MIRA INFORM REPORT

Report Date :

22.06.2012

IDENTIFICATION DETAILS

Name :	M. BRAUN-INERTGAS-SYSTEME GMBH
Registered Office :	Dieselstrasse 31, Garching B. Munchen, 85748
Country :	Germany
Financials (as on) :	31.12.2006
Date of Incorporation :	13.07.1976
Com. Reg. No.:	51084
Legal Form :	Private Subsidiary Company
Line of Business :	manufacture of electronic instruments and appliances for measuring, checking, testing, navigating and other purposes
No. of Employees :	102

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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

M. Braun-Inertgas-Systeme GmbH

Dieselstrasse 31

Garching B. MUnchen, 85748

Germany

Tel: (49) 89326690

Fax: (49) 8932669105

Web: www.mbraun.de

synthesis

Employees: 102

Company Type: Private Subsidiary

Corporate Family: 83 Companies

Ultimate Parent: Indus Holding AG

Incorporation Date: 13-Jul-1976

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2006

Reporting Currency: Euro

Annual Sales: NA

Total Assets: 13.4

Business Description

M. Braun Inertgas-Systeme GmbH is primarily engaged in manufacture of electronic instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment; and manufacture of non-electronic instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment.

Industry

Industry Scientific and Technical Instruments

ANZSIC 2006: 2419 - Other Professional and Scientific Equipment Manufacturing

NACE 2002: 3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating

and other purposes, except industrial process control equipment

NAICS 2002: 339111 - Laboratory Apparatus and Furniture Manufacturing

UK SIC 2003: 3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating

and other purposes, except industrial process control equipment

US SIC 1987: 3821 - Laboratory Apparatus and Furniture

Key Executives

Name	Title
Martin Reinelt	CEO
Johannes Schmidt	Executive Director
Gerd Friedemann	Director-Sales & Services
Peter Marschollek	Manager-Training

Registered No.(DEU): 51084

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7969794

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7583513

Corporate Overview

Location

Dieselstrasse 31

Garching B. MUnchen, 85748

Germany

Tel: (49) 89326690

Fax: (49) 8932669105

Web: www.mbraun.de

Sales EUR(mil): NA

Assets EUR(mil): 10.2

Employees: 102

Fiscal Year End: 31-Dec-2006

Industry: Scientific and Technical Instruments

Incorporation Date: 13-Jul-1976

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(DEU): 51084

CEO : Martin Reinelt

Contents

Industry Codes

Business Description

Financial Data

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2419 - Other Professional and Scientific Equipment Manufacturing

NACE 2002 Codes:

3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

NAICS 2002 Codes:

339111 - Laboratory Apparatus and Furniture Manufacturing

US SIC 1987:

3821 - Laboratory Apparatus and Furniture

UK SIC 2003:

3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

Business Description

Glovebox Equipment Mfr

More Business Descriptions

M. Braun Inertgas-Systeme GmbH is primarily engaged in manufacture of electronic instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment; and manufacture of non-electronic instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment.

Engineering Services

Financial Data

Financials in:	EUR(mil)
Assets:	10.2
Current Assets:	9.5
Total Liabilities:	10.2
Issued Capital:	1.0
Net Worth:	1.9
Date of Financial Data:	31-Dec-2006

1 Year Growth

NA

Subsidiaries

Company	Percentage Owned	Country
M. Braun Inc.		United States of America
M. Braun Inertgas-Systeme (Shanghai) Co. Ltd.		Peoples Republic of China
Mecalab - M. Braun AG		Switzerland

Key Corporate Relationships

Bank:	UniCredit Bank - HypoVereinsbank, Deutsche Bank

Corporate Family	Corporate Structure News:
	Indus Holding AG M. Braun-Inertgas-Systeme GmbH
M. Braun-Inertgas-Systeme GmbH Total Corporate Family Members: 83

