MIRA INFORM REPORT

Report Date :

25.03.2011

IDENTIFICATION DETAILS

Name :	ZF INDUSTRIES LLC
Registered Office :	Corporation Trust Center 1209 Orange, Wilmington, New Castle,De,19801 ( Registered Agent Address)
Country :	United States
Date of Incorporation :	08.03.1979
Legal Form :	Corporation for Profit
Line of Business :	Automotive Supplier

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	100 000 USD
Status :	Moderate
Payment Behaviour :	Regular
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, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
United States	A1	A1

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

GEOPOLITICS - UNITED STATES
POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: USD Branch Situation: Stable

IDENTIFICATION
Comment on data supplied	The company’s location you provided is incomplete. Please find below, the company’s correct address.
Legal Name:	ZF INDUSTRIES LLC
Legal Address	CORPORATION TRUST CENTER 1209 ORANGE, WILMINGTON, NEW CASTLE,DE,19801, USA ( registered agent address)
Operative Address	1261 Palmour Drive, SW, Gainesville, GA 30501, USA
Telephone:	+1 (770)-531-28 00	Document Number :	0868634
Fax:	+1 (770)-531-28 25	Legal Form:	Corporation for Profit
Email:	NA	Registered in:	Delaware
Website:	www.zf.com	Date Created:	1979
Manager:	Elizabeth Umberson, President	Date Incorporated:	March 08th, 1979
Staff:	500 employees	Stock:	NA
		Value:	NA
Activity:	Automotive Supplier

BUSINESS
HISTORY
	ZF INDUSTRIES LLC is a private company based in Georgia. The company's old name is ZF INDUSTRIES INC.
PRINCIPAL ACTIVITY
	ZF INDUSTRIES LLC produces and services driveline and chassis technologies. They are working as a subsidiary of ZF Friedrichshafen AG a publicly trade company.
Products/Services description:
	ZF develops and produces transmissions, steering systems, axles, and chassis components as well as complete systems for passenger cars, commercial vehicles, and off-road machinery. ZF is also an important transmission specialist for special and rail vehicles, marine craft, and helicopters
Sales are:
	Wholesale
Clients:
	Automotive Constructors: - VOLVO - DAIMLER - FIAT - FORD Among others...
Operations area:
	National, International
The company imports from Worldwide
The company does not export
Trade References:
	Despite our searches we were not able to find any company's trade.
The subject employs 500 employee(s)
PAYMENTS
	regular
LOCATION
Headquarters
	The company is headquartered at 1261 Palmour Drive, SW Gainesville, GA 30501, USA
Comments on location:
	The company is registered in Delaware for tax purposes.
Business Overview:
	The US automobile manufacturing industry includes about 200 companies with combined annual revenue of about $250 billion. Major companies are GM, Ford, and Chrysler (which is controlled by Italy's Fiat). The industry is highly concentrated: the top three companies account for more than 90 percent of revenue. Demand is driven by employment and interest rates. The profitability of individual companies depends on manufacturing efficiency, product quality, and effective marketing. Large companies have economies of scale in purchasing and marketing; smaller companies can compete by focusing on specialized markets. The industry is capital-intensive: average annual revenue per employee is about $2 million.

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	The company is a subsidiary of ZF Friedrichshafen AG Headquartered at Graf-von-Soden-Platz 1, 88046 Friedrichshafen, Germany.
Management:
	Elizabeth Umberson, President Jason Dale, IT Executive Stefan Urbanick, Finance Executive Joe Manring, Human Resources Executive Joel Hipp, Purchasing Agent
Related Companies:
	The group has various subsidiaries in the world, including (in the USA and Mexico): ZF Boge Elastmetall, LLC ZF Electronics Corporation ZF Commercial Suspension Systems & Components LLC ZF Industries Inc. ZF Lemforder Chicago LLC ZF Lemforder Corporation ZF Marine Electronics LLC ZF Marine LLC ZF Steering Systems LLC ZF Services North America, LLC. ZF Electronics de Mexico S. de R.L. de C.V. ZF Lemförder Sistemas Automotrices S.A. de C.V. ZF Sachs Automotive México S.A. de C.V. ZF Sachs Suspension México S.A. de C.V. ZF Services Mexico, S.A. de C.V

Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements. The parent company publishes its financial statements, which we enclose to this report, for information.
However our financial sources could provide us with the following data. Those figures are estimates provided by confidential banking and financial institutions working with the company.
Currency	DATE
USD	2009
Turnover	1,358,670,000
The cash flow is	Normal

Legal Fillings

There are no UCC** files listed with the Secretary of State of Delaware.

There are no legal filings listed with the District Court.

The last annual report was filed on 6/11/2010.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

For information:

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating
Local credit bureau gave a correct credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	This is a big size company with several years in the business. It is well established in its market. The company is part of a large international group with operations worldwide. We can note that the group has been losing money for the fiscal year 2009. However, the indebtedness of the group is controlled. The subject company accounts for a significant part of the group's financial results. For these reasons, we suggest a maximum credit line of USD 100,000 and making a follow up report within 6 to 9 months.

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public Records	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX
Person Interviewed
	Stefan Urbanick
Position
	Financial Executive
Comments
	He was able to confirm us some information in the report.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.77
UK Pound	1	Rs.72.66
Euro	1	Rs.63.06

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.