MIRA INFORM REPORT

Report Date :

08.12.2012

IDENTIFICATION DETAILS

Name :	AERZENER MASCHINENFABRIK GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG
Registered Office :	Reherweg 28, D 31855 Aerzen, Post Box 1163
Country :	Germany
Year of Establishment :	1864
Com. Reg. No.:	HRB 100013
Legal Form :	Private Limited Company
Line of Business :	Manufacturer of other general-purpose machinery
No. of Employees :	1,615 employees

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 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Germany	A1	A1

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

germany - ECONOMIC OVERVIEW

The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in 2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to rebounding manufacturing orders and exports - increasingly outside the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a reflection of the worsening euro-zone financial crisis and the financial burden it places on Germany as well as falling demand for German exports. Domestic demand is therefore becoming a more significant driver of Germany's economic expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its energy and 46% of its base-load electrical production.

Source : CIA

Company name

Aerzener Maschinenfabrik Gesellschaft mit beschränkter Haftung

Company address

Reherweg 28

D 31855 Aerzen

Post Box: 1163

Telephone: 05154/810

Telefax: 05154/81191

Homepage: www.aerzener.de

E-mail: info@aerzener.de

Company Status: active

VAT no

DE115443935

Synthesis

LEGAL FORM Private limited company

Date of foundation: 1864

Registered on: 16.04.1907

Commercial Register: Local court 30175 Hannover

under: HRB 100013

Share capital: EUR 10,241,000.00

Shareholder

Klaus-Hasso Heller

D 31855 Aerzen

born: 26.09.1967

Share: EUR 3,580,500.00

Shareholder:

Katrin Normann

D 20095 Hamburg

Share: EUR 3,580,500.00

Shareholder:

Hasso Heller

Berliner Ring 22

D 31855 Aerzen

born: 29.03.1935

Share: EUR 2,977,700.00

Shareholder:

Karin Heller

Berliner Ring 22

D 31855 Aerzen

née: Opitz

Share: EUR 102,300.00

Manager

Klaus-Hasso Heller

D 31855 Aerzen

having sole power of representation

born: 26.09.1967

Manager:

Bernd Wöhlken

D 31785 Hameln

born: 16.10.1961

Manager:

Björn Irtel

Eckermannstr. 13

D 31785 Hameln

born: 26.10.1964

Proxy

Heinrich Böker

D 31848 Bad Münder

Proxy:

Hildebrandt

Keßlerstr. 71

D 31134 Hildesheim

authorized to jointly represent the company

born: 21.02.1964

Proxy:

Claudia Beckert

D 31848 Bad Münder

authorized to jointly represent the company

born: 06.07.1960

Proxy:

Klaus Grote

D 32791 Lage

authorized to jointly represent the company

born: 10.01.1956

Further functions/participations of Klaus-Hasso Heller (Manager)

Manager:

Emmerthaler Apparatebau GmbH

Langes Feld 4

D 31860 Emmerthal

Post Box:

1280, D 31857 Emmerthal

Legal form: Private limited company

Share capital: EUR 1,789,521.59

Registered

on: 15.02.1982

Reg. data: 30175 Hannover, HRB 100177

Manager:

RKR Gebläse und Verdichter GmbH

Braasstr. 16

D 31737 Rinteln

Legal form: Private limited company

Share capital: EUR 1,000,000.00

Registered

on: 17.03.2003

Reg. data: 31655 Stadthagen, HRB 2356

Manager:

Aerzen International Sales GmbH

Reherweg 28

D 31855 Aerzen

Legal form: Private limited company

Share capital: EUR 3,780,800.00

Registered

on: 29.02.2000

Reg. data: 30175 Hannover, HRB 100852

Manager:

Aerzen Systems GmbH

Ernst-Grote-Str. 23

D 30916 Isernhagen

Legal form: Private limited company

Share capital: EUR 100,000.00

Registered

on: 26.05.2009

Reg. data: 30175 Hannover, HRB 204231

Further functions/participations of Bernd Wöhlken (Manager)

Manager:

Aerzen International Sales GmbH

Reherweg 28

D 31855 Aerzen

Legal form: Private limited company

Share capital: EUR 3,780,800.00

Registered

on: 29.02.2000

Reg. data: 30175 Hannover, HRB 100852

BUSINESS ACTIVITIES

Sectors

28290 Manufacture of other general-purpose machinery

4669 Wholesale of other machinery, equipment and supplies

BRANCHES AND FACTORIES

Branch:

Aerzener Maschinenfabrik GmbH

Taubenstr. 12

D 42551 Velbert

TEL.: 02051/9854-0

FAX.: 02051/9854-18

Branch:

Aerzener Maschinenfabrik GmbH

Friedrichstr. 126

D 06886 Lutherstadt Wittenberg

PARTICIPATIONS

Shareholder:

Aerzen International Sales GmbH

Reherweg 28

D 31855 Aerzen

Legal form: Private limited company

Company Status: active

Share capital: EUR 3,780,800.00

Share: EUR 3,780,800.00

Reg. data: 29.02.2000

Local court 30175 Hannover

HRB 100852

Shareholder:

Emmerthaler Apparatebau GmbH

Langes Feld 4

D 31860 Emmerthal

Post Box:

1280

Legal form: Private limited company

Company Status: active

Share capital: EUR 1,789,521.59

Share: EUR 1,789,521.59

Reg. data: 15.02.1982

Local court 30175 Hannover

HRB 100177

FINANCIAL INFORMATION

Payment experience: cash discount/within agreed terms

Negative information: We have no negative information at hand.

REAL ESTATE

Type of ownership: Tenant

Address Reherweg 28

D 31855 Aerzen

Land register documents were not available.

BANKERS

Principal bank

COMMERZBANK, HAMELN

Sort. code: 25440047, BIC: COBADEFF254

Further banks

UNICREDIT BANK - HYPOVEREINSBANK, HANNOVER

Sort. code: 20030000, BIC: HYVEDEMM300

VOLKSBANK AERZEN, AERZEN

Sort. code: 25491273, BIC: GENODED1AEZ

SPARKASSE WESERBERGLAND, HAMELN

Sort. code: 25450110, BIC: NOLADE21SWB

FINANCIAL FIGURES

Financial year: 01.01. - 31.12.

Turnover: 2010 EUR 278,222,578.00

Profit: 2010 EUR 85,504,252.00

Share capital: EUR 10,241,000.00

Employees: 1,615

- thereof permanent staff: 1,615

The aforementioned business figures may partly be estimated information based on average values in the line of business.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.20
UK Pound	1	Rs.86.99
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

MNL

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.