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Indus Holding AG	Parent	Bergisch Gladbach	Germany	Auto and Truck Parts	1,564.4	6,885
Köster GmbH	Subsidiary	OsnabrUck, Niedersachsen	Germany	Construction Services	495.6	1,000
Recently acquired (previously owned by Köster Ag).See corporate structure news on Indus Holding AG for details
Wiemer & Trachte GmbH	Subsidiary	Dortmund, Nordrhein-Westfalen	Germany	Engineering Consultants	394.3	1,090
gedi - Gesellschaft fUr Dienstleistungen mbH	Subsidiary	Dortmund, Nordrhein-Westfalen	Germany	Engineering Consultants		50
SELZER Fertigungstechnik GmbH & Co. KG.	Subsidiary	Driedorf, Hessen	Germany	Auto and Truck Parts	1.0	500
Selzer Systemtechnik GmbH	Subsidiary	Driedorf, Hessen	Germany	Miscellaneous Fabricated Products		64
WIESAUPLAST Kunststoff und Formenbau GmbH & Co. KG.	Subsidiary	Wiesau, Bayern	Germany	Chemicals - Plastics and Rubber		350
Wiesauplast De México, S. De R.L. De C.V.	Subsidiary	San Jose Iturbide, Guanajuato	Mexico	Fabricated Plastic and Rubber		123
S.M.A.Metalltechnik GmbH & Co. KG.	Subsidiary	Backnang, Baden-WUrttemberg	Germany	Auto and Truck Parts		350
Sma Engineering South Africa (Pty) Ltd	Subsidiary	East London, Eastern Cape	South Africa	Textiles - Non Apparel		243
Ofa Bamberg GmbH	Subsidiary	Bamberg, Bayern	Germany	Medical Equipment and Supplies	65.4	315
Helmut RUBSAMEN GmbH & Co. KG.	Subsidiary	Bad Marienberg (Westerwald), Rheinland-Pfalz	Germany	Appliance and Tool		230
M. Braun-Inertgas-Systeme GmbH	Subsidiary	Garching B. MUnchen, Bayern	Germany	Scientific and Technical Instruments		190
M. Braun Incorporated	Subsidiary	Stratham, NH	United States	Miscellaneous Capital Goods	9.7	50
M. Braun Inertgas Systems (Shanghai) Co. Ltd.	Subsidiary	Shanghai	China	Miscellaneous Capital Goods		20
M. Braun UK Ltd	Subsidiary	Mansfield	United Kingdom	Miscellaneous Capital Goods	0.8	3
Mecalab-M. Braun AG	Subsidiary	Wittenbach	Switzerland	Scientific and Technical Instruments
BETEK Bergbau- und Hartmetalltechnik Karl-Heinz Simon GmbH & Co. KG.	Subsidiary	Aichhalden, Baden-WUrttemberg	Germany	Metal Mining	75.0	180
HAKAMA AG	Subsidiary	Battwil, Solothurn	Switzerland	Iron and Steel		170
Bacher AG	Subsidiary	Reinach, Basle Country	Switzerland	Engineering Consultants		150
NEUTRASOFT Systeme GmbH & Co. KG	Subsidiary	Greven, Nordrhein-Westfalen	Germany	Software and Programming		150
WEIGAND Bau GmbH.	Subsidiary	Bad Königshofen I. Grabfeld, Bayern	Germany	Construction Services		150
Wilken Neutrasoft GmbH	Subsidiary	Greven, Nordrhein-Westfalen	Germany	Software and Programming		150
IMECO Einwegprodukte GmbH & Co. KG Vliesstoffvertrieb	Subsidiary	Hösbach, Bayern	Germany	Textiles - Non Apparel		148
Imakon Sp Z O O	Subsidiary	Luban	Poland	Medical Equipment and Supplies	1.6	100
apos GmbH & Co. KG	Subsidiary	Hösbach, Bayern	Germany	Textiles - Non Apparel	10.4	40
HORN GmbH & Co. KG.	Subsidiary	Flensburg, Schleswig-Holstein	Germany	Miscellaneous Capital Goods		120
Deutsche Tecalemit 2000 Gmbh & Co.	Subsidiary	Bielefeld	Germany	Miscellaneous Capital Goods	1.0
