MIRA INFORM REPORT

Report Date :

23.10.2013

IDENTIFICATION DETAILS

Name :	SCHLEIFRING UND APPARATEBAU GMBH
Registered Office :	Am Hardtanger 10 D 82256 Fürstenfeldbruck Post Box: 16 41
Country :	Germany
Date of Incorporation :	10.12.1974
Com. Reg. No.:	HRB 48918
Legal Form :	Private limited company
Line of Business :	Manufacture of other electric equipment n.e.c.
No. of Employees :	Not Available

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 :	Unknown
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	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 6.5% 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 and address

SCHLEIFRING UND APPARATEBAU GMBH

Company Status: active

Am Hardtanger 10

D 82256 Fürstenfeldbruck

Post Box:

16 41

Telephone:08141/403-0

Telefax: 08141/403-45

Homepage: www.schleifring.de

E-mail: sales@schleifring.de

VAT no.: DE811159634

Tax ID number: 117/138/50014

CONCLUSION

Business relations are permissible.

LEGAL FORM Private limited company

Date of foundation: 10.12.1974

Shareholders'

agreement: 10.12.1974

Registered on: 24.06.1975

Commercial Register: Local court 80333 München

under: HRB 48918

Share capital: EUR 3,000,000.00

Shareholder:

Wegmann & Co. GmbH

Wilhelmshöher Allee 262

D 34131 Kassel

Legal form: Private limited company

Share capital: EUR 32,824,938.77

Share: EUR 2,700,000.00

Registered on: 24.09.1981

Reg. data: 34117 Kassel, HRB 3840

Shareholder:

Hans Roth

Schulstr. 46

D 82166 Gräfelfing

born: 31.01.1940

Share: EUR 300,000.00

Manager:

Verena Leser

Bürgermeister-Müller-Str. 2

Malching

D 82216 Maisach

authorized to jointly represent the company

born: 10.08.1958

Profession: Businessman

Manager:

Dr. Stefan Heun

Ferdinand-Maria-Str. 6a

D 80639 München

born: 03.10.1960

Profession: Mechanical engineer

Marital status: married

Manager:

Stephan Bode

D 82319 Starnberg

born: 05.11.1969

Proxy:

Herbert Staffler

D 82256 Fürstenfeldbruck

authorized to jointly represent the company

born: 14.04.1960

Profession: graduate engineer

Proxy:

Johann Jilg

D 87637 Seeg

authorized to jointly represent the company

born: 11.10.1956

Proxy:

Wolfgang Roid

D 82140 Olching

authorized to jointly represent the company

born: 08.11.1956

Further functions/participations of Verena Leser (Manager)

Limited partner:

Gebr. LESER KG

Wendenstr. 133-135

D 20537 Hamburg

Legal form: Limited partnership

Total cap. EUR 1,182,300.00

contribution:

Share: EUR 258,300.00

Registered

on: 12.05.2011

Reg. data: 20355 Hamburg, HRA 113107

Proxy:

Gebr. LESER KG

Wendenstr. 133-135

D 20537 Hamburg

Legal form: Limited partnership

Total cap. EUR 1,182,300.00

contribution:

Registered

on: 12.05.2011

Reg. data: 20355 Hamburg, HRA 113107

BUSINESS ACTIVITIES

Main industrial sector

27900 Manufacture of other electric equipment n.e.c.

Secondary industrial sector

4643 Wholesale of electrical household appliances and radio and televisiongoods

BRANCHES AND FACTORIES

Branch:

Schleifring und Apparatebau GmbH

Leonhard-Kluftinger-Str. 1

D 87600 Kaufbeuren

TEL.: 08341/961160

FINANCIAL INFORMATION

Payment experience: within agreed terms

Negative information: We have no negative information at hand.

REAL ESTATE

Type of ownership: Tenant

Address Am Hardtanger 10

D 82256 Fürstenfeldbruck

Land register documents were not available.

BANKERS

Principal bank

SPARKASSE FÜRSTENFELDBRUCK, FÜRSTENFELDBRUCK

Sort. code: 70053070, BIC: BYLADEM1FFB

Further bank

COMMERZBANK VORMALS DRESDNER BANK, FÜRSTENFELDBRUCK

Sort. code: 70080000, BIC: DRESDEFF700

FINANCIAL FIGURES

Financial year: 01.01. - 31.12.

Share capital: EUR 3,000,000.00

The number of employees is not known.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.78
UK Pound	1	Rs.99.66
Euro	1	Rs.84.49

INFORMATION DETAILS

Report Prepared by :

SDA

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.