.000,00	(estimated)
total turnover (total sales)	2011	EUR	960.000,00	(approx.)

turnover (sales) - abbreviated financial year

2011

EUR

960.000,00

(approx.)

total employees

2015

(exact)

General company information

Company name

Blue Air Systems GmbH

Year of incorporation

2011

Type of company

Wholesale and retail trade; repair of motor vehicles

Legal form

limited liability company since 2011-01-21

Companies House number

FN 358060 i Innsbruck since 2011-02-16

VAT number

ATU 66242023

number - Austrian National Bank

10330097

Last balance sheet:

2013

Banking connection

Sparkasse Kufstein Tiroler Sparkasse von 1877

BLZ 20506

main bank connection

Locations

operational

A-6250 Kundl, Achenfeldweg 8

registered office

operational

A-6250 Kundl, Achenfeldweg 8

registered headquarters, rented premises

0043 664 2264552

0043 5338 21171

info@blue-air.at

Private data

Surname

Date of birth

Address

Executive positions

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

Bernhard Stipsits

1972-09-15

A-6336 Langkampfen

Bürgerstraße 11

manager partner

Bernhard Auer

1970-01-20

A-6370 Kitzbühel

Hornweg 5

partner individual signing clerk

related companies

Company name	Address	Shareholdings in %	Since	Commercial register no.
Shares in this company are held by:
Bernhard Auer	A-6370 Kitzbühel Hornweg 5	51 %	2011-02-16

Bernhard Stipsits	A-6336 Langkampfen Bürgerstraße 11	49 %	2011-02-16

Balance Sheet (absolute)

All amounts in EUR

	2013-12-31
Intangible assets	0,14
Sum intangible assets	0,14
Tangible assets	1.580,39
Sum tangible assets	1.580,39
Sum fixed assets	1.580,53
Stocks	24.355,17
Sum stock	24.355,17
Claims and other assets	311.449,46
Sum claims	311.449,46
Cash on hand, cheques and bank deposits	3.138,53
Sum cash and bank	3.138,53
Sum current assets	338.943,16
Assets	340.523,69

Subscribed/declared capital	35.100,00
Balance sheet profit/balance sheet loss	-68.611,77
Thereof profit/loss carried forward	-168.589,95
Sum equity capital	-33.511,77
Reserves	3.400,00
Sum reserves	3.400,00
Liabilities	370.635,46
Sum liabilities	370.635,46

Liabilities	340.523,69
Balance sheet sum	340.523,69

Key ratios

	2013
Equity capital share in %	-9,84
Fixed assets coverage	-2.120,28

Land Register

Note

No real estate property registered

Commercial register

firm (style)	1 Blue Air Systems GmbH
legal form	1 Gesellschaft mit beschränkter Haftung
registered office	1 politischer Gemeinde Kundl
business adress	1 Achenfeldweg 8 6250 Kundl
capital	1 EUR 35.100
reference date annual accounts	1 31. Dezember
annual accounts	8 zum 31.12.2013 eingereicht am 19.09.2014
power of representation	1 Sind zwei oder mehrere Geschäftsführer bestellt, so vertreten die Gesellschaft je zwei Geschäftsführer gemeinsam oder je einer von ihnen gemeinsam mit einem Prokuristen, soferne nicht mit dem Bestellungsbeschluss oder durch die Generalversammlung eine abweichende Regelung getroffen wird. 1 Gesellschaftsvertrag vom 21.01.2011 001 samt Nachtrag vom 10.02.2011

proxy
B Bernhard Auer, geb. 20.01.1970 5 vertritt seit 03.05.2013 selbständig

managing director
A Bernhard Stipsits, geb. 15.09.1972 1 vertritt seit 16.02.2011 selbständig

shareholder
A Bernhard Stipsits, geb. 15.09.1972 6 ..................... EUR 17.199 6 ................................................ EUR 17.199 B Bernhard Auer, geb. 20.01.1970 6 ..................... EUR 17.901 6 ................................................ EUR 17.901 ------------------------------------------------------ Summen: EUR 35.100 EUR 35.100

general table
Landesgericht Innsbruck 1 eingetragen am 16.02.2011 Geschäftsfall 62 Fr 378/11 s Antrag auf Neueintragung einer Firma eingelangt am 26.01.2011 5 eingetragen am 16.05.2013 Geschäftsfall 60 Fr 1222/13 i Antrag auf Änderung eingelangt am 08.05.2013 6 eingetragen am 30.08.2013 Geschäftsfall 60 Fr 2756/13 s Antrag auf Änderung eingelangt am 22.08.2013 8 eingetragen am 30.10.2014 Elektronische Einreichung Jahresabschluss eingelangt am 19.09.2014

Historical development

Year of incorporation	2011
Date of registration	2011-02-16

Former shareholders

from	to	position	name	birth date
2011-02-16	2013-02-15	partner	Josef Achim Vonderbank	1959-06-01

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.58
UK Pound	1	Rs.100.30
Euro	1	Rs.72.38

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	VNT

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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