Pneumatic Components (Holdings) Ltd.	Subsidiary	Doncaster	United Kingdom	Nonclassifiable Industries
Recently acquired (previously owned by Rubicon Partners Industries LLP).See corporate structure news on Indus Holding AG for details
Pneumatic Components Ltd.	Subsidiary	Sheffield	United Kingdom	Miscellaneous Fabricated Products	15.2	82
OBUK Hausturfullungen GmbH & Co. KG.	Subsidiary	Oelde, Nordrhein-Westfalen	Germany	Construction - Supplies and Fixtures		110
REMKO GmbH & Co. KG Klima- und Warmetechnik	Subsidiary	Lage, Nordrhein-Westfalen	Germany	Miscellaneous Capital Goods	36.4	100
FS Kunststofftechnologie GmbH & Co. KG.	Subsidiary	Reichshof, Nordrhein-Westfalen	Germany	Construction - Raw Materials		100
B & F Formulier- und AbfUll GmbH & Co. KG	Subsidiary	Reichshof, Nordrhein-Westfalen	Germany	Miscellaneous Financial Services	40.0	20
EVT Dichtstoffe GmbH	Subsidiary	Stuttgart	Germany	Chemical Manufacturing	1.0
HAUFF-TECHNIK GmbH & Co. KG.	Subsidiary	Herbrechtingen, Baden-WUrttemberg	Germany	Containers and Packaging		100
IPETRONIK GmbH & Co. KG.	Subsidiary	Baden-Baden, Baden-WUrttemberg	Germany	Scientific and Technical Instruments		100
REMKO GmbH & Co. KG	Subsidiary	Lage	Germany	Construction Services	29.6	96
BILSTEIN & SIEKERMANN GmbH + Co. KG.	Subsidiary	Hillesheim, Rheinland-Pfalz	Germany	Miscellaneous Fabricated Products		90
Konrad SCHAFER GmbH.	Subsidiary	OsnabrUck, Niedersachsen	Germany	Miscellaneous Fabricated Products		90
Schäfer Modell- und Formenbau GmbH & Co. KG	Subsidiary	MUhlhausen/ThUringen, ThUringen	Germany	Miscellaneous Capital Goods		40
Emil Fichthorn Metallwarenfabrik GmbH & Co. KG	Subsidiary	Schwelm, Nordrhein-Westfalen	Germany	Miscellaneous Fabricated Products		85
ASS Maschinenbau GmbH.	Subsidiary	Overath, Nordrhein-Westfalen	Germany	Aerospace and Defense		81
BETOMAX Kunststoff- und Metallwarenfabrik GmbH & Co. KG.	Subsidiary	Neuss, Nordrhein-Westfalen	Germany	Construction - Raw Materials		80
KIEBACK GmbH & Co. KG.	Subsidiary	OsnabrUck, Niedersachsen	Germany	Miscellaneous Capital Goods		80
Maschinenfabrik BERNER GmbH & Co. KG.	Subsidiary	Bischofsheim A.D.Rhön, Bayern	Germany	Scientific and Technical Instruments		75
Karl SIMON GmbH & Co. KG.	Subsidiary	Aichhalden, Baden-WUrttemberg	Germany	Chemical Manufacturing		70
Akor GrundstUcksverwaltungsgesellschaft mbH & Co. Vermietungs KG	Subsidiary	Mainz-Kastel, Hessen	Germany	Real Estate Operations	0.9	4
BETEK-Bergbau- & Hartmetalltechnik	Subsidiary	Aichhalden	Germany	Engineering Consultants
NISTERHAMMER Maschinenbau GmbH & Co. KG	Subsidiary	Nister, Rheinland-Pfalz	Germany	Construction and Agriculture Machinery		70
Schuster Klima LUftung GmbH & Co. KG	Subsidiary	Friedberg, Bayern	Germany	Construction Services	14.8	65
Anneliese KOSTER GmbH & Co. KG.	Subsidiary	Ennepetal, Nordrhein-Westfalen	Germany	Construction and Agriculture Machinery		65
WEINISCH GmbH & Co. KG.	Subsidiary	Oberviechtach, Bayern	Germany	Chemical Manufacturing		64
