MIRA INFORM REPORT

Report Date :

18.10.2011

IDENTIFICATION DETAILS

Name :	LIEBHERR-WERK EHINGEN GMBH
Registered Office :	Postfach 13 61, Ehingen, 89573
Country :	Germany
Financials (as on) :	31.12.2009
Date of Incorporation :	22.02.1969
Com. Reg. No.:	490123
Legal Form :	Private Subsidiary Company
Line of Business :	manufacture of hand operated or power driven lifting, handling, loading or unloading machinery (pulley tackle and hoists, winches, capstans and jacks; derricks, cranes, mobile lifting frames, straddle carriers, etc.

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 :	Good
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Germany	a1	a1

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

Company name & address

Liebherr-Werk Ehingen GmbH

Postfach 13 61

Ehingen, 89573

Germany

Tel: 49 (7391) 5 02-0

Fax: 49 (7391) 5 02-3399

Web: www.liebherr.com

Synthesis

Employees: 3,000

Company Type: Private Subsidiary

Corporate Family: 73 Companies

Ultimate Parent: Liebherr International AG

Incorporation Date: 22-Feb-1969

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2009

Reporting Currency: Euro

Annual Sales: 2,288.8

Total Assets: 1,130.5

Business Description

Liebherr-Werk Ehingen GmbH is primarily engaged in manufacture of hand operated or power driven lifting, handling, loading or unloading machinery (pulley tackle and hoists, winches, capstans and jacks; derricks, cranes, mobile lifting frames, straddle carriers, etc.; works trucks, whether or not fitted with lifting or handling equipment whether or not self-propelled, of the type used in factories;mechanical manipulators and industrial robots specifically designed for lifting, handling, loading or unloading); manufacture of conveyors, teleferics, etc.; and manufacture of lifts, escalators and moving walkways. This class also includes: maintenance of lifts and escalators.

Industry

Industry Miscellaneous Capital Goods

ANZSIC 2006: 2491 - Lifting and Material Handling Equipment Manufacturing

NACE 2002: 2922 - Manufacture of lifting and handling equipment

NAICS 2002: 333923 - Overhead Traveling Crane, Hoist, and Monorail System Manufacturing

UK SIC 2003: 2922 - Manufacture of lifting and handling equipment

US SIC 1987: 3536 - Overhead Traveling Cranes, Hoists, and Monorail Systems

Key Executives

Name	Title
Christoph Kleiner	Managing director
Ulrich Hamme	Manager
Robert Bausch	Executive
Henning Rapp	Vorsitzender
Rolf Ebe	Member of the board of directors

Registered No.(DEU): 490123

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7190468

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6969855

Corporate Overview

Location

Postfach 13 61

Ehingen, 89573

Germany

Tel: 49 (7391) 5 02-0

Fax: 49 (7391) 5 02-3399

Web: www.liebherr.comm

Sales EUR(mil): 1,645.7

Assets EUR(mil): 787.9

Employees: 3,000

Fiscal Year End: 31-Dec-2009

Industry: Miscellaneous Capital Goods

Incorporation Date: 22-Feb-1969

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(DEU): 490123

Vorsitzender: Henning Rapp

Contents

· Industry Codes

· Business Description

· Financial Data

· Subsidiaries

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2491 - Lifting and Material Handling Equipment Manufacturing

NACE 2002 Codes:

2922 - Manufacture of lifting and handling equipment

NAICS 2002 Codes:

333923 - Overhead Traveling Crane, Hoist, and Monorail System Manufacturing

US SIC 1987:

3536 - Overhead Traveling Cranes, Hoists, and Monorail Systems

UK SIC 2003:

2922 - Manufacture of lifting and handling equipment

Business Description

Manufacture of mobile cranes

More Business Descriptions

· Liebherr-Werk Ehingen GmbH is primarily engaged in manufacture of hand operated or power driven lifting, handling, loading or unloading machinery (pulley tackle and hoists, winches, capstans and jacks; derricks, cranes, mobile lifting frames, straddle carriers, etc.; works trucks, whether or not fitted with lifting or handling equipment whether or not self-propelled, of the type used in factories;mechanical manipulators and industrial robots specifically designed for lifting, handling, loading or unloading); manufacture of conveyors, teleferics, etc.; and manufacture of lifts, escalators and moving walkways. This class also includes: maintenance of lifts and escalators.

