MIRA INFORM REPORT

Report Date :

22.03.2013

IDENTIFICATION DETAILS

Name :	DRALON GMBH

Registered Office :	CHEMPARK Dormagen D 41538 Dormagen Post Box: 10 04 85, D 41522 Dormagen

Country :	Germany

Financials (as on) :	31.12.2011

Date of Incorporation :	27.11.2000

Com. Reg. No.:	HRB 10311

Legal Form :	Private Limited Company

Line of Business :	Manufacture of man-made fibers

No. of Employees :	485

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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

(31.03.2011)

Current Rating

(30.06.2012)

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 6.0% 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 and address

DRALON GmbH

Company Status: active

CHEMPARK Dormagen

D 41538 Dormagen

Post Box:

10 04 85, D 41522 Dormagen

Telephone:02133/515130

Telefax: 02133/513422

Homepage: www.dralon.com

E-mail: info@dralon.com

VAT no.

DE813086926

CONCLUSION

Business relations are permissible.

Registration data

LEGAL FORM Private limited company

Date of foundation: 2000

Shareholders'

agreement: 02.08.2000

Registered on: 27.11.2000

Commercial Register: Local court 41460 Neuss

under: HRB 10311

Share capital

EUR 20,000,000.00

Shareholder

Fraver Textile International B.V.

Drentestraat 24

NL 1083 HK Amsterdam

Legal form: Other legal form

Share: EUR 13,300,000.00

Shareholder:

Bacrin S.r.l.

Piazza Vittorio Veneto 15

I CAP 13900 Biella

Legal form: Other legal form

Share: EUR 6,700,000.00

Manager:

Dieter Hermann Heinkes

D 41379 Brüggen

having sole power of representation

born: 12.04.1959

Manager:

Stefan Braun

D 51371 Leverkusen

having sole power of representation

born: 05.03.1961

Profession: Businessman

Manager:

Dr. Giovanni Verzoletto

I Quaregna

having sole power of representation

born: 18.12.1971

Proxy:

Helga Davideit

Auf der Hardt 50 b

D 41542 Dormagen