MIRA INFORM REPORT

Report Date :

27.12.2013

IDENTIFICATION DETAILS

Name :	GEA BATIGNOLLES TECHNOLOGIES THERMIQUES SAS
Registered Office :	25 rue du Ranzai, BP 21515, Nantes, 44300
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	15.01.1985
Com. Reg. No.:	331531574
Legal Form :	Private Subsidiary
Line of Business :	Manufacture of air fin coolers for the oil, gas and petrochemical industries, vaccuum steam condensers for refuse incineration and co-generation plants and auxiliary coolers for power plants and large air-conditionning units
No. of Employees :	283

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
France	A1	A1

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

FRANCE - ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 79 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011, before stagnating in 2012. The unemployment rate increased from 7.4% in 2008 to 10.3% in 2012. Youth unemployment shot up to 24.2% during the third quarter of 2012 in metropolitan France. Lower-than-expected growth and high unemployment costs have strained France's public finances. The budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.8% of GDP in 2012, while France's public debt rose from 68% of GDP to 90% over the same period. Under President SARKOZY, Paris implemented some austerity measures to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt. Socialist Party candidate Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, and hiring an additional 60,000 teachers during his five-year term. The government's attempt to introduce a 75% wealth tax on income over one million euros for two years was struck down by the French Constitutional Council in December 2012 because it applied to individuals rather than households. France ratified the EU fiscal stability treaty in October 2012 and HOLLANDE's government has maintained France's commitment to meeting the budget deficit target of 3% of GDP during 2013 even amid signs that economic growth will be lower than the government's forecast of 0.8%. Despite stagnant growth and fiscal challenges, France's borrowing costs declined during the second half of 2012 to euro-era lows.

Source : CIA

Company name & address

GEA BATIGNOLLES TECHNOLOGIES THERMIQUES SAS

25 rue du Ranzai
BP 21515
Nantes, 44300
France
Tel:	+33 02 40 68 24 24
Fax:	+33 02 40 50 51 05
www.btt-nantes.com

Employees:	283
Company Type:	Private Subsidiary
Corporate Family:	430 Companies
Ultimate Parent:	GEA Group Aktiengesellschaft
Incorporation Date:	15-Jan-1985

Financials in:	As Reported (mil) As Reported (000) USD (mil) USD (000) GBP (mil) GBP (000) EUR (mil) EUR (000)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Euro
Annual Sales:	90.7
Total Assets:	136.2

Business Description

GEA Batignolles Technologies Thermiques S.A.S. manufactures Air cooled heat exchangers. It delivers over 2500 bundles of process aircoolers from its three factories in France, China and Qatar. The company manufactures two types of Air Cooled Heat Exchangers: Direct Dry cooling through AFCs, Air Fin Coolers, and Direct Dry Condensing through ACCs, Air Cooled Condensers. The services offered by the company include technology services, artservices, customer support services, airflowservices, and field services. BTT's Aircooled Vacuum Steam Condensers are used in oil and gas applications in petrochemical industry. The company's markets include Gas GTL (gas to liquid), Gas LNG (liquid natural gas), petrochemical plants / methanol plants and energy power generation. The company has plans to install GEA Condensers in new industrial power plants as well as in a power plant for the public power supply. One of these industrial power plants will have a capacity of 4 x 1100 MW, which will represent a large power plant of one of its block when it will operate in 2015. BTT is a subsidiary of GEA Group. It is headquartered in Ranzai, France.

Industry

Industry	Motor Vehicle Parts Manufacturing
ANZSIC 2006:	2452 - Fixed Space Heating, Cooling and Ventilation Equipment Manufacturing
ISIC Rev 4:	2819 - Manufacture of other general-purpose machinery
NACE Rev 2:	2825 - Manufacture of non-domestic cooling and ventilation equipment
NAICS 2012:	336390 - Other Motor Vehicle Parts Manufacturing
UK SIC 2007:	2825 - Manufacture of non-domestic cooling and ventilation equipment
US SIC 1987:	3585 - Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment

Key Executives

Name	Title
Jean Pierre Pasquereau	CEO
Philippe Emmannuel Piron	President
Alain Dussart	Director
Olivier Bugeaud	Purchase manager
Violaine Chavanel	Deputy Manager-HR Development

News

Title	Date
Qatar : QATAR SHELL signs deals with 3 firms Mena Report (414 Words)	14-Dec-2013
Qatar Shell 'senses good business' in support for SMEs with supply deals Gulf Times (Doha, Qatar) (440 Words)	12-Dec-2013
Qatar Shell Signs Three More Local Companies to the Pearl GTL Plant Supply Chain Islamic Finance News (Kuala Lumpur, Malaysia) (717 Words)	12-Dec-2013
US Patent Issued to GEA Batignolles Technologies Thermiques on Feb. 19 for "Heat Exchanger Comprising Tubes with Grooved Fins" (French Inventors) U.S. Fed News (205 Words)	25-Feb-2013

Registered No.(FRA): 331531574

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location
25 rue du Ranzai
BP 21515
Nantes, 44300
France

Tel:	+33 02 40 68 24 24
Fax:	+33 02 40 50 51 05

www.btt-nantes.com

Sales EUR(mil):	65.3
Assets EUR(mil):	104.9
Employees:	283
Fiscal Year End:	31-Dec-2011

Industry:	Miscellaneous Capital Goods

Incorporation Date:	15-Jan-1985
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Previous Name:	Batignolles Technologies Thermiques SAS
Registered No.(FRA):	331531574

CEO:	Jean Pierre Pasquereau

Industry Codes

ANZSIC 2006 Codes:
2452	-	Fixed Space Heating, Cooling and Ventilation Equipment Manufacturing
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified
2451	-	Pump and Compressor Manufacturing

ISIC Rev 4 Codes:
2819	-	Manufacture of other general-purpose machinery
2813	-	Manufacture of other pumps, compressors, taps and valves

NACE Rev 2 Codes:
2825	-	Manufacture of non-domestic cooling and ventilation equipment
2813	-	Manufacture of other pumps and compressors

NAICS 2012 Codes:
336390	-	Other Motor Vehicle Parts Manufacturing
333413	-	Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing
333912	-	Air and Gas Compressor Manufacturing

US SIC 1987:
3585	-	Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment
3564	-	Industrial and Commercial Fans and Blowers and Air Purification Equipment
3563	-	Air and Gas Compressors

UK SIC 2007:
2825	-	Manufacture of non-domestic cooling and ventilation equipment
28132	-	Manufacture of compressors

Business Description

Manufacture of air fin coolers for the oil, gas and petrochemical industries, vaccuum steam condensers for refuse incineration and co-generation plants and auxiliary coolers for power plants and large air-conditionning units

More Business Descriptions

Air Conditioning Equipment Mfr

GEA Batignolles Technologies Thermiques S.A.S. manufactures Air cooled heat exchangers. It delivers over 2500 bundles of process aircoolers from its three factories in France, China and Qatar. The company manufactures two types of Air Cooled Heat Exchangers: Direct Dry cooling through AFCs, Air Fin Coolers, and Direct Dry Condensing through ACCs, Air Cooled Condensers. The services offered by the company include technology services, artservices, customer support services, airflowservices, and field services. BTT's Aircooled Vacuum Steam Condensers are used in oil and gas applications in petrochemical industry. The company's markets include Gas GTL (gas to liquid), Gas LNG (liquid natural gas), petrochemical plants / methanol plants and energy power generation. The company has plans to install GEA Condensers in new industrial power plants as well as in a power plant for the public power supply. One of these industrial power plants will have a capacity of 4 x 1100 MW, which will represent a large power plant of one of its block when it will operate in 2015. BTT is a subsidiary of GEA Group. It is headquartered in Ranzai, France.