· Other Industrial Machinery Manufacturing

Financial Data

Financials in:	EUR(mil)
Revenue:	1,645.7
Assets:	787.9
Current Assets:	609.7
Total Liabilities:	787.9
Issued Capital:	75.0
Net Worth:	468.0
Date of Financial Data:	31-Dec-2009

1 Year Growth

25.6%

NA

Subsidiaries

Company	Percentage Owned	Country
Liebherr-Nederland B.V.		Netherlands
Liebherr Cranes, Inc.		United States of America
Liebherr Mobile Cranes Korea Ltd.		South Korea
Liebherr Grues Mobiles S.A.S.		France
Liebherr Japan Co. Ltd.		Japan

Key Corporate Relationships

Bank:	LBBW Stuttgart, Sparkasse

Corporate Family	Corporate Structure News:
	Liebherr International AG Liebherr-Werk Ehingen GmbH
Total Corporate Family Members: 73 Excluded Small Branches and/or Trading Addresses: 2 (Available via export)

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Liebherr International AG	Parent	Bulle	Switzerland	Construction and Agriculture Machinery	9,680.9	32,091
Liebherr International Deutschland GmbH	Subsidiary	Biberach	Germany	Construction and Agriculture Machinery		10,950
Liebherr-Verzahntechnik GmbH	Subsidiary	Kempten	Germany	Miscellaneous Capital Goods	227.9	950
Liebherr Transportation Systems GmbH & Co.KG	Branch	Korneuburg, Niederösterreich	Austria	Construction and Agriculture Machinery	118.4	275
Liebherr (Thailand) Co Ltd	Subsidiary	Nikom Pattana Sub-District, Rayong	Thailand	Miscellaneous Capital Goods	33.0	150
Liebherr Russland, OOO	Branch	Moscow	Russian Federation	Construction and Agriculture Machinery		100
Liebherr-International Austria GmbH	Subsidiary	Bischofshofen	Austria	Construction and Agriculture Machinery	3,451.9	6,090
Liebherr-Werk Ehingen GmbH	Subsidiary	Ehingen	Germany	Miscellaneous Capital Goods	2,288.8	3,000
Liebherr-Italia SpA	Subsidiary	Monfalcone, Gorizia	Italy	Construction and Agriculture Machinery	80.6	55
Liebherr-Nederland B.V.	Subsidiary	Amersfoort, Utrecht	Netherlands	Miscellaneous Capital Goods		43
Liebherr-Werk Biberach GmbH	Subsidiary	Biberach	Germany	Miscellaneous Capital Goods	635.7	2,000
Liebherr-Hausgeräte Lienz GmbH	Subsidiary	Lienz	Austria	Appliance and Tool	338.6	1,405
Liebherr-Werk Nenzing GmbH	Subsidiary	Nenzing	Austria	Construction and Agriculture Machinery	1,121.6	1,400
Liebherr-Hydraulikbagger GmbH	Subsidiary	Kirchdorf	Germany	Construction and Agriculture Machinery	582.6	1,050
Liebherr-Baumaschinen Vertriebs- und Service GmbH	Subsidiary	Kirchdorf An Der Iller, Baden-Württemberg	Germany	Construction and Agriculture Machinery	64.6	107
Liebherr-Hausgerate Marica EOOD	Subsidiary	Radinovo	Bulgaria	Miscellaneous Capital Goods	284.0	1,025
Liebherr-Baumaschinen AG	Subsidiary	Reiden, Lucerne	Switzerland	Miscellaneous Capital Goods	5.8	1,007