WVF Werkseug-, Formen-	Subsidiary	Lampertheim-HUttenfeld	Germany	Business Services	13.3	62
AURORA Konrad G. Schulz GmbH & Co. KG.	Subsidiary	Mudau, Baden-WUrttemberg	Germany	Construction Services		60
MIKROP AG.	Subsidiary	Wittenbach	Switzerland	Fabricated Plastic and Rubber		55
SITEK-Spikes GmbH & Co. KG.	Subsidiary	Aichhalden, Baden-WUrttemberg	Germany	Construction - Supplies and Fixtures	21.0	51
Rebo Plastic GmbH & Co Kommanditgesellschaft	Subsidiary	Kalletal, Nordrhein-Westfalen	Germany	Fabricated Plastic and Rubber		51
MEWESTA Hydraulik GmbH & Co. KG	Subsidiary	MUnsingen, Baden-WUrttemberg	Germany	Miscellaneous Fabricated Products		50
VULKAN INOX GmbH.	Subsidiary	Hattingen, Nordrhein-Westfalen	Germany	Iron and Steel		50
Cym Materiales S.A.	Subsidiary	Santa Fe	Argentina	Miscellaneous Fabricated Products	1.0	55
Blastmaster Pty. Ltd.	Subsidiary	Adelaide, SA	Australia	Miscellaneous Fabricated Products		40
Metimpex Sp. z.o.o.	Subsidiary	Krakow	Poland	Miscellaneous Fabricated Products		12
Sonnimax A.S	Subsidiary	Middelfart	Denmark	Miscellaneous Capital Goods	0.0	7
Metalltechnik (UK) Ltd.	Subsidiary	Kidderminster	United Kingdom	Miscellaneous Capital Goods	4.2	6
Kinsei Matec Co., Ltd.	Subsidiary	Osaka	Japan	Construction - Supplies and Fixtures
Sirikul Engineering Ltd. Part.	Subsidiary	Phra Pradaeng, Samutprakarn	Thailand	Miscellaneous Fabricated Products
In & Out ST Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Fabricated Products
Syntech Distributors Ltd.	Subsidiary	Auckland	New Zealand	Miscellaneous Fabricated Products
PLANETROLL GmbH & Co. KG.	Subsidiary	Munderkingen, Baden-WUrttemberg	Germany	Miscellaneous Fabricated Products		40
WFV Werkzeug- Formen- und Vorrichtungsbau GmbH & Co. KG.	Subsidiary	Lampertheim, Hessen	Germany	Iron and Steel		37
TSN Turmbau Steffens & Nolle GmbH.	Subsidiary	Berlin, Berlin	Germany	Construction Services		35
tomcast GmbH Antennenanlagen	Subsidiary	Essenbach, Bayern	Germany	Communications Equipment		16
SEMET Maschinenbau GmbH & Co. KG.	Subsidiary	Brackenheim, Baden-WUrttemberg	Germany	Miscellaneous Capital Goods		30
RI MAC Maschinen & Anlagen GmbH	Subsidiary	Mauer, Baden-WUrttemberg	Germany	Construction and Agriculture Machinery		50
GSR Ventiltechnik GmbH & Co. KG.	Subsidiary	Vlotho, Nordrhein-Westfalen	Germany	Miscellaneous Fabricated Products		20
Buschjost Magnetventile GmbH & Co. KG	Subsidiary	Vlotho, Nordrhein-Westfalen	Germany	Appliance and Tool		10
MIGUA 1. Beteiligungsgesellschaft mbH	Subsidiary	WUlfrath, Nordrhein-Westfalen	Germany	Consumer Financial Services		2
MIGUA Fugensysteme GmbH & Co. KG.	Subsidiary	WUlfrath, Nordrhein-Westfalen	Germany	Construction - Supplies and Fixtures		30
SIKU GmbH.	Subsidiary	Rickenbach, Zurich	Switzerland	Miscellaneous Capital Goods
REBOPLASTIC GmbH & Co. KG.	Subsidiary	Kalletal, Nordrhein-Westfalen	Germany	Chemicals - Plastics and Rubber
ALUCOLOR Dr.-Ing.Richard Heim GmbH	Subsidiary	HUrth-Efferen	Germany	Engineering Consultants
SCHUSTER Klima Luftung GmbH & Co. KG.	Subsidiary	Friedberg	Germany	Construction Services