Financial Data

Financials in:	EUR(mil)
Revenue:	65.3
Assets:	104.9
Current Assets:	77.4
Total Liabilities:	104.9
Issued Capital:	4.6
Net Worth:	27.3
Date of Financial Data:	31-Dec-2011

1 Year Growth

48.6%

NA

Subsidiaries

Company	Percentage Owned	Country
Gea Airflow Services		France
Gea Batignolles Thermal Technologies (Changshu) Co., Ltd.		Peoples Republic of China

Key Corporate Relationships

Bank:	Societe Generale

Corporate Family

Total Corporate Family Members: 430

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
GEA Group Aktiengesellschaft	Parent	Duesseldorf	Germany	Machinery and Equipment Manufacturing	7,350.1	24,893
GEA Rainey Corporation	Subsidiary	Catoosa, OK	United States	Motor Vehicle Parts Manufacturing	40.0	17,000
GEA Process Engineering N.V.	Subsidiary	Mechelen	Belgium	Machinery and Equipment Manufacturing		5,100
GEA Refrigeration Netherlands NV	Division	's-Hertogenbosch	Netherlands	Motor Vehicle Parts Manufacturing	681.5	3,000
GEA Refrigeration France SAS	Subsidiary	Les Sorinieres	France	Motor Vehicle Parts Manufacturing	98.0	295
GEA FES, Inc.	Subsidiary	York, PA	United States	Motor Vehicle Parts Manufacturing		260
Gea Fes Inc	Branch	Springdale, AR	United States	Appliance Repair and Maintenance	1.9	15
Gea Fes Inc	Branch	Houston, TX	United States	Miscellaneous Wholesale	36.5	11
Gea Fes Inc	Branch	Ceres, CA	United States	Industrial Machinery Repair and Maintenance	1.4	8
FES Southwest Inc	Branch	Shenandoah, TX	United States	Miscellaneous Wholesale	16.6	5
FES Ohio Inc	Branch	Cincinnati, OH	United States	Miscellaneous Wholesale	9.8	4
FES Midwest Inc	Branch	Trout Valley, IL	United States	Miscellaneous Wholesale	9.4	3
FES East LLC	Branch	Lake Hopatcong, NJ	United States	Industrial Machinery Repair and Maintenance	0.3	2
Gea Fes Inc	Branch	St Marys, GA	United States	Appliance Repair and Maintenance	0.1	1
GEA Farm Technologies GmbH	Subsidiary	Bönen, Nordrhein-Westfalen	Germany	Machinery and Equipment Manufacturing		2,000
GEA Farm Technologies New Zealand Limited	Subsidiary	Cambridge	New Zealand	Machinery and Equipment Manufacturing		2,000
FIL Industries	Subsidiary	Mount Maunganui South, 04	New Zealand	Miscellaneous Chemical Manufacturing	1.6	26
Gea Farm Technologies Belgium	Subsidiary	Olen	Belgium	Machinery and Equipment Manufacturing	10.4	32
GEA Farm Technologies Australia Pty. Ltd.	Subsidiary	Melbourne, VIC	Australia	Machinery and Equipment Manufacturing	15.5	24
GEA Farm Technologies CZ, spol. s.r.o.	Subsidiary	Napajedla	Czech Republic	Machinery and Equipment Manufacturing
GEA Farm Technologies Sp. Z o.o.	Subsidiary	Bydgoszcz	Poland	Machinery and Equipment Manufacturing
WestfaliaSurge GmbH	Subsidiary	Bonen	Germany	Machinery and Equipment Manufacturing		2,000
Westfalia-Surge Inc.	Subsidiary	Naperville, IL	United States	Machinery Wholesale		100
Gea Heat Exchangers Ltd.	Subsidiary	Hereford	United Kingdom	Machinery and Equipment Manufacturing	128.4	620
G E A Denco	UK Branch/Trading address	Hemel Hempstead	United Kingdom	Machinery and Equipment Manufacturing	128.4	30
Gea Energietechnik UK Ltd.	Subsidiary	Hereford	United Kingdom	Machinery and Equipment Manufacturing	5.8	3
GEA Process Engineering A/S	Subsidiary	Søborg	Denmark	Machinery and Equipment Manufacturing	248.2	538
GEA Process Engineering S.p.A.	Subsidiary	Segrate, Milan	Italy	Machinery Wholesale	30.0	34
GEA Process Engineering Oy	Subsidiary	Vantaa	Finland	Machinery Wholesale	1.4	4
GEA Food Solutions Germany GmbH	Subsidiary	Osnabrück	Germany	Machinery and Equipment Manufacturing	161.3	510
GEA Convenience Food Technologies B.V.	Subsidiary	Bakel	Netherlands	Machinery and Equipment Manufacturing		450
GEA Procomac S.p.A.	Subsidiary	Sala Baganza, Parma	Italy	Machinery and Equipment Manufacturing	185.0	423
GEA Procomac S.p.A. - Packaging Unit	Unit	Collecchio, Parma	Italy	Machinery and Equipment Manufacturing
GEA Air Treatment GmbH	Subsidiary	Herne, Nordrhein-Westfalen	Germany	Motor Vehicle Parts Manufacturing		410
Gea Searle Ltd.	Subsidiary	Hereford	United Kingdom	Motor Vehicle Parts Manufacturing		375
Searle Manufacturing Co. Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Establishments
GEA Tuchenhagen GmbH	Subsidiary	Büchen, Schleswig-Holstein	Germany	Machinery and Equipment Manufacturing	109.8	360
GEA Tuchenhagen US, LLC	Subsidiary	Portland, ME	United States	Machinery Wholesale		17
Tuchenhagen Do Brasil Ltda.	Subsidiary	Campinas, Sao Paulo	Brazil	Metal Products Manufacturing	1.3	10
GEA CFS International B.V.	Subsidiary	Helmond, Noord-Brabant	Netherlands	Machinery and Equipment Manufacturing		350
Gea Food Solyushnz Rus Zao	Subsidiary	Moscow	Russian Federation	Consulting Services	21.3	304
GEA Brewery Systems GmbH	Subsidiary	Kitzingen, Bayern	Germany	Machinery and Equipment Manufacturing	32.9	340
Gea Protsessny Engineering Ooo	Subsidiary	Moscow	Russian Federation	Specialty Construction Trade Contractors	29.9	42
GEA TDS GmbH	Subsidiary	Sarstedt, Niedersachsen	Germany	Machinery and Equipment Manufacturing		325
ZiAG Plant Engineering GmbH	Subsidiary	Frankfurt am Main	Germany	Machinery and Equipment Manufacturing		310
GEA Houle, Inc.	Subsidiary	Drummondville, QC	Canada	Metal Products Manufacturing	198.2	300
GEA Refrigeration Africa (Pty) Ltd.	Subsidiary	Cape Town	South Africa	Motor Vehicle Parts Manufacturing		300
GEA Batignolles Technologies Thermiques SAS	Subsidiary	Nantes	France	Motor Vehicle Parts Manufacturing	90.7	283
GEA Batignolles Technologies Thermiques Qatar L.L.C.	Subsidiary	Doha	Qatar	Machinery and Equipment Manufacturing		35
Gea Batignolles Thermal Technologies (Changshu) Co., Ltd.	Subsidiary	Changshu, Jiangsu	China	Metal Products Manufacturing	62.2
GEA PHE Systems North America Inc.	Subsidiary	York, PA	United States	Machinery and Equipment Manufacturing		240
GEA POWER COOLING TECHNOLOGY (CHINA) LTD.	Subsidiary	Langfang	China	Motor Vehicle Parts Manufacturing		230
Gea Process Engineering Ltd.	Subsidiary	Warrington	United Kingdom	Machinery and Equipment Manufacturing	86.1	205
GEA EGI Energiagazdálkodási Zrt	Subsidiary	Budapest	Hungary	Machinery Wholesale		203
GEA Mechanical Equipment GmbH	Subsidiary	Oelde	Germany	Machinery and Equipment Manufacturing		200
GEA Westfalia Separator Group GmbH	Subsidiary	Oelde, Nordrhein-Westfalen	Germany	Holding Companies		810
GEA Westfalia Separator Production France SAS	Subsidiary	Chateau-Thierry	France	Machinery and Equipment Manufacturing	80.5	171
GEA Westfalia Separator, Inc.	Subsidiary	Northvale, NJ	United States	Machinery Wholesale	76.0	150
GEA Middle East FZE	Subsidiary	Dubai	United Arab Emirates	Machinery Wholesale		20
GEA Westfalia Separator Ireland Ltd.	Subsidiary	Cork	Ireland	Machinery and Equipment Manufacturing		20
GEA Westfalia Separator do Brasil Industria de Centrifugas Ltda.	Subsidiary	Campinas, SP	Brazil	Machinery and Equipment Manufacturing
GEA Westfalia Separator Argentina S.A.	Subsidiary	Buenos Aires	Argentina	Machinery and Equipment Manufacturing
GEA Westfalia Separator Chile S.A.	Subsidiary	Quilicura, Santiago	Chile	Machinery and Equipment Manufacturing
GEA Westfalia Separator Mexicana S.A. de C.V.	Subsidiary	Jiutepec	Mexico	Machinery and Equipment Manufacturing
GEA Westfalia Separator Deutschland GmbH	Subsidiary	Oelde, Nordrhein-Westfalen	Germany	Machinery and Equipment Manufacturing		90
Gea Westfalia Separator Belgium	Subsidiary	Schoten	Belgium	Machinery and Equipment Manufacturing	17.7	25
