MIRA INFORM REPORT

Report Date :

31.10.2013

IDENTIFICATION DETAILS

Name :	LIEBHERR-WERK EHINGEN GMBH

Registered Office :	Dr.-Hans-Liebherr-Str. 1 D 89584 Ehingen Post Box: 13 61, D 89582 Ehingen

Country :	Germany

Financials (as on) :	31.12.2011

Date of Incorporation :	22.02.1969

Com. Reg. No.:	HRB 490123

Legal Form :	Private Limited Company

Line of Business :	Manufacture of Machinery for Metallurgy.

No. of Employees :	2,764

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

Comapny Name and address

Liebherr-Werk Ehingen GmbH

Company Status: active

Dr.-Hans-Liebherr-Str. 1

D 89584 Ehingen

Post Box:

13 61, D 89582 Ehingen

Telephone:07391/5020

Telefax: 07391/5023399

Homepage: www.lwe.liebherr.de

E-mail: info.lwe@liebherr.com

CONCLUSION

Business relations are permissible. The company is considered solvent for credits within its scope of business.

Comapny Summary

LEGAL FORM Private limited company

Date of foundation: 1969

Shareholders'

agreement: 22.02.1969

Registered on: 17.03.1969

Commercial Register: Local court 89073 Ulm

under: HRB 490123

Share capital

EUR 150,000,000.00

Shareholder

Liebherr-International AG

45, rue de l'Industrie

CH 1630 Bulle/FR

Legal form: Other legal form

Share: EUR 150,000,000.00

Manager:

Mario Trunzer

D 87488 Betzigau

born: 10.10.1958

Marital status: married

Manager:

Dr.Ing. Ulrich Hamme

D 66740 Saarlouis

Manager:

Hubert Hummel

D 89607 Emerkingen

born: 13.12.1956

Manager:

Christoph Kleiner

D 88400 Biberach

born: 08.10.1965

President of the Supervisory Board:

Dipl.Volkswirt Henning Rapp

D 88447 Warthausen

born: 06.04.1944

Profession: Fully qualified political

Economist

Vice-president of the Supervisory Board:

Robert Harald Bausch

Schmelzweg 6

D 88400 Biberach

born: 09.03.1948

Representative of the Employees within the Supervisory Board:

Rolf Ebe

D 89584 Ehingen

Proxy:

Walter Marquardt

Großherzog-Friedrich-Str. 13

D 78465 Konstanz