Liebherr-Werk Bischofshofen GmbH	Subsidiary	Bischofshofen	Austria	Construction and Agriculture Machinery	623.1	865
Liebherr-Aerospace Toulouse Sas	Subsidiary	Toulouse	France	Aerospace and Defense	403.1	749
Liebherr-Aerospace Lindenberg GmbH	Subsidiary	Lindenberg	Germany	Aerospace and Defense	692.3	1,950
Liebherr-Mischtechnik GmbH	Subsidiary	Bad Schussenried, Baden-Württemberg	Germany	Construction and Agriculture Machinery	142.7	700
Liebherr Brasil Guindastes e Maquinas Operatrizes Ltda.	Subsidiary	Guaratinguetá, SP	Brazil	Construction and Agriculture Machinery		700
Liebherr Machines Bulle S.A.	Subsidiary	Bulle, Fribourg	Switzerland	Construction and Agriculture Machinery	364.6	650
Liebherr-MCCtec Rostock GmbH	Subsidiary	Rostock, Mecklenburg-Vorpommern	Germany	Construction and Agriculture Machinery	300.3	620
Liebherr Container Cranes Limited	Subsidiary	Cork	Ireland	Water Transportation	224.2	532
Liebherr-Werk Telfs GmbH	Subsidiary	Telfs	Austria	Construction and Agriculture Machinery	117.5	460
Liebherr-Elektronik GmbH	Subsidiary	Lindau (Bodensee), Bayern	Germany	Appliance and Tool	60.3	450
Liebherr-Australia Pty Limited	Subsidiary	Para Hills West, SA	Australia	Construction and Agriculture Machinery	320.3	420
Liebherr USA	Subsidiary	Newport News, VA	United States	Miscellaneous Capital Goods		331
Liebherr Construction Equipment Co	Branch	Newport News, VA	United States	Construction and Agriculture Machinery	81.5	100
Liebherr Gear Technology Inc	Subsidiary	Saline, MI	United States	Business Services	32.6	60
Liebherr Cranes Inc	Subsidiary	Newport News, VA	United States	Miscellaneous Transportation
Morrow Equipment Co	Branch	Salem, OR	United States	Miscellaneous Capital Goods	66.1	70
Liebherr Nenzing Crane Co	Branch	Houston, TX	United States	Miscellaneous Capital Goods	10.9	20
Xuzhou Liebherr Concrete Machinery Co Ltd	Subsidiary	Xuzhou, Jiang Su	China	Miscellaneous Capital Goods	0.0	300
Liebherr - Great Britain Ltd.	Subsidiary	Wigan	United Kingdom	Construction and Agriculture Machinery	156.2	250
Liebherr Industrias Metalicas Sa	Subsidiary	Pamplona, Navarra	Spain	Miscellaneous Capital Goods	46.8	250
Liebherr-Africa (Pty) Ltd	Subsidiary	Springs, Gauteng	South Africa	Construction and Agriculture Machinery	47.0	230
Liebherr Iberica Sa	Subsidiary	Azuqueca De Henares, Guadalajara	Spain	Construction and Agriculture Machinery	250.7	204
Liebherr-Export AG	Subsidiary	Nussbaumen b.Baden, Aargovia	Switzerland	Miscellaneous Capital Goods		175
Liebherr-Canada Ltd	Subsidiary	Burlington, ON	Canada	Rental and Leasing	158.8	150
Liebherr Machinery Service Shanghai	Subsidiary	Shanghai	China	Construction and Agriculture Machinery	1.0	100
Saudi Liebherr Company Ltd	Subsidiary	Jeddah, Makkah	Saudi Arabia	Miscellaneous Capital Goods		100