Westfalia Separator India Private Limited	Subsidiary	New Delhi, Delhi	India	Machinery Wholesale	3.1
Westfaliasurge Mexicana S.A. De C.V.	Subsidiary	Morelos	Mexico	Machinery Wholesale
GEA Ecoflex GmbH	Subsidiary	Sarstedt, Niedersachsen	Germany	Machinery and Equipment Manufacturing		200
GEA WTT GmbH	Subsidiary	Nobitz	Germany	Motor Vehicle Parts Manufacturing
Gea Heat Exchangers Oy	Subsidiary	Vantaa	Finland	Machinery and Equipment Manufacturing	2.4	5
GEA Wiegand GmbH	Subsidiary	Ettlingen, Baden-Württemberg	Germany	Machinery and Equipment Manufacturing		200
GEA Goedhart B.V.	Subsidiary	Saint Maartensdijk	Netherlands	Motor Vehicle Parts Manufacturing		200
GEA Process Engineering (India) Limited	Subsidiary	Vadodara	India	Machinery and Equipment Manufacturing		200
Gea Process Engineering (India) Private Limited	Branch	Vadodara, Gujarat	India	Rubber and Plastic Product Manufacturing		450
GEA Refrigeration Technology Co., Ltd.	Subsidiary	Beijing	China	Motor Vehicle Parts Manufacturing		200
CFS Kempten GmbH	Subsidiary	Kempten	Germany	Paper Product Manufacturing	61.4	190
GEA Refrigeration Germany GmbH	Subsidiary	Berlin, Berlin	Germany	Motor Vehicle Parts Manufacturing		190
GEA Kuba GmbH	Subsidiary	Baierbrunn, Bayern	Germany	Motor Vehicle Parts Manufacturing		200
GEA AWP GmbH	Subsidiary	Prenzlau, Brandenburg	Germany	Metal Products Manufacturing		110
CFS Slagelse A/S	Subsidiary	Slagelse	Denmark	Machinery and Equipment Manufacturing	45.9	186
GEA Diessel GmbH	Subsidiary	Hildesheim, Niedersachsen	Germany	Electromedical and Control Instruments Manufacturing	38.4	180
Gea Refrigeration UK Ltd.	Subsidiary	Sittingbourne	United Kingdom	Miscellaneous Professional Services	64.8	178
Bliss & Co. Ltd.	Subsidiary	Hereford	United Kingdom	Miscellaneous Professional Services	0.0
GEA Pharma Systems AG	Subsidiary	Bubendorf	Switzerland	Motor Vehicle Parts Manufacturing	6,654.7	175
Gea Pharma Systems Ltd.	Subsidiary	Eastleigh	United Kingdom	Pharmaceutical Manufacturing	0.0	175
G E A Pharma Systems	UK Branch/Trading address	Eastleigh	United Kingdom	Metal Products Manufacturing	0.0	100
Gea Searle Ltd	Subsidiary	Stourbridge,	United Kingdom	Metal Products Manufacturing	0.0	175
Icg [UK] Pension Trustees Ltd.	Subsidiary	Fareham	United Kingdom	Miscellaneous Professional Services
CFS Weert BV	Subsidiary	Weert	Netherlands	Machinery and Equipment Manufacturing		171
GEA Refrigeration Canada Inc	Subsidiary	Richmond Hill, BC	Canada	Motor Vehicle Parts Manufacturing		170
GEA NEMA Waermetauscher GmbH	Subsidiary	Netzschkau	Germany	Machinery and Equipment Manufacturing		165
Gea do Brasil Intercambiadores Ltda	Subsidiary	Franco da Rocha, SP	Brazil	Machinery and Equipment Manufacturing		160
Plauen Stahl Technologie GmbH	Subsidiary	Plauen	Germany	Specialty Construction Trade Contractors	79.4	150
GEA Aircooled Systems (Pty) Ltd	Subsidiary	Germiston	South Africa	Motor Vehicle Parts Manufacturing		150
Gea Krugersdorp Engineering (Pty) Ltd	Subsidiary	Krugersdorp, Gauteng	South Africa	Metal Products Manufacturing		158
GEA Heat Exchangers GmbH	Subsidiary	Bochum	Germany	Machinery and Equipment Manufacturing		150
GEA Pharma Systems (India) Private Limited	Subsidiary	Vadodara, Gujarat	India	Machinery and Equipment Manufacturing		150
GEA WestfaliaSurge Japy SAS	Subsidiary	Saint Apollinaire	France	Construction and Hardware Materials Wholesale		150
GEA Farm Technologies Japy SAS	Subsidiary	Saint Apollinaire, Cote-d'Or	France	Machinery and Equipment Manufacturing	26.2	149
Gea Process Engineering Sa	Subsidiary	Alcobendas, Madrid	Spain	Machinery and Equipment Manufacturing	64.9	145
Gea Refrigeration Iberica Sa	Subsidiary	Alcobendas, Madrid	Spain	Motor Vehicle Parts Manufacturing	30.4	145
GEA Air Treatment Production GmbH	Subsidiary	Wurzen, Sachsen	Germany	Motor Vehicle Parts Manufacturing		140
GEA Farm Technologies Inc.	Subsidiary	Naperville, IL	United States	Machinery and Equipment Manufacturing		130
GEA Farm Technologies Inc	Branch	Galesville, WI	United States	Machinery and Equipment Manufacturing	33.7	130
WS West	Branch	Fresno, CA	United States	Miscellaneous Chemical Manufacturing	23.3	30
GEA Farm Technologies Inc	Branch	Romeoville, IL	United States	Machinery and Equipment Manufacturing	1.8	6
GEA Farm Technologies Inc	Branch	Batavia, NY	United States	Machinery Wholesale	10.4	5
Westfalia Search Southeast Inc	Branch	Cumberland, VA	United States	Machinery Wholesale	7.9	4
GEA Energietechnik GmbH	Subsidiary	Bochum, Nordrhein-Westfalen	Germany	Motor Vehicle Parts Manufacturing		130
Gea Cooling Tower Technologies (India) Private Limited	Subsidiary	Chennai, Tamil Nadu	India	Metal Products Manufacturing	30.9
GEA Klimatechnik GmbH	Subsidiary	Gaspoltshofen	Austria	Construction and Hardware Materials Wholesale	36.0	120
GEA Renzmann & Grunewald GmbH	Subsidiary	Monzingen, Rheinland-Pfalz	Germany	Machinery and Equipment Manufacturing		120
Brouwers Equipment B.V.	Subsidiary	Leeuwarden	Netherlands	Machinery Wholesale		120
GEA Goedhart Bohemia s.r.o.	Subsidiary	Nymburk	Czech Republic	Motor Vehicle Parts Manufacturing		120
GEA Bloksma B.V.	Subsidiary	Almere	Netherlands	Motor Vehicle Parts Manufacturing	55.3	100
Gea North America, Inc.	Subsidiary	Columbia, MD	United States	Holding Companies	24.2	100
GEA Refrigeration Technologies GmbH	Subsidiary	Bochum, Nordrhein-Westfalen	Germany	Motor Vehicle Parts Manufacturing		100
GEA Bock GmbH	Subsidiary	Frickenhausen, Baden-Württemberg	Germany	Motor Vehicle Parts Manufacturing	87.8	340
GEA Bock Compressors (Hangzhou) Co., Ltd.	Subsidiary	Hangzhou, Zhejiang	China	Construction and Hardware Materials Wholesale	9.9	200
GEA Bock Czech s.r.o.	Subsidiary	Stribro	Czech Republic	Motor Vehicle Parts Manufacturing		35
Boke Compressor ( Hangzhou ) Co.,Ltd	Subsidiary	Hangzhou, Zhejiang	China	Machinery and Equipment Manufacturing	10.0	18
GEA Bock Asia Pte. Ltd.	Subsidiary	Singapore	Singapore	Motor Vehicle Parts Manufacturing		10
Bock (India) Pvt. Ltd.	Subsidiary	Vadodara	India	Motor Vehicle Parts Manufacturing
GEA Bock Malaysia SDN. BHD.	Subsidiary	Petaling Jaya	Malaysia	Motor Vehicle Parts Manufacturing
GEA Bock GmbH	Subsidiary	Graz	Austria	Motor Vehicle Parts Manufacturing
Gea Grasso Uab	Subsidiary	Vilnius	Lithuania	Machinery Wholesale	17.6	41
hebro chemie GmbH	Subsidiary	Mönchengladbach, Nordrhein-Westfalen	Germany	Miscellaneous Chemical Manufacturing		100
Royal de Boer Stalinrichtingen B.V.	Subsidiary	Leeuwarden	Netherlands	Machinery and Equipment Manufacturing		100
Brouwers Equipment B.V.	Subsidiary	Leeuwarden, Friesland	Netherlands	Motor Vehicle Parts Manufacturing		10
GEA Bischoff GmbH	Subsidiary	Essen, Nordrhein-Westfalen	Germany	Machinery and Equipment Manufacturing		100
GEA Bischoff, Inc.	Subsidiary	Columbia, MD	United States	Machinery and Equipment Manufacturing		9
GEA Bischoff Oy	Subsidiary	Helsinki	Finland	Petroleum and Natural Gas Extraction		3
GEA Maschinenkuhltechnik GmbH	Subsidiary	Herne, Nordrhein-Westfalen	Germany	Motor Vehicle Parts Manufacturing		100
GEA Luftkuhler GmbH	Subsidiary	Bochum, Nordrhein-Westfalen	Germany	Motor Vehicle Parts Manufacturing		100
GEA 2H Water Technologies GmbH	Subsidiary	Wettringen, Nordrhein-Westfalen	Germany	Motor Vehicle Parts Manufacturing		100
GEA AWP GmbH	Subsidiary	Prenzlau	Germany	Motor Vehicle Parts Manufacturing		100
GEA Grasso Refrigeration OOO	Subsidiary	Moscow	Russian Federation	Motor Vehicle Parts Manufacturing		100
