MIRA INFORM REPORT

Report Date :

16.07.2013

IDENTIFICATION DETAILS

Name :	REFRATECHNIK CEMENT GMBH

Registered Office :	Rudolf-Winkel-Str. 1, D 37079 Göttingen

Country :	Germany

Year of Establishments:	1953

Com. Reg. No.:	HRB 411

Legal Form :	Private Limited Company

Line of Business :	Manufacturer of refractory products

No. of Employees :	358

RATING & COMMENTS

MIRA’s Rating :

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 – March 31^st 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Germany

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 6.5% in 2012. GDP contracted 5.1% in 2009 but grew by 4.2% in 2010, and 3.0% in 2011, before dipping to 0.7% in 2012 - a reflection of low investment spending due to crisis-induced uncertainty and the decreased demand for German exports from recession-stricken periphery countries. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's total budget deficit - including federal, state, and municipal - to 4.1% in 2010, but slower spending and higher tax revenues reduced the deficit to 0.8% in 2011. In 2012 Germany reached a budget surplus of 0.1%. 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 though the target was already reached in 2012. By 2014, the federal government wants to balance its budget. 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 electricity generating capacity and 46% of its base-load electricity production.

Source : CIA

Company name & address

Refratechnik Cement GmbH

Rudolf-Winkel-Str. 1

D 37079 Göttingen

Telephone: 0551/69410

Telefax: 0551/6941104

Homepage: www.refra.com

E-mail: refra@refra.com

VAT no.

DE115300030

Company Status

active

synthesis

LEGAL FORM Private limited company

Date of foundation: 1953

Shareholders'

agreement: 23.03.1953

Registered on: 14.03.1957

Commercial Register: Local court 37073 Göttingen

under: HRB 411

Share capital: EUR 40,000,000.00

Shareholder

Refratechnik Holding GmbH

Adalperostr. 82

D 85737 Ismaning

Legal form: Private limited company

Share capital: EUR 105,000,000.00

Share: EUR 40,000,000.00

Registered on: 21.08.2001

Reg. data: 80333 München, HRB 138677

Profit transfer agreement

Manager

Dr. Thomas Reimer

Mühlspielweg 10

D 37077 Göttingen

Profession: Technical employee

Manager:

Wolfgang Tabbert

D 37412 Herzberg

having sole power of representation

Proxy

Dr. Uwe Schumacher

D 68804 Altlußheim