Liebherr-Singapore Pte LTD	Subsidiary	Singapore	Singapore	Construction - Supplies and Fixtures	130.1	91
Liebherr-Mietpartner GmbH	Subsidiary	Ludwigshafen Am Rhein, Rheinland-Pfalz	Germany	Rental and Leasing	83.8	85
Liebherr Location France S.A.S	Subsidiary	Niederhergheim	France	Rental and Leasing	30.4	34
Liebherr-Baumaschinen Dortmund GmbH	Subsidiary	Dortmund	Germany	Miscellaneous Capital Goods		80
Liebherr Machinery (Dalian) Co Ltd	Subsidiary	Dalian	China	Miscellaneous Capital Goods	16.0	70
Liebherr (HKG) Limited	Subsidiary	Hong Kong	Hong Kong	Construction and Agriculture Machinery	1.0	70
Liebherr-Nenzing Service GmbH	Subsidiary	Hamburg, Hamburg	Germany	Water Transportation		65
Liebherr Mining Equipment Co	Subsidiary	Newport News, VA	United States	Construction and Agriculture Machinery	100.0	37
Liebherr-Sverige AB	Subsidiary	Västerås, Västmanland	Sweden	Miscellaneous Capital Goods	22.5	36
Liebherr Malaxage Et Techniques Sas	Subsidiary	Niederhergheim	France	Construction and Agriculture Machinery	32.5	34
Liebherr Grues Mobiles	Subsidiary	Niederhergheim	France	Retail (Specialty)	8.8	34
Liebherr-France S.A.S.	Subsidiary	Niederhergheim	France	Retail (Catalog and Mail Order)		30
Liebherr Aerospace Brasil Ltda	Subsidiary	Guaratinguetá , São Paulo	Brazil	Miscellaneous Fabricated Products	6.0	25
Liebherr-Maritime Benelux B.V.	Subsidiary	Amersfoort, Utrecht	Netherlands	Construction and Agriculture Machinery		25
Liebherr Japan Co Ltd	Subsidiary	Yokohama	Japan	Construction and Agriculture Machinery	1.0	20
Liebherr - Máquinas De Construção Portugal, LDA	Subsidiary	Benavente	Portugal	Miscellaneous Capital Goods	3.1	18
Liebherr-Stavebnà Stroje Cz. s.r.o.	Subsidiary	Popuvky u Brna	Czech Republic	Miscellaneous Capital Goods
Liebherr-România S.R.L.	Subsidiary	Bucharest	Romania	Miscellaneous Capital Goods
PT Liebherr-Indonesia Perkasa	Subsidiary	Balikpapan	Indonesia	Miscellaneous Capital Goods
Liebherr Brasil Ltda	Subsidiary	Guaratinguetá , São Paulo	Brazil	Miscellaneous Capital Goods
Liebherr-Aerospace Nizhny Novgorod	Subsidiary	Dzerzhinsk	Russian Federation	Aerospace and Defense
Liebherr-Nizhny Novgorod, LLC	Subsidiary	Dzerzhinsk	Russian Federation	Miscellaneous Capital Goods
Liebherr-Polska Sp. z o.o.	Subsidiary	Mikolow	Poland	Miscellaneous Capital Goods
Liebherr Chile S.A.	Subsidiary	Las Condes	Chile	Miscellaneous Capital Goods
Liebherr ÉpÃtöipari-Gépek	Subsidiary	Györ	Hungary	Miscellaneous Capital Goods
Liebherr India Private Limited	Subsidiary	Navi Mumbai	India	Miscellaneous Capital Goods
Liebherr Mobile Cranes Korea Ltd.	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Capital Goods
Liebherr Makine Ticaret Servis	Subsidiary	Istanbul	Turkey	Miscellaneous Capital Goods