Sachtleben Bergbau Verwaltungsgesellschaft mit beschrankter Haftung	Subsidiary	Hausach, Baden-Württemberg	Germany	Non-Metallic Minerals Mining		98
Deutsche Baryt-Industrie Dr. Rudolf Alberti GmbH und Co. KG	Subsidiary	Bad Lauterberg Im Harz, Niedersachsen	Germany	Basic Chemical Manufacturing		60
Gea Caldemon Sa	Subsidiary	Camargo, Cantabria	Spain	Machinery and Equipment Manufacturing	13.3	92
OOO GEA Farm Technologies Rus	Subsidiary	Moscow	Russian Federation	Machinery and Equipment Manufacturing		90
GEA Farm Technologies do Brasil Ltda.	Subsidiary	Jaguariuna, Sao Paulo	Brazil	Machinery and Equipment Manufacturing	8.2	80
GEA Process Technologies Ireland Limited	Subsidiary	Naas, Kildare	Ireland	Machinery and Equipment Manufacturing		80
GEA Power Cooling de Mexico S. de R.L. de C.V.	Subsidiary	San Luis Potosi	Mexico	Industrial Machinery Repair and Maintenance		80
GEA Process Engineering Ireland Ltd	Subsidiary	Naas, County Kildare	Ireland	Architecture and Engineering		80
GEA Process Engineering Nederland B.V.	Subsidiary	Deventer	Netherlands	Machinery and Equipment Manufacturing		75
GEA Farm Technologies France SAS	Subsidiary	Chateau-Thierry	France	Crop and Animal Production	65.7	74
GEA Westfalia Separator France SAS	Subsidiary	Chateau-Thierry	France	Machinery and Equipment Manufacturing	41.2	74
Gea Happel	Subsidiary	Roncq	France	Miscellaneous Professional Services	36.6	74
GEA Process Engineering (S.E.A.) Pte. Ltd.	Subsidiary	Singapore	Singapore	Machinery and Equipment Manufacturing		74
Gea Process Engineering (Philippines) Inc.	Subsidiary	Pasig	Philippines	Machinery Wholesale		5
Chemetall GesmbH	Subsidiary	Wien, Wien	Austria	Basic Chemical Manufacturing	70.7	70
GEA Process Technology Netherlands B.V.	Subsidiary	Cuijk, Noord-Brabant	Netherlands	Machinery and Equipment Manufacturing		70
Gea Group Holdings (UK) Ltd.	Subsidiary	Eastleigh	United Kingdom	Miscellaneous Professional Services		60
Gea Westfaliasurge UK Ltd.	Subsidiary	Milton Keynes	United Kingdom	Miscellaneous Wholesale	0.0	2
GEA Westfalia Separator Nederland B.V.	Subsidiary	Cuijk	Netherlands	Machinery Wholesale		60
Gea Westfalia Separator Iberica Sa	Subsidiary	Granollers, Barcelona	Spain	Machinery Wholesale	37.3	58
GEA POWER COOLING, INC.	Subsidiary	Lakewood, CO	United States	Motor Vehicle Parts Manufacturing	11.1	55
GEA Sistemas de Resfriamento Ltda.	Subsidiary	Indaiatuba, Sao Paulo	Brazil	Motor Vehicle Parts Manufacturing		53
Gea Mechanical Equipment UK Ltd.	Subsidiary	Milton Keynes	United Kingdom	Professional and Commercial Equipment Wholesale	23.2	52
Breconcherry Ltd.	Subsidiary	Milton Keynes	United Kingdom	Metal Products Manufacturing	3.1	7
GEA Norbco Inc	Subsidiary	Westmoreland, NY	United States	Machinery and Equipment Manufacturing		50
Norbco Industries	Branch	Galesville, WI	United States	Machinery and Equipment Manufacturing	6.2	26
Norbco West Inc	Branch	Tulare, CA	United States	Machinery Wholesale	13.0	6
GEA IT Services GmbH	Subsidiary	Oelde, Nordrhein-Westfalen	Germany	Computer System Design Services		50
GEA Nu-Con Manufacturing Limited	Subsidiary	Auckland	New Zealand	Machinery and Equipment Manufacturing		50
GEA Filtration Inc.	Subsidiary	Hudson, WI	United States	Architecture and Engineering		50
Gea Happel Belgium	Subsidiary	Bruxelles	Belgium	Motor Vehicle Parts Manufacturing	35.0	45
GEA Avapac Ltd.	Subsidiary	Hamilton	New Zealand	Machinery and Equipment Manufacturing		43
GEA Geneglace S.A.S.	Subsidiary	Les Sorinieres	France	Motor Vehicle Parts Manufacturing		41
GEA Process Engineering Pty. Ltd.	Subsidiary	Blackburn, VIC	Australia	Architecture and Engineering	4.1	40
Gea Grenco Ltd.	Subsidiary	Sittingbourne	United Kingdom	Specialty Construction Trade Contractors	0.0	40
GEA Farm Technologies Mullerup A/S	Subsidiary	Ullerslev	Denmark	Machinery and Equipment Manufacturing	0.0	40
GEA Happel Nederland B.V.	Subsidiary	Capelle aan den IJssel	Netherlands	Motor Vehicle Parts Manufacturing		40
GEA ISISAN TESISAT INSAAT TAAHHUT TICARET VE SANAYI A.S.	Subsidiary	Istanbul	Turkey	Motor Vehicle Parts Manufacturing		40
GEA Grasso UAB	Subsidiary	Vilnius	Lithuania	Motor Vehicle Parts Manufacturing		40
CFS France SAS	Subsidiary	Beaucouze	France	Machinery and Equipment Manufacturing		40
GEA Refrigeration Philippines, Inc.	Subsidiary	Muntinlupa	Philippines	Motor Vehicle Parts Manufacturing		40
Aseptomag AG	Subsidiary	Kirchberg, Berne	Switzerland	Architecture and Engineering	21.3	35
GEA Nu-Con Ltd	Subsidiary	Auckland	New Zealand	Machinery and Equipment Manufacturing		35
Nu-Con Systems Pte Ltd	Subsidiary	Singapore	Singapore	Electrical Equipment and Appliances Manufacturing	1.8	11
GEA Messo GmbH	Subsidiary	Duisburg, Nordrhein-Westfalen	Germany	Miscellaneous Chemical Manufacturing		35
GEA Aseptomag AG	Subsidiary	Kirchberg, Bern	Switzerland	Metal Products Manufacturing		35
Gea Food Solutions France Sas	Subsidiary	Beaucouze	France	Miscellaneous Wholesale	26.7	34
GEA Farm Technologies Acier SAS	Subsidiary	Chateau-Thierry, Aisne	France	Machinery and Equipment Manufacturing	15.8	34
GEA Process Engineering Ltd.	Subsidiary	Auckland	New Zealand	Motor Vehicle Parts Manufacturing	6.5	34
GEA Nu-Con Pty. Ltd.	Subsidiary	Kirrawee, NSW	Australia	Machinery and Equipment Manufacturing	11.4	30
GEA PHE Systems Scandinavia AB	Subsidiary	Ystad	Sweden	Machinery and Equipment Manufacturing	4.4	30
GEA Westfalia Separator India Pvt. Ltd.	Subsidiary	New Delhi	India	Machinery and Equipment Manufacturing		30
GEA Farm Technologies Argentina S.R.L.	Subsidiary	Tortuguitas, Buenos Aires	Argentina	Machinery and Equipment Manufacturing		30
GEA NEMA Warmetauscher GmbH	Subsidiary	Netzschkau, Sachsen	Germany	Machinery and Equipment Manufacturing		30
GEA Happel France SAS	Subsidiary	Roncq	France	Motor Vehicle Parts Manufacturing		30
GEA Nilenca (Pty) Ltd.	Subsidiary	Germiston	South Africa	Construction and Hardware Materials Wholesale		30
CFS Commercial (Beijing) Limited	Subsidiary	Beijing	China	Machinery and Equipment Manufacturing		30
GEA Westfalia Separator (S.E.A.) PTE. LTD.	Subsidiary	Singapore	Singapore	Machinery Wholesale	24.0	29
Grasso Refrigeration Systems Shanghai Co., Ltd.	Subsidiary	Shanghai	China	Motor Vehicle Parts Manufacturing	5.8	27
GEA Westfalia Separator South Africa (Pty) Ltd	Subsidiary	Halfway House, Midrand	South Africa	Machinery and Equipment Manufacturing		27
GEA Farm Technologies Nederland B.V.	Subsidiary	Leeuwarden	Netherlands	Machinery and Equipment Manufacturing		27
GEA Grasso SRL	Subsidiary	Cluj-Napoca, Cluj	Romania	Motor Vehicle Parts Manufacturing		27
Gea 2H Water Technologies Ltd	Subsidiary	Hereford	United Kingdom	Rubber and Plastic Product Manufacturing	5.6	25
Gea Barr-Rosin Ltd.	Subsidiary	Maidenhead	United Kingdom	Architecture and Engineering	0.0	25
GEA Canada Inc	Subsidiary	Boisbriand, QC	Canada	Machinery and Equipment Manufacturing	36.3	50
Gea Eurotek Ltd.	Subsidiary	Norwich	United Kingdom	Machinery and Equipment Manufacturing	0.0	25
GEA Westfalia Separator (Malaysia) Sdn Bhd	Subsidiary	Petaling Jaya	Malaysia	Machinery and Equipment Manufacturing		25
GEA Grasso s.r.o.	Subsidiary	Prague	Czech Republic	Construction and Hardware Materials Wholesale		25
GEA Westfalia Separator AS	Subsidiary	Oslo	Norway	Machinery and Equipment Manufacturing	16.9	23
GEA Niro PT B.V.	Subsidiary	's-Hertogenbosch	Netherlands	Architecture and Engineering		23