Executive report

Executives

Name	Title	Function
Martin Reinelt	CEO	Chief Executive Officer
Johannes Schmidt	Executive Director	Chief Executive Officer
Peter Marschollek	Manager-Training	Training Executive
Gerd Friedemann	Director-Sales & Services	Customer Service Executive

Annual Profit & Loss

	31-Dec-2006	31-Dec-2005
Period Length	12 Months	12 Months
Filed Currency	EUR	EUR
Exchange Rate (Period Average)	0.796979	0.804541
Consolidated	No	No
Taxes and social security costs	1.2	1.1
Total payroll costs	7.3	7.0
Fixed asset depreciation and amortisation	0.2	0.2
Other operating costs	11.6	12.6
Net operating income	4.5	4.8
Interest received from loans	1.1	0.8
Other income	0.2	0.1
Interest payable on loans	0.1	0.0
Other expenses	0.2	0.1
Total expenses	-1.0	-0.8
Profit before tax	5.5	5.5
Provisions	3.7	3.2
Total taxation	1.7	1.8
Net profit	3.8	3.7

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2006	31-Dec-2005
Filed Currency	EUR	EUR
Exchange Rate	0.758351	0.847781
Consolidated	No	No
Issued capital	1.3	1.2
Capital reserves	0.8	0.7
Total reserves	0.3	0.3
Profits for the year	0.1	-
Profit brought forward from previous year(s)	0.1	-
Total stockholders equity	2.5	2.2
Provisions and allowances	3.9	3.0
Other loans	-	0.0
Taxation and social security	5.7	2.3
Due to group companies	0.1	-
Owing to participants	1.3	5.1
Total current liabilities	7.0	7.4
Total liabilities (including net worth)	13.4	12.6
Other intangibles	0.1	0.1
Intangibles	0.1	0.1
Land and buildings	0.1	0.1
Machinery and tools	0.1	0.1
Fixtures and equipment	0.1	0.1
Total tangible fixed assets	0.4	0.4
Shares held in associated companies	0.3	0.2
Total financial assets	0.3	0.2
Total non-current assets	0.8	0.7
Net stocks and work in progress	3.5	3.1
Other receivables	3.9	6.3
Total receivables	6.7	7.7
Owing from associated companies	2.8	1.4
Cash and liquid assets	2.3	1.0
Total current assets	12.5	11.9
Prepaid expenses and deferred costs	0.0	0.1
Total assets	13.4	12.6

Annual Ratios

Financials in: USD (mil)

	31-Dec-2006	31-Dec-2005
Period Length	12 Months	12 Months
Filed Currency	EUR	EUR
Exchange Rate	0.758351	0.847781
Consolidated	No	No
Current ratio	17.78	16.04
Acid test ratio	12.80	11.82
Total liabilities to net worth	0.28%	0.34%
Net worth to total assets	0.02%	0.02%
Current liabilities to net worth	0.28%	0.34%
Current liabilities to stock	0.20%	0.24%
Fixed assets to net worth	0.03%	0.03%
Return on assets	0.03%	0.03%
Shareholders' return	0.16%	0.16%
Profit per employee	2.99	-
Average wage per employee	5.69	-
Net worth	2.5	2.2
Number of employees	102	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.42
UK Pound	1	Rs.88.45
Euro	1	Rs.71.52

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.