Executive report

Board of Directors

Name	Title	Function
Henning Rapp	Vorsitzender	Chairman
Rolf Ebe	Member of the board of directors	Director/Board Member

Executives

Name	Title	Function
Christoph Kleiner	Managing director	Managing Director
Ulrich Hamme	Manager	Administration Executive
Hubert Hummel	Manager	Administration Executive
Mario Trunzer	Manager	Administration Executive
Robert Bausch	Executive	Other

Annual Profit & Loss

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.719047	0.683679	0.730637
Consolidated	No	No	No
Total income	2,288.8	2,326.9	1,796.1
Raw materials and services	1,414.2	1,548.2	1,132.7
Net sales	2,288.8	2,326.9	1,796.1
Change in stock	30.6	124.8	45.9
Own work capitalised	0.3	1.2	-
Other operating income	21.0	31.9	36.7
Raw materials and consumables employed	1,414.2	1,548.2	1,132.7
Other external charges	109.6	114.5	67.9
Cost of goods sold	1,523.8	1,662.7	1,200.6
Cost of raw materials	1,523.8	1,662.7	1,200.6
Taxes and social security costs	38.2	39.7	34.9
Total payroll costs	233.0	233.4	203.1
Fixed asset depreciation and amortisation	19.2	16.6	14.1
Other operating costs	398.3	422.7	351.5
Net operating income	365.6	360.8	285.1
Interest received from loans	22.0	3.5	5.0
Other income	0.9	1.5	1.8
Interest payable on loans	6.7	14.6	6.2
Other expenses	-	0.1	-
Total expenses	-16.1	9.7	-0.6
Profit before tax	381.7	351.0	285.7
Provisions	212.4	213.9	169.6
Other taxes	0.5	0.4	0.4
Total taxation	103.6	99.8	105.1
Net profit	277.6	250.8	180.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	EUR	EUR	EUR
ExchangeRate	0.696986	0.719399	0.683971
Consolidated	No	No	No
Issued capital	107.6	104.3	109.7
Other reserves	107.6	-	-
Total reserves	107.6	-	-
Profits for the year	456.2	421.7	324.4
Total stockholders equity	671.4	525.9	434.0
Deferred taxation	31.9	26.3	16.3
Other provisions	178.0	168.4	156.4
Provision for pensions	9.2	8.6	8.6
Provisions and allowances	219.1	203.3	181.2
Other debentures	29.0	30.1	7.6
Trade accounts payable	0.2	-	-
Taxes and social security	0.0	-	-
Total long-term liabilities	29.2	30.1	7.6
Trade creditors	104.6	154.3	123.0
Other loans	46.7	12.5	10.7
Taxation and social security	21.1	14.4	5.2
Due to group companies	38.4	150.4	88.9
Total current liabilities	210.7	331.6	227.7
Total liabilities (including net worth)	1,130.5	1,090.9	850.5
Patents	1.0	0.8	0.9
Intangibles	1.0	0.8	0.9
Land and buildings	123.8	113.6	80.2
Machinery and tools	33.0	25.8	15.5
Fixtures and equipment	123.8	113.6	80.2
Fixed assets under construction	37.3	16.2	26.4
Total tangible fixed assets	217.3	175.9	138.2
Long-term investments	1.4	1.4	5.6
Shares held in associated companies	35.5	34.4	32.0
Participating interest	0.0	0.0	0.0
Total financial assets	36.9	35.8	37.6
Total non-current assets	255.2	212.4	176.7
Net stocks and work in progress	578.5	592.9	427.8
Trade debtors	99.9	139.6	130.2
Other receivables	16.2	31.9	20.5
Total receivables	283.9	276.2	197.9
Owing from associated companies	167.7	104.7	47.2
Cash and liquid assets	7.2	4.6	45.1
Marketable securities	5.3	3.7	2.6
Short-term investments	5.3	3.7	2.6
Total current assets	874.8	877.4	673.3
Prepaid expenses and deferred costs	0.5	1.1	0.5
Total assets	1,130.5	1,090.9	850.5

Annual Ratios

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No
Current ratio	41.51	26.46	29.57
Acid test ratio	14.06	8.58	10.78
Total liabilities to net worth	0.04%	0.07%	0.05%
Net worth to total assets	0.06%	0.05%	0.05%
Current liabilities to net worth	0.03%	0.06%	0.05%
Current liabilities to stock	0.04%	0.06%	0.05%
Fixed assets to net worth	0.04%	0.04%	0.04%
Collection period	153.00	230.00	248.00
Stock turnover rate	2.45	2.68	2.23
Profit margin	0.01%	0.01%	0.01%
Return on assets	0.03%	0.02%	0.02%
Shareholders' return	0.04%	0.05%	0.04%
Sales per employee	61.45	61.66	54.23
Profit per employee	7.45	6.65	5.44
Average wage per employee	6.26	6.18	6.13
Net worth	671.4	525.9	434.0
Number of employees	2,678	2,580	2,420

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.89
UK Pound	1	Rs.77.31
Euro	1	Rs.67.79

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.