GEA Farm Technologies Tarim Ekip. Mak. Kim. Tek. Dan. San. Tic. Ltd. Sti.	Subsidiary	Kemalpasa, Izmir	Turkey	Machinery and Equipment Manufacturing		23
GEA Westfalia Separator DK A/S	Subsidiary	Skanderborg	Denmark	Machinery Wholesale	0.0	22
GEA Ecoflex India Pvt. Ltd.	Subsidiary	Navi Mumbai	India	Machinery and Equipment Manufacturing		22
Gea Farm Technologies Iberica Sl	Subsidiary	Granollers, Barcelona	Spain	Machinery and Equipment Manufacturing	16.3	21
GEA Process Engineering (Pty) Ltd	Subsidiary	Halfway House	South Africa	Machinery and Equipment Manufacturing		21
PT Westfalia Indonesia	Subsidiary	Jakarta	Indonesia	Machinery and Equipment Manufacturing		21
GEA Klimatyzacja Spolka z o.o.	Subsidiary	Wroclaw	Poland	Motor Vehicle Parts Manufacturing	7.2	20
GEA Airflow Services SAS	Subsidiary	Nantes	France	Air Transportation Services	5.8	20
GEA Real Estate GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Real Estate Agents and Brokers	5.0	20
mgvv Projektgesellschaft Hornpottweg GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Residential and Commercial Building Construction		1
mgvv Projektentwicklung Daimlerstrasse GmbH & Co. KG	Subsidiary	Frankfurt Am Main, Hessen	Germany	Architecture and Engineering
GEA Grasso (Thailand) Co. Ltd.	Subsidiary	Nonthaburi	Thailand	Motor Vehicle Parts Manufacturing		20
GEA Klimatizace spol. s.r.o.	Subsidiary	Liberec	Czech Republic	Construction and Hardware Materials Wholesale		20
GEA Westfalia Separator Polska Sp. z o.o.	Subsidiary	Warsaw	Poland	Machinery and Equipment Manufacturing		20
GEA Refrigeration (Thailand) Co. Ltd.	Subsidiary	Nonthaburi	Thailand	Motor Vehicle Parts Manufacturing		20
GEA Heat Exchangers Pte. Ltd.	Subsidiary	Singapore	Singapore	Machinery and Equipment Manufacturing		20
GEA CFS Uden B.V.	Subsidiary	Helmond, Noord-Brabant	Netherlands	Machinery and Equipment Manufacturing		20
GEA Refrigeration Technologies India Pvt Ltd.	Subsidiary	Pune	India	Motor Vehicle Parts Manufacturing		20
GEA Levati Food Tech S.r.l.	Subsidiary	Sala Baganza, Parma	Italy	Machinery and Equipment Manufacturing	4.0	18
MVG Metallverkaufsgesellschaft mbH & Co. KG	Subsidiary	Frankfurt Am Main, Hessen	Germany	Metal Products Manufacturing		18
GEA Intec LLC	Subsidiary	Durham, NC	United States	Industrial Machinery Repair and Maintenance	2.4	16
GEA Ecoflex Middle East FZE	Subsidiary	Dubai	United Arab Emirates	Motor Vehicle Parts Manufacturing		16
CFS Asia Ltd.	Subsidiary	Bangkok	Thailand	Machinery Wholesale		16
GEA Refrigeration Technologies Ireland	Subsidiary	Cavan, Co. Cavan	Ireland	Motor Vehicle Parts Manufacturing		15
CFS Switzerland AG	Subsidiary	Rothrist	Switzerland	Machinery and Equipment Manufacturing		15
GEA DELBAG SAS	Subsidiary	Montry	France	Machinery and Equipment Manufacturing	4.5	14
GEA of Alabama, L.L.C.	Subsidiary	Lakewood, CO	United States	Construction and Hardware Materials Wholesale		12
GEA Insurance Broker GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Insurance Agents		10
Breconcherry Ltd.	Subsidiary	Bromyard	United Kingdom	Machinery and Equipment Manufacturing		10
GEA Westfalia Separator Group GmbH	Subsidiary	Kiev	Ukraine	Machinery Wholesale		10
Gea Niro Soavi North America Inc	Subsidiary	Bedford, NH	United States	Electromedical and Control Instruments Manufacturing		10
TOV GEA-Ukrayina	Subsidiary	Kiev	Ukraine	Motor Vehicle Parts Manufacturing		10
GEA Refrigeration Technologies	Subsidiary	Porto Alegre, Rio Grande do Sul	Brazil	Motor Vehicle Parts Manufacturing		10
GEA WS Southeast, Inc.	Subsidiary	Jacksonville, FL	United States	Machinery and Equipment Manufacturing	1.9	9
Gea Refrigeration Components (UK) Ltd.	Subsidiary	Ross-On-Wye	United Kingdom	Machinery and Equipment Manufacturing	0.0	9
GEA EcoServe Nederland B.V.	Subsidiary	Belfeld	Netherlands	Miscellaneous Professional Services		9
GEA Hovex B.V.	Subsidiary	Veendam	Netherlands	Machinery and Equipment Manufacturing		9
GEA Grenco Ireland Ltd.	Subsidiary	Cavan	Ireland	Industrial Machinery Repair and Maintenance		8
CFS Ukraine LLC	Subsidiary	Kiev	Ukraine	Machinery and Equipment Manufacturing		8
MG Rohstoffhandel GmbH	Subsidiary	Frankfurt am Main	Germany	Metal Products Manufacturing		7
GEA Refrigeration Vietnam Co. Ltd.	Subsidiary	Ho Chi Minh City	Viet Nam	Motor Vehicle Parts Manufacturing		7
GEA Mechanical Equipment Canada, Inc.	Subsidiary	Burlington, ON	Canada	Machinery and Equipment Manufacturing		6
GEA Refrigeration Components (Nordic) A/S	Subsidiary	Kolding	Denmark	Construction and Hardware Materials Wholesale	0.0	5
Dawmec Limited	Subsidiary	Fareham	United Kingdom	Construction and Hardware Materials Wholesale		5
GEA Intec, LLC	Subsidiary	Durham, NC	United States	Motor Vehicle Parts Manufacturing		5
GEA Klimatechnik UAB	Subsidiary	Vilnius	Lithuania	Construction and Hardware Materials Wholesale		5
GEA Tuchenhagen France SARL	Subsidiary	Hoenheim	France	Machinery and Equipment Manufacturing		5
GEA Refrigeration Components (Australia) Pty. Ltd.	Subsidiary	Melbourne	Australia	Construction and Hardware Materials Wholesale	2.1	4
GEA Process Engineering S.A.S.	Subsidiary	Bogota, Cundinamarca	Colombia	Architecture and Engineering		4
CFS Chile Ltda.	Subsidiary	Santiago	Chile	Machinery and Equipment Manufacturing		4
AeroFreeze, Inc.	Subsidiary	Redmond, WA	United States	Storage and Warehousing	0.3	2
Ruhr-Zink GmbH	Subsidiary	Datteln, Nordrhein-Westfalen	Germany	Metals Mining		2
GEA Klimateknik Aps	Subsidiary	Otterup	Denmark	Machinery and Equipment Manufacturing		2
GEA CFS Holding B.V.	Subsidiary	Helmond	Netherlands	Investment Services	564.2
Gea Food Solutions Italy SRL Con	Subsidiary	Grumello Del Monte	Italy	Machinery Wholesale	8.7	17
GEA Goedhart Holding B.V.	Subsidiary	Saint Maartensdijk	Netherlands	Investment Services	34.3
Milfos International Ltd.	Subsidiary	Hamilton	United Kingdom		18.3
Milfos UK Ltd.	Subsidiary	Halesowen	United Kingdom	Electrical Equipment and Appliances Manufacturing
Nu-Con Systems Sdn. Bhd.	Subsidiary	Shah Alam, Selangor	Malaysia	Architecture and Engineering	0.0
GEA WestfaliaSurge Nordic A/S	Subsidiary	Vejen	Denmark	Machinery and Equipment Manufacturing
GEA Ecoflex UK Limited	Subsidiary	Birmingham	United Kingdom	Machinery and Equipment Manufacturing
GEA CFS Germany GmbH	Subsidiary	Biedenkopf	Germany	Machinery and Equipment Manufacturing
GEA Process Engineering China Limited	Subsidiary	Shanghai	China	Motor Vehicle Parts Manufacturing
Gea Dutch Holding B.V.	Subsidiary	's-Hertogenbosch, Noord-Brabant	Netherlands	Banking
Gea Food Solutions Netherlands B.V.	Subsidiary	Bakel, Noord-Brabant	Netherlands	Banking	484.3
Gea Food Solutions UK & Ireland Ltd	Subsidiary	Newport Pagnell	United Kingdom	Machinery and Equipment Manufacturing	19.9	39
Dixie-Union (UK) Ltd.	Subsidiary	Milton Keynes	United Kingdom	Miscellaneous Professional Services
Denco Building Services Ltd.	Subsidiary	Birmingham	United Kingdom	Holding Companies
Denco Holdings Ltd.	Subsidiary	Hereford	United Kingdom	Holding Companies	0.7	2
GEA Westfalia Separator Italia S.r.l.	Subsidiary	Collecchio, Parma	Italy	Machinery and Equipment Manufacturing
GEA Westfalia Separator Korea Ltd.	Subsidiary	Seoul	Korea, Republic of	Machinery and Equipment Manufacturing
GEA Grasso International GmbH	Subsidiary	Berlin	Germany	Construction and Hardware Materials Wholesale
GEA Refrigeration North America Inc.	Subsidiary	York, PA	United States	Architecture and Engineering
GEA Engenharia de Processos e Sistema Industriais do Brasil Ltda	Subsidiary	Campinas, Sao Paulo	Brazil	Machinery Wholesale
GEA WestfaliaSurge Chile S.A.	Subsidiary	Osorno, Los Lagos	Chile	Machinery and Equipment Manufacturing
GEA Westfalia Separator Hellas S.A.	Subsidiary	Athens	Greece	Machinery and Equipment Manufacturing
GEA Westfalia Separator (China) Ltd.	Subsidiary	Kwai Chung, New Territories	Hong Kong	Machinery and Equipment Manufacturing
GEA Westfalia Separator Hungaria Kft.	Subsidiary	Budaors	Hungary	Machinery and Equipment Manufacturing
GEA Process Engineering S.A. de C.V.	Subsidiary	Naucalpan	Mexico	Machinery and Equipment Manufacturing
GEA Westfalia Separator Philippines Inc.	Subsidiary	Taguig, Metro Manila	Philippines	Machinery and Equipment Manufacturing
GEA Process Engineering Z o.o.	Subsidiary	Warsaw	Poland	Motor Vehicle Parts Manufacturing
GEA Process Engineering OOO	Subsidiary	Moscow	Russian Federation	Machinery Wholesale
GEA Klimatizacia s.r.o.	Subsidiary	Bratislava	Slovakia	Machinery and Equipment Manufacturing
GEA Westfalia Separator (Thailand) Ltd.	Subsidiary	Bangkok	Thailand	Machinery and Equipment Manufacturing
GEA Grasso TOV	Subsidiary	Kiev	Ukraine	Motor Vehicle Parts Manufacturing
GEA Westfalia Separator Romania SRL	Subsidiary	Bucharest	Romania	Machinery and Equipment Manufacturing
Gea Atg UK Holdings Ltd.	Subsidiary	Hereford	United Kingdom	Miscellaneous Professional Services
GEA CFS Holding GmbH	Subsidiary	Biedenkopf, Hessen	Germany	Investment Services
GEA Klimatechnik Produktion GmbH	Subsidiary	Gaspoltshofen, Upper Austria	Austria	Motor Vehicle Parts Manufacturing
GEA Klimaprodukter AS	Subsidiary	Oslo	Norway	Machinery Wholesale
GEA Westfalia Separator Austria GmbH	Subsidiary	Vienna	Austria	Machinery and Equipment Manufacturing
GEA Farm Technologies Suisse AG	Subsidiary	Ittigen, Bern	Switzerland	Machinery and Equipment Manufacturing
GEA Lyophil GmbH	Subsidiary	Hurth	Germany	Motor Vehicle Parts Manufacturing
GEA Abfulltechnik GmbH	Subsidiary	Büchen, Schleswig-Holstein	Germany	Machinery Wholesale
Gea Farm Technologies (Ireland) Limited	Subsidiary	Carrigtwohill, Cork	Ireland	Machinery and Equipment Manufacturing
GEA Refrigeration Technology (Suzhou) Co., Ltd.	Subsidiary	Suzhou, Jiangsu	China	Motor Vehicle Parts Manufacturing
GEA Grasso Philippines, Inc.	Subsidiary	Taguig, Metro Manila	Philippines	Motor Vehicle Parts Manufacturing
GEA Grasso Spolka z o.o.	Subsidiary	Gdynia	Poland	Construction and Hardware Materials Wholesale
Grasso Componentes Iberia Lda.	Subsidiary	Cascais	Portugal	Motor Vehicle Parts Manufacturing
GEA Process Engineering S.A.	Subsidiary	Buenos Aires	Argentina	Specialty Construction Trade Contractors
GEA Colby Pty. Ltd.	Subsidiary	Chatswood, NSW	Australia	Machinery and Equipment Manufacturing
GEA Process Engineering s.r.o.	Subsidiary	Brno	Czech Republic	Architecture and Engineering
GEA Univalve E.U.R.L	Subsidiary	Hoenheim	France	Machinery and Equipment Manufacturing
GEA Tuchenhagen Polska sp. z o.o.	Subsidiary	Koszalin	Poland	Metal Products Manufacturing
GEA Energietechnik Anlagen- und Betriebs-GmbH	Subsidiary	Bochum, Nordrhein-Westfalen	Germany	Machinery and Equipment Manufacturing
PT GEA Westfalia Separator Indonesia	Subsidiary	Jakarta	Indonesia	Machinery and Equipment Manufacturing
GEA WestfaliaSurge UK Ltd.	Subsidiary	Kenilworth	United Kingdom	Machinery Wholesale
GEA Tuchenhagen Canada, Inc.	Subsidiary	Stoney Creek, ON	Canada	Machinery Wholesale
GEA Aerofreeze Systems, Inc.	Subsidiary	Richmond, BC	Canada	Motor Vehicle Parts Manufacturing
GEA Barr Rosin, Inc.	Subsidiary	Boisbriand, QC	Canada	Machinery Wholesale
GEA Westfalia Separator Canada, Inc.	Subsidiary	Burlington, ON	Canada	Machinery and Equipment Manufacturing
GEA Rainey Canada Corporation	Subsidiary	Lethbridge, AB	Canada	Motor Vehicle Parts Manufacturing
GEA WestfaliaSurge Canada Company	Subsidiary	Mississauga, ON	Canada	Machinery and Equipment Manufacturing
EGI Cooling Systems Trading (Beijing) Co.	Subsidiary	Beijing	China	Construction and Hardware Materials Wholesale
Bock Compressors (Hangzhou) Co., Ltd.	Subsidiary	Hangzhou, Zhejiang	China	Motor Vehicle Parts Manufacturing
GEA klima rashladna tehnika d.o.o.	Subsidiary	Zagreb	Croatia	Construction and Hardware Materials Wholesale
GEA Grenco Africa (PTY) Ltd	Subsidiary	Dar es Salaam	Tanzania	Construction and Hardware Materials Wholesale
GEA Westfalia Separator Sanayi ve Ticaret Ltd. Sti.	Subsidiary	Izmir	Turkey	Machinery and Equipment Manufacturing
GEA PROCESS MUHENDISLIK MAKINE INSAAT TAAHUT ITHALAT IHRACAT DANISMANLIK SANAYI VE TICARET LTD. STI.	Subsidiary	Izmir	Turkey	Machinery Wholesale
GEA Norbco, Inc.	Subsidiary	Westmoreland, NY	United States	Machinery and Equipment Manufacturing
GEA EcoServe Scandinavia AB	Subsidiary	Ystad	Sweden	Machinery and Equipment Manufacturing
GEA Polacel Cooling Towers, LLC	Subsidiary	Houston, TX	United States	Construction and Hardware Materials Wholesale
GEA Mechanical Equipment US, Inc.	Subsidiary	Northvale, NJ	United States	Machinery Wholesale
GEA Farm Technologies Slovakia Spol. S.r.o.	Subsidiary	Bratislava, Ruzinov	Slovakia	Machinery and Equipment Manufacturing
GEA Farm Technologies do Brasil, Industria e Comercio de Equipamentos Agricolas e Pecuarios Ltda.	Subsidiary	Jaguariuna, Sao Paulo	Brazil	Machinery and Equipment Manufacturing
GEA WestfaliaSurge Nederland B.V.	Subsidiary	Zeewolde	Netherlands	Machinery and Equipment Manufacturing
GEA Process Engineering CEE Kft.	Subsidiary	Budaors	Hungary	Machinery and Equipment Manufacturing
GEA Ireland Limited	Subsidiary	Naas	Ireland	Machinery and Equipment Manufacturing
GEA Westfalia Separator CIS Ltd.	Subsidiary	Moscow	Russian Federation	Machinery and Equipment Manufacturing
GEA WestfaliaSurge France SAS	Subsidiary	Chateau-Thierry	France	Machinery and Equipment Manufacturing
GEA Finance B.V.	Subsidiary	Rotterdam, South Holland	Netherlands	Investment Services
GEA Process Engineering Chile S.A.	Subsidiary	Santiago	Chile	Medical Equipment and Supplies
GEA EcoServe Deutschland GmbH	Subsidiary	Holzwickede	Germany	Machinery and Equipment Manufacturing
GEA Batignolles Thermal Technologies (Changshu) Co. Ltd.	Subsidiary	Changshu, Jiangsu	China	Machinery and Equipment Manufacturing
GEA LVZ, a.s.	Subsidiary	Liberec	Czech Republic	Motor Vehicle Parts Manufacturing
GEA EcoServe Belgie BVBA	Subsidiary	Zele	Belgium	Machinery and Equipment Manufacturing
GEA 2H Water Technologies s.r.o.	Subsidiary	Jilove	Czech Republic	Motor Vehicle Parts Manufacturing
GEA Westfalia Separator (Tianjin) Co., Ltd.	Subsidiary	Tianjin	China	Machinery and Equipment Manufacturing
CFS Poland Sp. z o.o.	Subsidiary	Warsaw	Poland	Machinery and Equipment Manufacturing
GEA Process Engineering Japan Ltd.	Subsidiary	Tokyo	Japan	Machinery Wholesale
PT. GEA Grasso Indonesia	Subsidiary	Jakarta	Indonesia	Construction and Hardware Materials Wholesale
GEA Technika Cieplna Spolka z o.o.	Subsidiary	Opole	Poland	Machinery and Equipment Manufacturing
GEA Polska Sp. z o.o.	Subsidiary	Swiebodzice	Poland	Construction and Hardware Materials Wholesale
GEA Saudi Arabia LLC	Subsidiary	Al Khobar	Saudi Arabia	Machinery and Equipment Manufacturing
GEA Mashimpeks LLC	Subsidiary	Moscow	Russian Federation	Machinery and Equipment Manufacturing
GEA WTT Baltics OU	Subsidiary	Tallinn	Estonia	Machinery and Equipment Manufacturing
GEA 2H Water Technologies Sp. z.o.o.	Subsidiary	Sosnowiec	Poland	Motor Vehicle Parts Manufacturing
Goedhart Iberica Cooling Equipment S.A.	Subsidiary	Valencia	Spain	Construction and Hardware Materials Wholesale
GEA Refrigeration Components (France) SAS	Subsidiary	Saint-Remy-de-Provence	France	Construction and Hardware Materials Wholesale
GEA Farm Technologies Romania S.R.L.	Subsidiary	Alba Iulia	Romania	Machinery and Equipment Manufacturing
VDM-Hilfe GmbH	Subsidiary	Langen	Germany	Pensions and Funds
GEA 2H Water Technologies s.r.l.	Subsidiary	Laveno-Mombello	Italy	Motor Vehicle Parts Manufacturing
GEA Farm Technologies Austria GmbH	Subsidiary	Plainfeld, Salzburg	Austria	Machinery and Equipment Manufacturing
Procomac Engenharia Ltda.	Subsidiary	Sao Paulo	Brazil	Machinery and Equipment Manufacturing
GEA Klimatechnika Kft.	Subsidiary	Budapest	Hungary	Motor Vehicle Parts Manufacturing
SC GEA KLIMATECHNIK SRL	Subsidiary	Timisoara	Romania	Construction and Hardware Materials Wholesale
mg venture capital ag	Subsidiary	Bochum	Germany	Investment Services
GEA Farm Technologies Bulgaria EOOD	Subsidiary	Sofia	Bulgaria	Machinery and Equipment Manufacturing
Beijing GEA Energietechnik Co., Ltd.	Subsidiary	Beijing	China	Motor Vehicle Parts Manufacturing
GEA WestfaliaSurge Acier SAS	Subsidiary	Chateau-Thierry	France	Machinery Wholesale
GEA Industriebeteiligungen GmbH	Subsidiary	Bochum	Germany	Investment Services
GEA Scambiatori di Calore S.r.l.	Subsidiary	Monvalle, Varese	Italy	Machinery Wholesale	30.9	43
GEA Westfalia Separator NZ Ltd.	Subsidiary	Auckland	New Zealand	Machinery and Equipment Manufacturing
GEA Refrigeration Netherlands N.V.	Subsidiary	's-Hertogenbosch	Netherlands	Specialty Construction Trade Contractors
GEA Wiegand (Schweiz) GmbH	Subsidiary	Riehen	Switzerland	Machinery and Equipment Manufacturing
GEA Westfalia Separator Iceland ehf	Subsidiary	Kopavogur	Iceland	Machinery and Equipment Manufacturing
Farmers Industries Limited	Subsidiary	Mount Maunganui	New Zealand	Miscellaneous Wholesale
GEA Happel Wieland GmbH	Subsidiary	Bochum	Germany	Motor Vehicle Parts Manufacturing
GEA Westfalia Separator Japan K.K.	Subsidiary	Tokyo	Japan	Machinery and Equipment Manufacturing
Shanghai Zimmer International Trading Co. Ltd. i.L.	Subsidiary	Shanghai	China	Machinery and Equipment Manufacturing
GEA Ecoflex China Co. Ltd.	Subsidiary	Shanghai	China	Motor Vehicle Parts Manufacturing
GEA Westfalia Separator Sweden AB	Subsidiary	Vastra Frolunda	Sweden	Machinery and Equipment Manufacturing
GEA Grenco Iberica S.A.	Subsidiary	Alcobendas, Madrid	Spain	Motor Vehicle Parts Manufacturing
GEA Ecoflex Italia S.r.l.	Subsidiary	Parma	Italy	Machinery and Equipment Manufacturing
GEA CFS Buhl GmbH	Subsidiary	Kempten, Bayern	Germany	Machinery and Equipment Manufacturing
Bock Compressor Technology (Thailand) Co., Ltd.	Subsidiary	Bangkok	Thailand	Machinery and Equipment Manufacturing
mgvv Projektentwicklung Daimlerstrasse Verwaltungs GmbH	Subsidiary	Frankfurt am Main, Hessen	Germany	Architecture and Engineering
GEA PT Holdings Ltd.	Subsidiary	Warrington	United Kingdom	Investment Services
GEA Messo PT	Subsidiary	's-Hertogenbosch	Netherlands	Architecture and Engineering
GEA CFS Group B.V.	Subsidiary	Helmond, Noord-Brabant	Netherlands	Machinery and Equipment Manufacturing
GEA Group Holding GmbH	Subsidiary	Dusseldorf, Nordrhein-Westfalen	Germany	Investment Services
Diessel Aktiengesellschaft	Subsidiary	Cham, Zug	Switzerland	Machinery and Equipment Manufacturing
GEA CFS Real Estate GmbH	Subsidiary	Biedenkopf, Hessen	Germany	Real Estate Agents and Brokers
GEA Industrial Heat Exchanger Systems (China) Ltd.	Subsidiary	Wuhu, Anhui	China	Machinery and Equipment Manufacturing
mg Altersversorgung GmbH	Subsidiary	Bochum, Nordrhein-Westfalen	Germany	Pensions and Funds
GEA Heat Exchangers, Inc.	Subsidiary	Lakewood, CO	United States	Machinery and Equipment Manufacturing
GEA Niro Soavi Brazil	Subsidiary	Campinas, Sao Paulo	Brazil	Machinery and Equipment Manufacturing
GEA WestfaliaSurge Mexicana S.A. de C.V. i.L.	Subsidiary	Aguascalientes	Mexico	Machinery and Equipment Manufacturing
CFS Korea Ltd.	Subsidiary	Seoul	Korea, Republic of	Machinery and Equipment Manufacturing
GEA Process Engineering Taiwan Ltd.	Subsidiary	Taipei	Taiwan	Machinery and Equipment Manufacturing
OOO GEA Energietechnik	Subsidiary	Moscow	Russian Federation	Motor Vehicle Parts Manufacturing
GEA Zweite Kapitalbeteiligungen GmbH & Co. KG	Subsidiary	Bochum, Nordrhein-Westfalen	Germany	Investment Services
GEA Segment Management Holding GmbH	Subsidiary	Dusseldorf, Nordrhein-Westfalen	Germany	Investment Services
GEA Albro	Subsidiary	Ashford	United Kingdom	Machinery and Equipment Manufacturing
CFS Nordic A/S	Subsidiary	Slagelse	Denmark	Machinery and Equipment Manufacturing
GEA Food Solutions North America, Inc.	Subsidiary	Frisco, TX	United States	Machinery and Equipment Manufacturing
GEA Westfalia Separator CZ s.r.o.	Subsidiary	Ricany	Czech Republic	Machinery and Equipment Manufacturing
CFS Italy S.p.A.	Subsidiary	Grumello del Monte	Italy	Machinery and Equipment Manufacturing
GEA Lyophil (Beijing) Ltd.	Subsidiary	Beijing	China	Specialty Construction Trade Contractors
Arbeitsgemeinschaft Zellenkuhleranlage KKW Isar GEA Energietechnik GmbH-Alpine Bau Deutschland AG	Subsidiary	Eching	Germany	Machinery and Equipment Manufacturing
LL Plant Engineering AG	Subsidiary	Ratingen, Nordrhein-Westfalen	Germany	Electricity Generation and Distribution
GEA Klimatizacijska tehnika d.o.o.	Subsidiary	Ljubljana	Slovenia	Machinery and Equipment Manufacturing
GEA PHE Systems Baltics OU	Subsidiary	Tallinn	Estonia	Machinery and Equipment Manufacturing
Kupferexplorationsgesellschaft mbH	Subsidiary	Bochum, Nordrhein-Westfalen	Germany	Metals Mining
Kupferbergbau Stadtberge zu Niedermarsberg GmbH	Subsidiary	Frankfurt am Main	Germany	Metals Mining
GEA (Shanghai) Farm Technologies Company Ltd.	Subsidiary	Shanghai	China	Crop and Animal Production
GEA Farm Technologies Serbia d.o.o.	Subsidiary	Belgrade	Serbia	Crop and Animal Production
CFS Chile Comercializadora Limitada	Subsidiary	Santiago, Providencia	Chile	Machinery Wholesale
Convenience Food Systems S.A. de C.V.	Subsidiary	Zapopan, Jalisco	Mexico	Machinery and Equipment Manufacturing
GEA Westfalia Separating Equipment (Tianjin) Co., Ltd.	Subsidiary	Tianjin	China	Machinery and Equipment Manufacturing
GEA CFS Bakel B.V.	Subsidiary	Helmond	Netherlands	Machinery and Equipment Manufacturing
GEA CFS Finance B.V.	Subsidiary	Helmond, Noord-Brabant	Netherlands	Investment Services
GEA CFS International Weert B.V.	Subsidiary	Weert, Limburg	Netherlands	Machinery and Equipment Manufacturing
GEA CFS Wallau Verwaltungs-GmbH	Subsidiary	Biedenkopf, Hessen	Germany	Machinery and Equipment Manufacturing
GEA Erste Kapitalbeteiligungen GmbH & Co. KG	Subsidiary	Bochum, Nordrhein-Westfalen	Germany	Machinery and Equipment Manufacturing
Dobbelenberg S.A./N.V.	Subsidiary	Brussels	Belgium	Machinery and Equipment Manufacturing
mg capital gmbh	Subsidiary	Bochum, Nordrhein-Westfalen	Germany	Investment Services
GEA Ecoflex Scandinavia Oy	Subsidiary	Kalmar	Sweden	Machinery and Equipment Manufacturing
GEA Klima Sanayi ve Ticaret Anonim Sirketi A.S.	Subsidiary	Istanbul	Turkey	Motor Vehicle Parts Manufacturing
GEA WestfaliaSurge Ukraine GmbH	Subsidiary	Bila Tserkva	Ukraine	Crop and Animal Production
GEA Industriebeteiligungen GmbH	Subsidiary
GEA Polacel Cooling Towers B.V.	Subsidiary	Doetinchem	Netherlands	Motor Vehicle Parts Manufacturing		60

Competitors Report

CompanyName	Location	Employees	Ownership
Graham Corporation	Batavia, New York, United States	378	Public
Sasakura Engineering Co., Ltd	Osaka-Shi, Japan	420	Public

Executives Report

Executives

Name	Title	Function
Jean Pierre Pasquereau	CEO	Chief Executive Officer
Philippe Emmannuel Piron	President	President
Philippe Piron	Managing Director	Managing Director
Alain Dussart	Director	Senior Management (General)
Veronique Marechal	Director	Senior Management (General)
Veronique Pochet	Director	Senior Management (General)
Violaine Chavanel	Deputy Manager-HR Development	Human Resources Executive
Olivier Bugeaud	Purchase manager	Purchasing Executive

News

Qatar : QATAR SHELL signs deals with 3 firms Mena Report (414 Words)	14-Dec-2013
Qatar Shell 'senses good business' in support for SMEs with supply deals Gulf Times (Doha, Qatar) (440 Words)	12-Dec-2013
Qatar Shell Signs Three More Local Companies to the Pearl GTL Plant Supply Chain Islamic Finance News (Kuala Lumpur, Malaysia) (717 Words)	12-Dec-2013
US Patent Issued to GEA Batignolles Technologies Thermiques on Feb. 19 for "Heat Exchanger Comprising Tubes with Grooved Fins" (French Inventors) U.S. Fed News (205 Words)	25-Feb-2013

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078
Consolidated	No	No	No
Total income	144.3	119.4	128.4
Net sales	124.6	90.7	118.2
Change in stock	0.2	0.3	0.5
Unfinished work in progress	12.6	17.7	-3.0
Subsidies for operating costs	-	-	0.2
Supplementary operating income	3.8	7.1	9.3
Other operating income	3.3	3.9	3.7
Other external charges	62.5	35.3	34.6
Cost of goods sold	43.2	47.8	43.6
Taxes and social security costs	2.0	1.6	1.8
Social charges	7.8	8.7	8.1
Total payroll costs	15.7	17.1	15.6
Cost of stock depreciation and amortisation	2.7	4.2	5.2
Fixed asset depreciation and amortisation	2.7	3.1	2.6
Other operating costs	3.2	2.5	0.6
Total operating costs	140.1	120.6	112.7
Net operating income	4.2	-1.2	15.7
Total financial income	2.9	2.3	2.6
Interest payable on loans	1.1	1.4	1.0
Other expenses	1.9	0.9	1.4
Total expenses	3.0	2.3	2.4
Profit before tax	4.1	-1.2	15.9
Extraordinary income	1.6	0.2	0.6
Extraordinary expenses	0.1	0.4	0.0
Extraordinary result	1.5	-0.2	0.5
Total taxation	0.3	-0.3	2.3
Profit distributed to employees	0.2	-	1.1
Net profit	5.2	-	13.1
Net loss	-	1.1	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Issued capital	6.0	5.9	6.1
Surplus of revaluation	3.0	3.0	3.1
Legal reserves	0.1	0.1	0.1
Total reserves	0.6	0.6	0.6
Profits for the year	5.4	-1.0	13.3
Profit brought forward from previous year(s)	26.3	26.8	22.4
Total stockholders equity	41.4	35.4	45.7
Provisions and allowances	4.6	5.4	7.6
Trade creditors	22.9	42.4	27.4
Advances received	43.4	43.1	12.9
Bank loans and overdrafts	0.0	0.1	0.0
Current bank debts	0.0	0.1	0.0
Other loans	0.0	0.0	0.0
Other liabilities	26.1	18.1	23.0
Income stated in advance	0.0	0.0	0.0
Taxation and social security	5.6	4.3	8.6
Total current liabilities	46.8	52.9	40.0
Total debts	98.1	108.1	72.0
Regularisation account	0.0	0.0	0.1
Total liabilities (including net worth)	144.1	148.8	125.4
Other intangibles	0.2	0.2	0.3
Land	0.4	0.4	0.4
Buildings	18.1	18.9	19.6
Other fixed assets	10.1	11.2	13.2
Long-term investments	3.6	3.6	3.7
Other financial assets	1.3	1.4	1.8
Total non-current assets	33.6	35.6	38.9
Prepayments	3.1	11.9	7.4
Net stocks and work in progress	61.2	47.2	32.2
Trade debtors	27.0	30.4	30.2
Other receivables	2.1	14.9	10.0
Prepaid expenses	0.1	0.1	0.0
Cash and liquid assets	17.1	8.6	6.6
Total current assets	110.6	113.2	86.4
Prepaid expenses and deferred costs	0.0	0.0	0.0
Total assets	144.1	148.8	125.4

Annual Ratios

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Current ratio	2.40	2.10	2.20
Quick ratio	1.10	1.20	1.40
Total liabilities to net worth	2.38%	3.08%	1.59%
Net worth to total assets	0.29%	0.24%	0.36%
Collection period	64.10	108.90	76.70
Stock turnover rate	2.10	1.80	3.70
Asset turnover	0.89%	0.57%	0.96%
Profit margin	0.03%	-0.01%	0.14%
Return on assets	0.03%	-0.01%	0.13%
Shareholders' return	0.10%	-0.03%	0.36%
Sales per employee	2,320.77	1,591.17	2,068.15
Profit per employee	75.93	-20.21	278.79
Average wage per employee	292.76	299.78	273.28
Net worth	41.4	35.4	45.7
Number of employees	274	269	283

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.98
UK Pound	1	Rs.101.49
Euro	1	Rs.84.79

INFORMATION DETAILS

Report Prepared by :

NNA

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.